Managing Financial Crime and Fraud in the Insurance Sector

This course is designed to provide practitioners within the Insurance market with the tools and controls to manage fraud risk more successfully, mitigate the risk through best practice and implement a robust internal framework. The course provides a comprehensive understanding of fraud threats, how to formulate an effective strategy to prevent these threats and how to manage the response when they occur. You will learn how to implement key fraud management strategies at your firm to manage the risk to your business.

The course also explores international fraud management best practice and anti-fraud frameworks. This course outlines the threat to financial crime and its consequences for the insurance industry and the key anti-financial crime controls that firms should have in place.

•         Challenging complacency – insurance industry exposure and the financial and reputational impact
•         Money Laundering, fraud, including insurance fraud, identity and data theft, sanctions, terrorism, corruption and bribery
•         The agencies and particular industry initiatives
•         Identifying and reporting suspicious transactions and indicators, including Politically
•         Following risk based procedures, deterrence, prevention and detection
•         Understand consumer fraud.
•         Asset Misappropriation
•         Business Misconduct
•         Cyber crime
•         Bribery & corruption
•         Accounting fraud
•         Procurement fraud
•         Money laundering
•         International context
•         Global anti-fraud frameworks
•         Understanding risks
•         The 'Fraudster'. It is prudent for firms to refresh their understanding of known schemes and related risks for the purposes of enhancing their prevention and detection efforts.
•         Formulating an effective counter-fraud strategy
•         Case Studies and Breakout sessions.
•         Managing the response to fraud.
•         Fragmented technologies and business processes
•         Optimize people, process and technology to fight complex threats
•         Investments in IT and Systems. Investigation and financial crimes units are often underfunded. So how do insurers keep up with aggressive approaches and technologies that financial criminals quickly rollout?

FOR WHOM:

Fraud Prevention and Investigation officers, CEO’s, Executive Director, Employees with responsibility for internal organisational fraud, Internal Audit and Regulatory Staff.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.