Research reveals that a typical company loses a significant amount of its revenue to fraud every year. Alarming it is but the majority of the organizations still deny that they might be vulnerable to effective internal controls for fraud prevention. Association of Certified Fraud Examiners (ACFE) suggests that many of the fraud cases are never detected because fraud inherently involves efforts of concealment. This calls for the implementation of strong anti-fraud controls to reduce the opportunities for committing fraud. Also, the attitude of the company towards internal controls, fraud, and ethical culture is an important requisite for fraud prevention. Continue reading “Effective Internal Controls for Fraud Prevention”
In the recent years, virtual currencies have gained a lot of prominence in the real world. Different types of virtual currency have evolved, which have also resulted in the increased risks in the areas of information technology, compliance, and financial crime. Virtual currencies are available in the digital form and do not follow the same regulations as the e-money (traditional currency exchanged electronically). However, with the growing popularity of virtual currencies, regulatory expectations and guidance on their risk management are also emerging at a fast pace. Failure to meet the regulations may lead to severe consequences like criminal or civil penalties, in case the money is laundered through the virtual currencies system. Continue reading “Virtual Currency – Maintaining Compliance with Regulations”
Anti Money laundering continues to be a major issue in the financial ecosystem but the methods are changing drastically in this technology-driven era. The Bank Secrecy Act (BSA) was introduced long back, mandating the reporting of suspected fraud or laundering. However, now the Financial Crimes Enforcement Network (FinCEN) has modified and expanded the anti-money laundering (AML) requirements. Financial organizations now have rules, outlined by the Department of the Treasury agency, to include reporting cyber-enabled crime and cyber-events through Suspicious Activity Reports (SARs). Apart from including the questionable activity by customers, the updated rules also include suspicious activity on the bank level. Continue reading “Anti Money Laundering in the Digital Era”
HRCI And SHRM Approved Webinars A Continuing Education Credit (CEC) or Continuing Education Unit (CEU) refers to a measure used in continuing education programs for helping professionals maintain their license in the profession. Continuing education is mandatory in several fields and is described as participation in different educational programs and activities. Continue reading “Double Up Your Learning Benefits With HRCI And SHRM Approved Webinars”
Today, maintaining Artificial Intelligence (AI) in Banking Compliance in the financial regulatory environment requires much more than just managing numbers. As per certain regulations, monitoring fraudulent trading practices isn’t enough and the firms are also required to monitor communications throughout a transaction or trade life cycle. For this, it’s important to obtain additional information regarding monitored users and their activities. Such information might include relationship discrepancies, behavior anomalies or any other fluctuations in trade data or communication. Continue reading “Role of Artificial Intelligence (AI) in Banking Compliance”
The need to solve business challenges, in light of both advancing technologies and the changing nature of data, banking, and financial organizations are starting to look closer at Big Data’s potential benefits. The collection of Big Data Trends helps banking industry understand the needs and expectations of people. This way they can keep up with trends and make changes in their operations to improve their services as well as customer relations. Continue reading “How Big Data Trends Influence the Banking Industry”
Anti-money laundering (AML) compliance requirements of the Bank Secrecy Act (BSA) have marked their prominence in banks and financial organizations since years. Post-9/11 era, government agencies, including law enforcement as well as regulatory, have put much emphasis on BSA compliance. And, such agencies, at local, state and federal levels, are actively taking part in ensuring that financial organizations comply with the BSA. Continue reading “Latest Trends In Anti-Money Laundering Compliance”
Jurisdictions and timetables are inevitable for companies with global operations while implementing new regulations. With the number of laws and regulations increasing day by day, it is very important for companies to have an updated framework to combat risks.
Limitations of traditional risk assessment process
In organizations with multiple guaranteed functions, frustration with existing risk assessment processes is common. The reasons are varied objectives, timing challenges, overlapping members, and more. The other problem is that, data generated in isolated processes may be partial in scope, thus resulting in failure to recognize and alleviate risks broadly.
Financial statement analysis is nothing but reviewing and evaluating a company’s financial statements. It plays a major role in understanding the financial health of a company, thereby facilitating effective decision making. Financial statement analysis has different users, i.e. internal and external users. Internal users are the people who analyze the financial statement in order to make right decisions associated with the company operations. Continue reading “All about Financial Statement Analysis”
A recent research by Pew Research Center showed that nearly 72% adults in the United States own a Smartphone. Mobile Learning is an innovation that has drastically transformed the way info is obtained and used. Mobile phones have become such an important necessity that everyone wishes to own at least one. As a result, e-learning industries are taking huge advantage of this.
Continue reading “Why Mobile Learning?”