Increasing Fraud and Compliance Risks

02. November 2009

Compliance Officers and their role in establishing an effective Anti-Fraud-Management

Growing supervisory and legal regulations present financial institutions with new requirements that are to prevent compliance risks. According to current statistics, 60% of institutions are expecting an increase in statistics concerning fraud within their organization. Furthermore, the complexity of so called white-collar crime is growing. This is evident in the annual report of 2008 by the Financial Intelligence Unit / Germany.

The German Federal Court of Justice (“BGH”) had indicated that it is the Compliance Officers’ responsibility to prevent systematical fraud and in July 2009 it concluded that the prevention of legal violations is to be directly within the Compliance Officer’s remit. The challenge of “Compliance” consists of the implementation of organisational structures and procedures to reduce liability risks and reputational damage for institutions and their Senior Management.

Our whitepaper entitled “Anti-Fraud-Management” (in German) provides you with proved solutions (e.g. organizational framework) to prevent Fraud within the financial institution. Please use our contact form to request the whitepaper.

Request whitepaper "Anti-Fraud-Management" (in German)

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