Fraud prevention and detection
Financial crime remains one of the greatest threats for businesses, financial and public institutions worldwide. It drains earnings and may expose both the entity and its senior management to criminal and civil liability. And worst of all, it can significantly damage companies’ most valuable assets – their reputation and their brand value.
Our Global Economic Crime Survey 2020 revealed that 47% of more than 5,000 respondents worldwide experienced fraud in the past 24 months. This is the second highest reported level in the past 20 years. The top 4 types of fraud are customer fraud, cybercrime, asset misappropriation, and bribery and corruption – the latter being the type of fraud businesses are the most often accused of in court.
Luxembourg is not immune to the risks of fraud. Its banking sector can be used to transfer illegal money; the interconnectedness between people can lead to an abuse of power; public money can be diverted to the pockets of fraudsters. Efficient prevention and timely detection of fraud are therefore critical to safely manage your fraud risks. Training your employees is key to raise awareness for these topics and sensitise them to risks.
Through this module, PwC Academy addresses in a comprehensive and practical way the questions participants are confronted with in their a day-to-day tasks.
To complement your learning journey, check out our Anti-financial crime curriculum.
Duration: 1h
Language: Available in English
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, participants will be able to:
- assess the various threats to entities and individuals;
- explain the main risks involved in their tasks;
- spot and properly react to red flags;
- understand the importance of internal controls.
Content
- Overview of different types of fraud
- Financial and non-financial impact of frauds
- Profile of a fraudster
- Regulatory framework and requirements
- Real life examples
- Red flags
- Implementation of business practices
- Case studies and discussion
Target audience
- For the financial sector:
- Members of the board and the executive board of a bank, a Professional of the Financial Sector, an insurance company or a management company of a Luxembourg UCI
- Internal auditors, compliance officers or risk managers
- Distributors or transfer agents of a Luxembourg UCI
- Domiciliary agents
- Persons in charge, or front office team members of a professional of the financial sector
- New joiners of financial institutions
- For the private and public sectors:
- Members of the board or management
- Internal auditors, compliance officers or risks managers
- Members of procurement and accounting departments
- Staff dealing directly with suppliers, providers and clients
- Senior members of staff and supervisors
- New joiners
- Persons interested in developing specific knowledge.
Our lead experts
This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.
Michael leads PwC’s Forensic Services practice and AML taskforce, overseeing investigations, remediation projects, and high-profile AML audits for banks and investment funds. He is the key contact for AML distribution due diligence in asset management and works closely with PwC’s global forensic network on international projects. As certified fraud examiner, Michael is recognized as an AML and forensic expert and actively contributes to industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA). He regularly conducts workshops and training on AML and fraud in Luxembourg and abroad.
