Preventing Fraud: What are the central securities depositories doing to mitigate this risk? Cancún, May 21, 2015
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1 Preventing Fraud: What are the central securities depositories doing to mitigate this risk? Cancún, May 21, 2015
2 What is Fraud? Generally, fraud is described as a deliberate act of abuse of trust, taking advantage of swindles. It is done for profit without the consent of the concerned company. Source: Global profiles of a fraudster. KPMG International,
3 What is the amount of losses due to Fraud activity? 60% 50% 40% 54.4% The average Fraud $145 thousand 30% 20% 21.9% 10% 11.8% 6.6% 3.4% 1.8% 0% Less than $200,000 $200,000 - $399,999 $400,000 - $599,999 $600,000 - $799,999 $800,000 - $999,999 $1,000,000 and up Source: Report to the nations. ACFE,
4 Global profile of a fraudster 3
5 Why the Fraud occurs? The damage caused by Fraud activities is 3.5 trillion USD globally!! Management override Overconfidence and lack of supervision Avarice Weak ethical culture Financial goals pressures Economic context pressures 9% 11% 14% 18% 22% 26% 4
6 Main global Fraud activities Types of Fraud Corruption Asset Misappropriation Financial Statement Fraud Cybercrime Conflict of interest Bribery Illegal gratuities Economic extortion Cash Inventory and All other assets Asset/Revenue Overstatements Asset/Revenue Understatements Improper disclosures Network intrusion Intellectual property theft Deny of Service Typically in the financial industry. 5
7 Is your organization prepared to tackle Fraud? Yes 23% 28% No 71% 66% Do not know 6% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 6
8 Evaluation Mitigating the Fraud risk Prevention Detection Response Diagnostic Prevention Fraud Risk Management Program Response Detection Implementation Design Supervised by: Board of Directors / Audit Committee, control and compliance areas (Risk Management and Internal Audit) Fraud Risk Assessment Company network firewalls Due Diligence of employees and third parties Anti-corruption policies and manuals Training the internal audit team Anonymous reporting mechanisms (line ethics) Audit supervision and control areas Proactive Data Analysis (DA) Data mining of critical business Monitoring routines Internal investigation protocols Fraud risk matrix for all the organization Corrective actions protocol 7
9 Thanks Arturo del Castillo Partner KPMG Advisory Services S.A.S. Tel: arturodelcastillo@kpmg.com
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