Preventing Fraud Is Good Governance
By Azlan Othman

Bandar Seri Begawan - Fraud in the workplace, recognising the warning systems and tell-tale signs of fraud, how to minimise the risk of fraud and fraud risk to organisations, fraud law and prosecution were highlighted in a two-day seminar yesterday.

The seminar on "fraud prevention as an integral part of good governance" was organised by the Brunei Darussalam Institute of Certified Accountants (BICPA) and the Association of Chartered Certified Accountants (ACCA).

The speaker was Dr Joseph Eby Ruin, principal and proprietor of RiskFirst Consultancy & Training Services and formerly the executive vice president and chief risk officer and head of risk management division of Malaysia's commercial bank.

Participants include financial controllers, chief financial officers, accountants, auditors, finance managers and executives from the government and private sectors.

The seminar covers interpretation of fraud, why fraud is committed, the four risks in any organisations, the red flags of fraud, tools and techniques to manage fraud via controls, guidelines, whom to contact if fraud is detected and whistle blower policy and programme in an organisation.

It also covers the cornerstones for fraud prevention and management via building the basic cornerstones for effective fraud prevention and management, fraud management policy, fraud management awareness, working culture and fraud management framework.

Mitigating fraud risk like compensations and insurances, relevant insurance policies to cover staff fidelity and misfeasance were also pointed out. The reality of fraud's dangers and negative impacts like financial loss, nonfinancial loss, image, reputation, goodwill as well as bad place for employment and take over or closure of business were touched.

Various laws and acts relevant to fraud prosecution as well as anti-money laundering and anti-terrorism financing laws that exist today were highlighted. - Courtesy of Borneo Bulletin

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