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Accounts Payable Payment Fraud, Risk and Risk Mitigation (ACH, Check, and Card)

Thursday, 05 July 2018   10:00 AM PDT, 01:00 PM EDT

Training Duration = 60 min                  Sponsored by Online Compliance Panel

Click Here to register $200.00

Click Here to register and receive CD recording $400.00

The passage of Sarbanes-Oxley back in 2002 forced many companies to look deeper into internal Accounts Payable controls. They realized that is was not an easy task. Implementing internal controls takes time, money, and effort.

However, if fraud or missteps are uncovered, it will be worth the investment. If not, you have the knowledge that your ship is tight.

Learning Objectives:

There are several approaches you can try to tighten up your A/P operations and thereby perform an internal audit; which in itself will be fruitful for future audits and investigations.

These approaches require some data gathering, procedural changes, and employee education. However, the implementation of these changes should not be a burden to you, your staff, or the company.

Why Should You Attend:

Internal fraud is has been around long before Sarbanes-Oxley and will be with us when we retire. According to the Association of Certified Fraud Examiners (ACFE), it is estimated that 5% of all revenue is lost to occupational fraud every year. Fraud is not completely preventable but there are steps you can take to systemically prevent and detect fraud on an ongoing basis.

This webinar will discuss several key areas to investigate, how to uncover fraud, and put a plan in place to prevent it going forward. We will cover duplicate payments where a simple quarterly scan can uncover potential issues.

By identifying some strategic areas to review, you can educate your staff on what to look for and modify some applications, either internal or vendor developed, to identify potential hazards. With these two steps alone, you may be able to pinpoint leakages that otherwise may go unnoticed.

Other items discussed will be abnormal payment volumes, check /wire amounts, addresses, and the like. These steps can be taken to monitor, detect, and mitigate fraud in accounts payable.

Areas Covered

  • Data gathering
  • Establishing the scope and objectives
  • Assessing your risk and resources
  • Quality of policies, procedures, and limits
  • Risk assessment for specific payment types
  • Specific incidences to research
  • Management approach
  • Summary

Instructor

Ray Graber has a deep and thorough understanding of banking, technology, and finance. His business experience includes banking technology research and consulting at TowerGroup, best practices Internet security, policies, and procedures at FleetBoston Financial, wire transfer operations and product launches at Citibank and BankBoston, and treasury operations for a $325 million public company.

Ray was an adjunct professor at the Carroll School of Management at Boston College where he taught three graduate-level courses: E-Banking, theMBA Leadership Workshop, and Corporate Finance.

Previously, he taught the Financial Management of Commercial Banks in the Boston College Carroll School of Management Masters of Finance Program and Working Capital Management and Cash Management at the Bentley College Graduate Business Program.

Ray holds a Bachelor of Arts degree in Mathematics and an MBA in Finance and MIS, both from Boston College.