Fraud Prevention intensive workshop

During the workshop, which was moderated by Anatoliy Savchenko, the Academy Manager, the participants focused on practical approaches to preventing and detecting corporate fraud. When addressing the topic of fraud prevention, particular emphasis was made on a risk-based approach as well as specific business cases. As part of the case study, participants discussed fraud prevention options in a real-life business environment, namely the improvement of the internal control system on a corporate level and the introduction of control procedures in certain business processes. 

One of the main areas of focus of the workshop was timely detection of corporate fraud using analytical and business indicators (red flags). Participants learned about global best practices and had an opportunity to work on a number of case studies on this topic. In particular, one of the case studies addressed the detection of manipulation of financial and management reports, in particular, using analytical procedures. Significant emphasis was also placed on detecting signs of fraud in specific business processes, procurement and management of fixed assets. In addition to indicators of potential difficulties, participants were able to discuss possible ways to improve the situation and optimise these business processes in order to prevent possible problems in the future. 

Theoretical material and cases studies were illustrated with various statistics on Ukraine, including data from the Global Economic Crime and Fraud Survey, which PwC conducts annually both globally and in Ukraine. 

Members of the Forensic team also took part in the training, in particular: Andriy Tretyak (Leader, Forensic Services, PwC Ukraine), as well as Dariia Riabova and Anastasiia Myroshnychenko. 

During the discussion, Forensic experts shared case studies from their experience in banking, insurance and industrial sectors and discussed with the participants the following matters:

• The use of the latest IT solutions for the collection and analysis of electronic data (eDiscovery and Data Analytics), as well as their role in ensuring effective forensic investigations
• The importance of preventive measures to combat fraud, in particular those based on a risk-oriented approach
• The need for effective coordination and interaction between the Internal Investigation, Internal Audit, Internal Control and Security functions to ensure comprehensive protection against fraud risks

In addition, the team demonstrated FAIT, its proprietary tool for automated screening of the organisation's counterparty portfolio. More details