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As an active member of the Stambaugh Ness Risk Advisory and Outsourced Audit Services Team, Darren Welker, CPA, CIA understands the importance of providing customized solutions for fraud risk management, especially to organizations like financial institutions that are targeted for their resources and vast stores of sensitive information.
This month, Darren attended a specialized Financial Institution Fraud seminar sponsored by the Association of Certified Fraud Examiners. The two-day course covered internal and external fraud topics including:
- Money laundering
- Loan fraud
- Deposit and branch fraud
- Electronic funds transfer fraud
- Cyber banking and attacks
- Privacy, data, theft and other consumer issues
The focus of the course was on best practices in fraud prevention, detection and risk assessment techniques.
"It was very enlightening to meet people with similar backgrounds and listen to their stories. You quickly realize that the possibilities of fraud are limited only by the imaginations of the perpetrators. Because prevention and/or detection of all risks is not a realistic objective, it is incumbent upon institutions to assess risks and execute a reasonable response."
Stambaugh Ness's Risk Management practice provides a broad range of value-added, risk-based services, including internal audit outsourcing, Sarbanes Oxley consulting, SAS-70s, internal control evaluations, fraud investigations, and acquisition assistance, with specialized knowledge and experience in the financial services, distribution and retail industries. The Risk Management practice also offers IT audit and assurance services, with a base of experience extending from core processing systems to large ERP systems, including SAP.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any US tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.
Securities and advisory services offered through Geneos Wealth Management, Inc. Member FINRA/SIPC. Geneos Wealth Management, Inc is not affiliated with Stambaugh Ness. |
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