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Dec, 18, 2007 News Release Main Page
Genesis delivers "Understanding Financial Fraud" seminar in India.
 

Boston, December 18, 2007 - Genesis in partnership with ATS Services has delivered a 1-day open enrollment seminar called Understanding Financial Fraud. The event took place on Friday, December 14 in New Delhi and had the participation of senior and middle management executives working from Indian financial institutions and subsidiaries of multinational banking and insurance groups.

The seminar focused on corporate and retail banking fraud. It included lessons learned from major instances of corporate financial manipulation and examples of frauds suffered by financial institutions in retail and commercial activities. It covered the steps necessary in the design and development of product and business plans to prevent, control, and mitigate, fraud. It also touched on internal operational failures and negligence that contribute to fraud losses and the treatment of Fraud under Basel II.

“Fraud never goes away; it just moves around. It can affect the bottom line if risks are not accurately identified and mitigated”, says Joseph Forte, Genesis’ President and seminar instructor. “Fraud can be an especially significant challenge in rapid growth environments, where proper training and controls trail market gains”. One such example is being surfaced in the current US mortgage crisis, where we are finding that fraud has played its part in sub-standard lending that has occurred in many residential and commercial lending transactions.

Genesis has been actively designing and delivering Fraud Prevention and Mitigation seminars in both corporate and retail banking segments. As Basel II guidelines are implemented around the World, managers in financial institutions will be revisiting controls and risk processes to adapt to changing circumstances and tactics employed by the “fraud industry”.

 
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