In last 5 years, India has faced over six very large fraud cases involving over Rs 350,000 crores of tax payers’ money. This has highlighted continued prevalence of poor corporate governance and internal controls. Every case has invited very strong media scrutiny and judicial intervention. This has demonstrated a strong case of having Anti-Fraud professionals who could help organisations to implement and practice appropriate fraud prevention and detection controls.
Hence, the demand for Anti-Fraud professionals in India will grow substantially considering current size and future higher growth prospects of Indian economy.
There are a multitude job prospects in Anti-Fraud:
- Roles include anti-bribery and corruption specialists and fraud analysts and cyber security experts.
- Policy roles often involve setting high level policies and procedures and undertaking risk assessments.
- Operational and analyst roles typically involve reviewing caseloads of potential fraud, bribery and corruption due diligence or suspicious market conduct reports.
- Investigator roles involve an understanding of the relevant laws, techniques and procedures in investigation of significant issues involving internal fraud or misconduct.
Skills Requirement in Anti-Fraud
- Engaging with senior management, regulators and the delivery of training and awareness
- A ‘radar function’ ensuring legal and regulatory developments are tracked effectively
- An understanding of the relevant products and services, legislation and IT systems
- Understanding of the relevant laws, techniques and procedures in investigation of significant issues involving internal fraud or misconduct
- Awareness of the red flags and vulnerabilities associated with a firm’s products and services
- Undertaking appropriate qualifications to enhance capabilities.
The Certified Fraud Examiner (CFE) is a credential awarded by the Association of Certified Fraud Examiners (ACFE). The ACFE association is a provider of anti-fraud training and education.
The CFE Exam consists of 500 questions divided into four sections: Fraud Examination and Investigation, Criminology and Ethics, Financial Transactions, and Legal Elements of Fraud. Each question has a time limit of 75 seconds, and each section contains 125 questions.
The CFE Exam covers the following four areas:
- Fraud Prevention and Deterrence
- Financial Transactions
- Fraud Investigation –
- Legal Elements of Fraud
Those who are looking for career change for high growth areas, Fraud Prevention and Detection has promising proposition in industries such as Banking, Insurance, Finance, Retail, Telcos and Public Sector.
If you would like to find out more on this area, Please contact us at firstname.lastname@example.org.