P705 – PROGRAM ON INSURANCE FRAUD DETECTION FOR OFFICIALS OF AUDIT
Of late, financial sector has been witnessing a number
of frauds leading to losses to companies to the tune of thousands of Crores.
The nature of frauds have also undergone changes in tune with changes in
society, attitude of the people, technology etc.
Cyber Crime has gained much ascendance in the last few years.
Insurance Sector is no exemption to the frauds that have taken place in
the financial sector.
These frauds have raised doubts on Corporate
Governance, Business Ethics, Auditor’s role, Regulator’s role etc. The role
of our Auditors, Inspection & Vigilance officials acquires serious
dimensions in mitigating the Insurance Frauds.
To increase the awareness of
Audit officials about Growing Insurance Frauds
To sensitize them about the
Corporate & Regulatory measures prescribed in Fraud Mitigation.
Learning to assess Fraud
To learn about The Anti
fraud policy for regular and e commerce.
Ø To learn about IRDAI Corporate Governance guidelines
Ø Auditors’ Role in Fraud Detection
Ø Potential areas of fraud in Life Insurance
Ø Anti-Fraud Policy of LIC
Ø Whistle blower policy
Ø Identify red flags indicating fraud may have been committed.
Ø Understand the characteristics of fraud and the techniques used to commit fraud, and the various fraud schemes and scenarios.
Ø Evaluate the indicators of fraud and decide further action
Ø Evaluate the effectiveness of controls to prevent or detect fraud.
Ø Cyber Frauds and tools to detect it including Data Vigilance
Ø Introduction to Cyber laws and Cybercrime
Ø Forensic Audit
Ø IRDAI Corporate Governance guidelines
Ø Case studies and group discussion
Participants Profile- Officials from Inspection, Vigilance and Divisional A & I Nodal officers to be nominated by ZO (HRD) and CO(HRD)