P705 PROGRAM ON INSURANCE FRAUD DETECTION FOR OFFICIALS OF AUDIT DEPT. (LIFE)

 

Background:

 

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, Auditors role, Regulators role etc. The role of our Auditors, Inspection & Vigilance officials acquires serious dimensions in mitigating the Insurance Frauds.

 

Objectives:

  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 risk

  To learn about The Anti fraud policy for regular and e commerce.

  To learn about IRDAI Corporate Governance guidelines

Contents:

  Auditors Role in Fraud Detection

  Potential areas of fraud in Life Insurance

  Anti-Fraud Policy of LIC

  Whistle blower policy

  Identify red flags indicating fraud may have been committed.

  Understand the characteristics of fraud and the techniques used to commit fraud, and the various fraud schemes and scenarios.

   Evaluate the indicators of fraud and decide further action

   Evaluate the effectiveness of controls to prevent or detect fraud.

   Cyber Frauds and tools to detect it including Data Vigilance

   Introduction to Cyber laws and Cybercrime

   Forensic Audit

   IRDAI Corporate Governance guidelines

   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)

Duration-         2 days

Date:               28.04.2021-29.04.2021