Forensic and Financial Crime

september 12, 2020 admin 0 Comments

Praetor Forensic Auditing advises clients on ways to mitigate their exposure to fraud with a financial dimension, including tax fraud (Sections 68 and 69, General State Taxes Act), money laundering (Section 420bis et seq., Criminal Code), forgery (Section 225, Criminal Code), deception/embezzlement (Sections 326 and 321, Criminal Code), bankruptcy fraud (Section 340 et seq., Criminal Code), corruption (Sections 177 and 328ter, Criminal Code) and breaches of the Money Laundering and Terrorist Financing Prevention Act and sanctions legislation (Sections 1, 1a and 2, Economic Offences Act).

Praetor Forensic Auditing helps clients identify and assess financial crime risk, respond to evolving regulation, react to regulatory action, and enhance their existing financial crime risk management programme. The services include: Strategy Consulting, Risk Advisory, Compliance Solutions, Independent Review, Technology Innovation and Investigations.

Understanding and Managing Corporate Fraud Risk

Deterring Fraud Recruitment

People typically become involved in already existing fraud schemes as a result of power that is exercised on them by another individual. The five (5) separate types of power include: reward, coercive, expert, legitimate and referent. It is through either one or a combination of several types of power that a potential fraud perpetrator is influenced to become involved in a fraudulent scheme.

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Create a culture of honesty, openness, and assistance

Creating a culture of honesty, openness, and assistance includes three (3) factors: (1) hiring honest people and providing fraud awareness training; (2) creating a positive work environment, which means having a well-defined code of conduct, having an open-door policing, not operating on a crisis basis, and having a low-fraud atmosphere; and (3) providing an employee assistance program that helps employees deal with personal pressures.

Eliminate opportunities for Fraud

The five (5) ways to eliminate Fraud opportunities are: (1) having good internal controls; (2) discouraging collusion between employees and customers or vendors and clearly informing vendors and other outside contacts of your company’s policies against fraud; (3) monitoring employees and providing a hotline (whistle-blowing system) for anonymous tips; (4) creating an expectation of punishment; and (5) conducting proactive auditing.

Comprehensive approach to preventing and deterring Fraud

Most organizations do not have a comprehensive approach to preventing and deterring Fraud. In fact, most companies don’t think about fraud until they experience one. When fraud occurs, they go into crisis mode, investigate and try to resolve the fraud, and then wait until another fraud occurs.

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Proactive Fraud Auditing

Very few organizations actively audit for Fraud. Rather, their auditors are content to conduct financial, operational and compliance audits and to investigate Fraud only when symptoms are so egregious that fraud is suspected.

How PRAETOR FORENSIC AUDITING can help

Most organizations do not have a comprehensive approach to preventing and deterring Corporate Crime. In fact, most companies don’t think about Corporate Crime until they experience one. When Corporate Crime occurs, they go into crisis mode, investigate and try to resolve the Corporate Crime, and then wait until another Corporate Crime occurs.

Through our servicelines we help private and public organizations identity the nature and extent of Corporate Crime and deliver appropriate remedies to establish a more comprehensive approach to preventing and deterring Corporate Crime.

Strategy Consulting

Praetor Forensic Auditing works with leadership to build effective compliance solution strategies to see what is around the corner, and to help leaders understand their risks and responsibilities. It doesn’t simply provide strategic advice. It provides the good counsel and program agility needed to meet current and future regulatory obligations. Most importantly, Praetor Forensic Auditing works with executive leadership to formulate sound strategies that can be efficiently operationalized to achieve results.

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Risk Advisory

Praetor Forensic Auditing keeps pace with regulatory change, maintain an ongoing dialogue with regulators, and employ best-in-class solutions to create effective compliance programs for its clients. Praetor Forensic Auditing’s comprehensive approach delves deeply into the regulations and its clients’ business processes to identify and quantify each organization’s individual risks, as well as find, prioritize, and help close any gaps.

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Compliance solutions

Financial institutions are highly regulated, demanding extensive compliance programs to meet both legal and regulatory requirements. Praetor Forensic Auditing’s proactive compliance program can help an institution mitigate financial crime risks, conflicts of interest, regulatory or litigation concerns, and other improper activity. Consequences of noncompliance with regulatory requirements can be severe, resulting in legal action, fines, and operational and reputational risk.

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Independent Review

Enforcement actions and penalties continue to expose systemic failures and areas of noncompliance within a financial institution’s Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) program and Office of Foreign Assets Control (OFAC) program. Additionally, internal audits or investigations may illuminate areas of potential weakness or concern.

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Technology Innovation

Praetor Forensic Auditing provides holistic services related to customer due diligence, sanctions screening, and transaction monitoring technology solutions at a variety of financial institutions- from global, industry-leading banks- to small, regionally focused institutions.

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Investigations, Compliance and Defence

Praetor Forensic Auditing combines specialist knowledge and years of experience in the various disciplines of compliance, monitoring and enforcement. The auditing firm provides the services required to help private and public organizations identity the nature and extent of fraud and deliver appropriate remedies: Fraud Risk Assessment, Fraud Risk Management, Fraud Investigations, Compliance Assistance, Integrity Due Diligence, Forensic Business Intelligence, Litigation, Negotiation and Reputation Management.

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Digital Forensics and Investigation

Praetor Forensic Auditing has experience conducting data integrity reviews in the context of multi-jurisdictional and global compliance requests.

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Specialised Legal Support

Praetor Forensic Auditing’s comprehensive legal approach to preventing and deterring financial crime involves:

  • Advising the central government, the provinces and municipalities as well as their companies and partners on the needs of the public sector.
  • Assisting Public and Semi-Public Operators, from the development of their strategy to the day-to-day management of their activities, in the following fields: organization and management of public bodies, choice of contractual arrangements, launch of consultation procedures, negotiation and monitoring of contracts, management of public services, economic interventionism, digital and energy transition, out-of-court settlement and litigation before national and supra-national authorities.
  • Providing comprehensive support for entities in the financial sector and combining regulatory expertise with broad networking in the market, with supervisory authorities, associations and legislators.
  • Advising industrial and family businesses on legal issues related to business operations.
  • Supporting firms in organizing and enforcing law within the company and avoiding liability, as well as partners in all matters of monitoring and succession.
  • Assisting (directors of) businesses, civil servants and private clients during questioning by the law enforcement authorities, providing support during searches, maintaining contact with the law enforcement authorities and the public prosecutor and seeking possibilities to close the criminal prosecution, preferably without having to go to trial.

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Legel Department Operations

New technologies and processes are transforming in-house legal departments, but staffing models, too, are shifting to create new efficiencies and respond to the need for updated departmental skills and expertise.

Meet the legal department operations (LDO) professionals – a new position in corporate legal departments that is increasingly helping free up attorney time to focus on legal matters instead of operational ones. The recognition that operations, innovation, technology, and procurement should actually be the responsibility of an identifiable individual, rather than part of the portfolio of the general counsel is the biggest emerging trend in legal operations.

The legal department operations (LDO) professional is typically occupied with project management, financial planning, and managing outside counsel. But these legal department operations (LDO) professionals are also responsible for strategy, goal setting, and managing budgets, people, and vendors. Additionally, legal department operations (LDO) professionals play a crucial role in change management, which might explain their recent popularity.

The legal department operations (LDO) professional is often the person to decide what technology changes make sense and to determine how those technologies should be implemented with consideration of financial and operational implications such as budgeting, staffing requirements, outsourcing, and training.

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