Events

Do you know?

USD 4.5 trillion per year is the global cost of Frauds

UK suffers GBP 190 billion per year due to online frauds

USD 300 billion per year is the cost to USA due to white-collar crime whereas, common crimes like burglary, larceny and theft cost just $16 billion per year.

ABG Shipyard in India defrauded a consortium of banks USD 3 billion

Organizations

Organizations with fraud awareness training for employees are more likely to gather tips through Formal Reporting Mechanisms

Day 2

Our 2-Day Live- Virtual master class training program with its dragonfly 360- degree view may help brush-up the many facets of traditional as well as contemporary Corporate White- Collar Crimes.

Event Overview

White Collar Crime has generally been considered as corporate crime or organizational crime. However, there is fundamental difference between the two. White Collar Crime is a type of crime committed by individuals within their legitimate occupations for their own benefits, whereas, corporate crime benefits the businesses rather than individuals. In case of Corporate White-Collar Crimes, the two sets of crimes are merged and now refers to financially motivated, nonviolent or indirectly violent crime committed by individuals, businesses and government professionals for their individual and organizational benefits.

With the advent of technology, digital transformation and arrival of Crypto currencies & Digital payments; the landscape of the typical white-collar crimes like wage theft, fraud, bribery, Ponzi schemes, insider trading, labour racketeering, embezzlement, money laundering, copyright infringement, forgery and counterfeiting has only widened with new white-collar crimes like cybercrime, identity theft, data theft, ransom ware attacks etc.

These add-ons to the white-collar crimes have seriously affected not only the businesses & financial markets but also the individuals and society at large. The frauds & money laundering were already a pain area for the Law Enforcers, Fraud Examiners and Risk Assessors but now they also have to deal with the new threats posed by a new and almost unregulated $1.5 Trillion global crypto currency market.

STATISTICS ARE LOUD AND CLEAR

  • An ACFE report on occupational fraud and abuse estimated that the global cost of Frauds is USD 4.5 trillion per year
  • The Plus Token Ponzi scheme alone has defrauded the investors in Crypto market an estimated $3 billion.
  • The National Audit Office, UK estimated in 2017 a loss of GBP 144 billion to businesses and GBP 10 billion to individuals due to White Collar Crimes.
  • An October 2021 article of Reuters states that a record $1 billion was stolen in the first six months only of 2021, up 30% from the same period in 2020. The country ranks second in the world behind the United States as a source of automated bot attacks, the fastest-growing type of fraud attack in the world.
  • COVID-19 support programmes of the British Government like The Coronavirus Job Retention Scheme widely known as furlough, parallel scheme for the self-employed etc. face losing at least 4 billion pounds ($5.43 billion) to criminals and mistakes, a parliamentary report said. It further said that the government has an "unambitious" plan to only recover about 2 billion pounds of the estimated 6 billion pounds lost to criminals or given out incorrectly.

So, the following questions may arise here, concerning corporate white-collar crimes:

  • Are the existing Fraud Examiners well equipped to deal with the new challenges?
  • Do businesses have the systems in place to monitor, prevent and investigate the Frauds?
  • Are the Law Enforcers and Regulators well prepared to investigate and thwart the coming- of-age crimes like Ransom ware?
  • How to deal with the psychology of the offenders?
  • When the question of ethics becomes Crime? Can prevalent Unethical Behavior in a business may be a breeding ground for white collar crime?
  • How to maximize the asset recovery after the fraud?
  • Is CSR is being used as a curtain for tax evasion?

Our 2-Day master class with its dragonfly 360-degree view may help you get the answers to not only the above questions but many other facets of traditional as well as contemporary Corporate White- Collar Crimes.

WHY TO ATTEND?

  • Understanding the Policy & Regulatory framework with Global Enforcement Trends
  • Evaluating and measuring the effectiveness of Corporate Governance and Compliance Programs
  • Comprehend tackling of advanced technologies like AI and new areas like Crypto Currencies and digital assets
  • Preparing businesses in framing Internal channels and procedures with an outline for investigation
  • Preparedness of businesses with EU Whistleblower Protection Directive and its coherence with Public Interest Disclosure Act (PIDA)
  • Readiness of Investigators in latest investigative technologies in e-discovery, cyber forensics and cyber attacks
  • Recognizing the Fraud Offender Profile and role of organizational culture in it
  • Touch-base the dilemmas of morality, dishonesty and crime

SPEAKERS

Our speakers are carefully chosen. They have in-depth knowledge clubbed with hands-on experience on the topics. This deep understanding of the themes is very much relevant to address the current challenges of the industry. They are interactive, brake-up the routine delivery, inspirational, add value to the delegates with insider knowledge and also offer new perspectives.