A typical organization loses 5% of its revenues to fraud each year which roughly translates to a global fraud loss of more than $3.5 trillion. More than 1/5th of the cases caused losses at least $1million per organization, according to ACFE’s survey.
Under the patronage of Rasheed Mohammed Al Maraj, Governor of Central Bank of Bahrain, and in partnership with the Association of Certified Fraud Examiners (ACFE) USA, BIBF is hosting, for the first time in the MENA region, the Fraud Prevention and Fraud Risk Management Seminar being held in Kingdom of Bahrain.
“Given the magnitude of losses, it is important to identify and detect fraud, evaluate, monitor and mitigate fraud risk across organizations,” according to BIBF.
“It is with this objective, BIBF and ACFE will shed light on the risk of fraud on important economic institutions such as banks, insurance companies, the corporate and ministerial organizations, employers, employees and stakeholders of the growing economic structures in the region.”
Facilitated by GERARD M. ZACK, President Zack, P.C. Gaithersburg, Maryland, the seminar aims to bring together a diverse group of professionals who will discuss the issues surrounding their businesses and appropriate response to the threat of fraudulent practices that cause monetary and reputational loss to their bottom lines. Fraud is a growing threat that has been headlining within this region and our attempt at this seminar will be to educate ourselves in managing this growing risk. Education and awareness are the two important tools to detect and deal with fraud and improves an organisation’s capacity to develop and implement a strategy to prevent fraud and mitigate fraud risk.
The 3-day seminar is being held at Crowne Plaza Hotel.
“The recent events on fraudulent activities which have been prominent in media have shown that fraud is one of the most significant systemic risks faced by financial and other institutions globally. It is timely that BIBF Banking Centre is arranging this regional conference bringing together a group of global experts and showcasing BIBF’s continuous service to the financial sector of the kingdom and the region at large,” BIBF Director Solveig Nicklos, added.