PIMFA
In 2024, The FCA expects your firm to do more to strengthen your systems to detect and prevent fraud. In a “Dear CEO Letter” to Wealth Managers & Stockbrokers in November 2023, the regulator outlined that “firms have lost consumers significant sums to scams and fraud” and “you [CEO] and your leadership team should fully understand the level of exposure your firm has to the risks and harms…and invest significant time and energy (and if necessary, capital) to manage them.”
The FCA’s clear sense of urgency around fraud should not to be ignored. PIMFA member firms must have a solid understanding of the regulator’s heightened expectations together with a robust strategy that identifies and prevents a range of payment fraud scenarios from occurring.
By attending this live, two-part online masterclass, you will:
1. Grasp what a comprehensive and robust fraud strategy looks like.
2. Evaluate and apply new regulatory requirements for internal controls related to fraud.
3. Identify and assess firmwide fraud risks based on size, complexity, client type, and industry.
4. Design and implement appropriate systems and controls to prevent and efficiently detect fraud within the firm.
5. Develop strategies for ongoing monitoring and staying up-to-date with new and emerging fraud typologies.
6. Effectively communicate and engage senior management in the development and execution of the fraud strategy.
Learning Format
Our experience highlights that firms fail to execute their financial crime strategies effectively. The problem often isn’t with planning – many financial crime initiatives are well developed — but with execution. By scheduling two sessions a few days apart, we allow you to test and apply what you have learned between the two sessions in your firm. The result? An actionable plan for executing a fraud strategy and a new set of tools and approaches for integrating and seamlessly embedding fraud compliance into your broader financial crime strategy.
Content
Our expert trainers apply their field-based skills, knowledge and understanding to help you make your firm approach to fraud battle-proof. You will come away from this masterclass with well-tested tools and frameworks that will clarify and enhance your understanding of FCA’s expectations with confidence and ‘know-how’ to execute an effective fraud strategy in your firm.
Here’s are the topics you’ll cover:
1. Introduction to Fraud Strategy
• Definition and importance of a fraud strategy
• The regulatory landscape and legal framework (including new regs on internal controls)
• The cost of fraud and its impact on business
• Key components of a robust fraud strategy
• Assessing Fraud Risks
2. Identifying and classifying different types of fraud
• Conducting a firmwide risk assessment based on size, complexity, client type, and industry
• Using data analytics and intelligence gathering tools
• Prioritising and ranking identified risks
3. Designing and Implementing Controls
• Developing preventive controls to mitigate identified risks
• Implementing detective controls for timely fraud detection
• Leveraging technology and automation in control systems
• Addressing specific challenges such as internal fraud
4. Communication and Engagement
• Effectively communicating the fraud strategy to senior management and stakeholders
• Obtaining buy-in and securing resources for implementation
• Building collaborative relationships with key functions such as IT, HR and operations
• Addressing resistance and overcoming cultural challenges
5. Monitoring and Continuous Improvement
• Establishing procedures for ongoing monitoring and evaluation of the fraud strategy
• Staying informed about new and emerging fraud typologies
• Adapting the strategy to changes in the risk landscape and regulatory environment
• Measuring the effectiveness of control measures and making improvements
Who should attend
Heads of Financial Crime/Compliance involved with reviewing or enhancing their firm’s fraud strategy require an advanced level of learning experience to supplement their knowledge and benchmark their approach with industry peers.
Compliance Managers and Heads tasked with writing their firm’s fraud strategy must rapidly strengthen their competencies and knowledge with specific tools and frameworks in line with industry good practice.
Your trainer
Rajeshri Rajani is a Fellow Chartered Accountant with experience in Forensic Accounting and Expert Witness work in fraud and financial crime. Raj has worked on highly complex criminal cases with the FCA and SFO as well as firm and individual regulatory misconduct. Raj is also an associate member of the Academy of Experts and has provided expert reports on fraud-related matters.
Please note this training will take place in two 3.5 hour sessions
Session 1- Tuesday 4th June
Session 2- Thursday 6th June
More about Rajeshri Rajani
Raj brings unparalleled experience to the table, having tackled some of the most complex financial wrongdoing in the UK. Her career spans organisations such as PwC’s Forensic Department, the Financial Conduct Authority, and the Serious Fraud Office. In these roles, she wasn’t just crunching numbers – she was untangling insider dealing rings, uncovering market manipulation, and shutting down Ponzi schemes.
But Raj doesn’t just understand the dark side of finance – she understands your world too. With over 25 years running her own general accounting practice, giving her a deep understanding of the challenges faced by SMEs.
At Leaman Crellin, she translates her hard-won knowledge into practical solutions, delivering workshops and training on fraud prevention, internal investigations, and robust financial controls.
Whether you’re a wealth manager, an asset manager, or part of a wider financial team, Raj’s unique perspective will equip you to identify and combat fraud – don’t miss this opportunity to learn from a true expert.
