New Delhi, June 29 : An International Conference on Risk Management and Fraud Detection was organized by Punjab National Bank and Central Bank of India at the India Habitat Centre New Delhi. Deloitte was the knowledge partner. Leading luminaries in Fraud Risk Management from across the globe participated.
The conference was open for Internal Auditors, Risk Managers, Compliance Officers, Anti-fraud Specialists, etc. who could gain an understanding of the latest trends and scenarios of fraud in the banking industry through the experience of international experts and regulators who participated.
K.R. Kamath, CMD of Punjab National Bank welcomed the gathering and delivered his opening remarks. He stressed the need for putting in place a high level of ethical culture in the organisation with the top management actually walking the talk as the employees follow what the top management does rather than what it preaches.
Vijaya Bhaskar, ED of RBI explained in detail the regulatory expectations. He said that fraud is an area of concern as it undermines the trust, which is the foundation stone of the banking business. He emphasized that the three lines of defense against Fraud – the employees, the systems and controls and the external agencies like the regulator and law enforcement agencies- should be strengthened. He insisted that for establishing a strong anti fraud culture the first two lines are to be robust.
The guest speakers were Tim Phillipps, Global Leader, Forensics and Analytics Deloitte, Norman Gilchrist, Former Vice President Compliance American Express Bank, Keith Swanson, Director Financial Crime & Public Security Practice, SAS Institute South Asia and Lakshmi Narasimhan, Deloitte.
There were two Panel Discussions, one on ‘International and emerging e-threats’ and the other on ‘Improving the compliance culture and building the right team’ chaired by Mr. Tim Phillipps Deloitte and Mr. Y.H. Malegam Director, Central Board, RBI respectively.
The other dignitaries who participated in the panel discussions were D.K. Mittal, Secretary, Ministry of Finance GOI, Alok Nigam, Joint Secretary, Ministry of Finance GOI, Rakesh Sethi, ED of Punjab National Bank, R.K. Dubey, ED of Central Bank of India, Dr. Sanjay Chougule, Global Head Internal Audit and Financial Crime Prevention of ICICI Bank, Santosh Macheria, Joint Director Central Bureau of Investigation, Tarunava Sarkar, Chief Compliance Officer, Axis Bank and J.L. Negi, General Manager, RBI.
The conference concluded with Mr. M.V. Tanksale, CMD of Central Bank of India delivering his closing remarks and proposing vote of thanks with a thrust to take a clear position against fraud and corruption and create a healthy eco system.