Fraud Barrier

It is time for a change……………“fixed your income

Accounts receivables Security”

A Winning Proposal

Abdur Rahman SagorAsst. Manager, Recovery, DMVEnergypac power generation ltd

Introduction

Employee fraud is a significant problem faced by organizations of all types, sizes, locations and industries. While we would all like to believe our employees are loyal and working for the benefit of the organization (and most of them probably are), there are still many reasons why your employees may commit fraud and several ways in which they might do it. According to the 2014 Report to the Nation on Occupational Fraud and Abuse (copyright 2014 by the Association of Certified Fraud Examiners, Inc.), research shows that the typical organization loses 5% of its annual revenue each year due to employee fraud. Prevention and detection are crucial to reducing this loss. Every organization should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed.

Most business owners fail to understand that, just as there is a human life cycle, there is also a business life cycle. It begins with the conceptual or idea stage, which progresses to the start-up period, followed by the growth phase, then the well-established maturing years, and finally the exit or retirement phase. most common mistake most business owners make is that they don’t plan far enough in advance for the exit phase.

What is fraud?Fraud is when trickery is used to gain a dishonest advantage, which is often financial, over another person.

There are many words used to describe fraud: Scam, con, swindle, extortion, sham, double-cross, hoax, cheat, ploy, ruse, hoodwink, confidence trick. These are just a few words you might hear in relation to fraud. Fraud can be committed against individuals or businesses.

Payment fraud is any fraud that involves falsely creating or diverting payments.Payment fraud can include:

• creating bogus customer records and bank accounts so that false payments can be generated• intercepting and altering payee details and amounts on cheques and Payable Orders, then attempting to cash them• creating false payment and financial information to support fraudulent claims for benefits• Processing false claims by accomplices for benefits, grants or repayments • self authorizing payments to oneself.

The Bangladesh economy needsProvision for sustainable and quality infrastructure is a prerequisite for rapid economic development and requires huge sustained investment. The Bangladesh economy needs huge investment in infrastructure development. The importance of investor protection in attracting private investment in infrastructure development is enormous especially in developing countries. We identified low- and middle-income households based on their relationship to the county-level median income for each respondent. Millions of Papule is still struggling with unemployment, lower incomes, and the loss of wealth as a consequence.

Fraud Scoring

Fraud scoring -according to the probability that anapplication may be fraudulent and

thus alerts you of potentiallyfraudulent applications before you

book an account.

Abdur Rahman SagorAsst. Manager, Recovery, DMVEnergypac power generation ltd

Why use a Proposal?

Getting Started

For the majority of family owned businesses, the largest asset that the owners have is typically their business. They take precautions to protect most of their other assets, such as homeowners insurance to protect their home, auto insurance to protect their car, special riders to their policies to protect other specific assets such as jewelry etc. Yet, 70% of business owners don't do anything to protect the survival and continuity of their business.

Now that you understand the importance of developing a plan for your business.

Here are the five key steps along with the most common obstacles and excuses:

Stops fraud Before it happens by detecting and isolating potentially fraudulent applications.

• Centralized Automated Accounting Systems & Decentralized web Base Automated invoice reminders (Automation):

• Employment condition –

• Installment Payment facilities & liability methods:

• Environmental sustainability-

• Organization culture/ethics and Transparency:

Automation

“…many organizations have implemented Automation

solutions that are woefully inadequate in terms of receivables and collections management (RCM) functionality. These Automation enterprise systems often replaced legacy or home-grown systems better suited to credit and collections management. As a result, RCM solutions are increasingly critically important to maintain proficiency in the corporate financial supply chain of accounts receivable (A/R) management. The inadequacy of most A/R processes is particularly apparent with corporate management’s call for greater system integrity and more accurate reporting. The application of standards is continuing to generate business and system improvement pressure as well.”

Despite the potentially devastating consequences, many organizations do not adequately safeguard their high-value intellectual property. And, while many organizations regularly use cloud computing, most do not include cloud provisions in their security policies.

Processing can transform your performance. It’s that simple to help organizations, not only turn HP Management System into a more successful and compliant activity, but also gain a significant Competitive advantage.

1. Reduce operational negation2. Plan and execute precision-based strategies3. Apply effort where it secures the greatest reward4. Optimize channels5. Make headcount count6. Take a fresh look at repayment solutions7. Improve agent negotiation skills8. Align management information with operational goals

Automation:

Accounting

Centralized Automated Accounting Systems

Centralized Automated Accounting Systems & Decentralized web Base Automated invoice reminders:

Regional Office

Regional Office

Regional Office

Regional Office

Sales Recovery Documentary Service

KEY BENEFITS:-q Accurate revenue protectionq Easy, customer-friendly processesq More efficient debt handlingq Allows easy paymentsq Reduced Administration overheadq Clear transaction and communications visibilityq Effective management of the whole revenue process

KEY FEATURES:-q Raise or pay invoices direct from Legend core appsq Configurable automatic payment-date generationq Automated credit control & debt recoveryq Secure and seamless online paymentsq Scheduled detail & KPI reportingq Mail & email-merge capability q Full communication history for any user to see

Employment condition –• Settlement Agreements For Employment in future Cases.

• Security chuck for future Embezzlement.

• Frequently Transferable in anywhere

• Jobs Description

• Adopt, and rigorously implement, a zero tolerance policy towards employee fraud.

• have a clear response plan in place in case fraud is discovered.

• vet employees thoroughly checking employee CVs and references

• Restrict and closely monitor access to sensitive information

• Impose clear segregation of duties

• Consider job rotation

• Periodically audit processes and procedures

• promote a culture of fraud awareness among staff

Protect your organization

Your organization also has a responsibility to protect other employers. Simply dismissing a fraudster enables him or her to move to another employer where he or she will most likely continue their fraudulent behavior. Consider taking part in a fraud data sharing scheme, or decide to prosecute the fraudster when the fraud is discovered

Installment Payment facilities & liability methods:

• Bank Accounts Sources- Maximums Bank Accounts are create for Customers- Installment facilities.

• Look into offering online Bank payments- Don’t stop there- D.D, P.O, continue with the ease. Make it possible for your customers to pay online.

• Always alert customers in the application if you decided to add a finance charge.

• Payment Liability agreement –If Customers have pay cash for installment.

Environmental sustainability- through further development, be able to deliver cost reduction and

efficiency improvements while contributing to Environmental sustainability.

recommend that Some questionsto ask yourself include:

Environmental sustainability-

Establish a Culture of Transparency- First, in order to minimize the chance of embezzlement, establish a culture of transparency and responsibility.

Who Are Your Customers?

B2B or B2C?

Customer Size?

Customer Type?

Customer Type There may be other ways to get a clearer picture of your customers. For example, your business customers could fall into one of three categories – commercial, government and industrial. Each of these three types of customers may have specific needs that should be addressed in your credit and collections strategies Environment .

Customer Size Do you serve small, medium or large businesses? What is the distribution of these customer sizes across your business customer base? Strategies that work for small companies may be less effective than strategies you implement for larger business companies.

B2B or B2C Do you serve business customers, consumers or both? What percentage of customers fall into each of these categories? What percentage of credit and collections problems fall into each of these categories?

Small improvements can reap huge benefits and cost savings by avoiding financing costs of borrowing cash during lean times when cash is tight and by avoiding bad debt write-offs that could have otherwise been avoided by simply being proactive in their accounts receivable processes.

Who Are Your Customers? who you’re doing business with today and who you may want to do business with tomorrow. What’s good for one group of customers may not be good for another and there may be things you can do to improve the chances that your invoices are paid on time.

Organization culture

What is Culture?

• Personality of the organization. • Comprised of the assumptions, values, norms

and tangible signs of organization members and their behaviors.

• Difficult to express distinctly, but everyone knows it when they sense it.

• Particularly important when attempting to manage organization-wide change.

Organization culture

Importance:

Organizational change failure is credited to lack of understanding about the strong role of culture and the role it plays in organizations.

That's one of the reasons that many strategic planners now place as much emphasis on identifying strategic values as they do mission and vision.

Introduction Ethical

Ethical behavior and corporate social responsibility can bring Signification benefits to a business: Ethics concern an individual‘s moral judgment about right and wrong, Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company, The decision lo behave ethically is amoral one, employees must decide what they think is the right course of actions This may involve rejecting the route that would lead to the biggest short-term profit.

Organization culture/ethics Importance:

• Honesty-Communication and behavior consistent with facts.• Disclosure of information• Promises/commitments• Laws and professional standards• Representation of others like shareholders (applies to board

members)

Business ethics

Ethical Issues Relating to Business

Proposal delivery

Thank you for listening!