Addressing the delegates, Abou-El-Fotouh said: sound corporate governance framework at financial institutions is very important to safeguard the institution against fraud. It ensures that oversight responsibilities exercised at each layer ensures proper internal controls, transparency and integrity. The layers include shareholders (represented in the Annual General Assembly), Board of Directors, Audit Committee and other board committees, independent auditors, CEO & top management and support business units.
He further added: the application of the four principals of corporate governance i.e. accountability, fairness, transparency and fairness; should help the institution to reduce the likelihood of fraud and other financial crimes.
He underscored the importance of training. In particular, internal auditors must receive specialized training on fraud detection and prevention. However, other employees in the institution should receive adequate training relevant to their job. Coupled with training, is targeted fraud awareness programs.
Abou-El-Fotouh stressed that financial institutions should develop sound custom-
Finally, Abou-El-Fotouh called on financial institutions to improve customer data protection and assess their operations accordingly.
About World association of Compliance (WAC)
World association of Compliance (WAC) is a non-profit organization registered in New Jersy. It focuses on regulatory and compliance issues worldwide
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World Association of Compliance (WAC) is organized to support compliance practitioners to improve and promote the culture and overall experience of the compliance practitioners.