This training is about identifying and preventing customer and workplace fraud
Annual fraud losses in the Australian financial sector are currently running at well over half a billion dollars. In the Financial Services Industry we typically think of fraud involving customer accounts and loans. But just like any other industry, financial services businesses are also subject to other sorts of fraud, many of which are also covered in this training.
Defending a business against fraud requires staff to be educated on fraud typologies and modalities.
Experience shows that internal fraud (payroll fraud and expense account fraud, accounts payable fraud etc) is more likely to be identified by staff member tip-offs than by auditors or internal procedures.
To defend against external fraud (customer fraud, supplier fraud, loan fraud, ID takeover fraud etc) financial services businesses have sophisticated fraud detection software in operation, but this still needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.
This course teaches staff
Fraud detection software needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.
This training is especially suitable for financial services customer-facing staff and staff who work in other fraud risk areas, such as: accounting, operations, sales, executive/upper management, and purchasing
– Defining fraud
– Types of fraud
– The risk of fraud to your organisation
– Who commits fraud
– Consequences of committing fraud
– Red flags of internal fraud
– Accounts payable frauds
– Sales and inventory frauds
– Payroll and expense account frauds
– The dangers external fraud poses to a financial services business
– Identifying and responding to the various types of loan fraud
– The typologies of online payments fraud
– Cheque fraud, card fraud, and fraud issues related to the New Payments Platform
– Non-banking types of external fraud
– Defining identity fraud
– Common identity theft techniques
– Minimise the risk of your identity being stolen
– How to protect customers from identity fraud
– What to do if identity fraud occurs
– Elements of a fraud risk management framework
– Ways to build fraud awareness
– Fraud prevention methods
– Elements of a fraud detection and reporting program
– Elements of a fraud response system
This course will help you understand what economic sanctions are, how they work and how they impact international business and the financial services sector in particular.
Sanctions are volatile and often there is little or no advance warning.
This training is indispensable for enhancing your general knowledge of the purpose and nature of sanctions regimes, explaining what they are used for and how they can affect lives and businesses.
As economic sanctions continue to feature in the news headlines, this course provides practical insights into managing sanctions compliance and engaging with clients, mapping out what you should know, what you should do and what you should have in place to be compliant.
This course is especially relevant to account directors, business development managers, operations specialists, risk management analysts, compliance officers, customer due diligence analysts and senior executives.
Download course outline here
GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).
Download our brochure here
Module 1: Describe what sanctions are, their purpose, key features and reach
Module 2: Identify which sanctions regimes are the most important and how they can impact businesses
Module 3: Outline key sanctions do’s and don’ts
Module 4: Respond to client queries about sanctions
In response to recommendations by The Financial Services Royal Commission, and to changing community expectations, industry codes such as the Australian Banking Code of Practice and the General Insurance Code of Practice are requiring members to have policies to assist vulnerable customers and to train their staff accordingly.
This course provides an introduction to financial vulnerability and describes the various ways in which a customer may be vulnerable – for example due to ill-health, age, co-dependency, limited literacy or unfamiliarity with financial transactions. It provides tips to assist staff in recognising cases where a vulnerable customer may be subject to improper manipulation, or where they need to take extra steps to ensure that the customer fully understands the financial product they are considering.
The course teaches learners about the range of options they have in responding to cases of possible financial abuse and reminds them of the limitations on the actions they may take. Dealing with possible financial abuse requires a careful balance between protecting customers and respecting their rights.
One module is dedicated to ways of helping a customer who is fleeing domestic violence.
The course contains numerous case studies to bring the material to life.
Module One: Customers with reduced decision-making capacity
· Explain the importance of a banking customer’s decision-making capacity
· Discuss how to assess a customer’s decision-making capacity
· Describe the causes of reduced decision-making capacity
· List possible responses to reduced decision-making capacity
· Give a general overview of Powers of Attorney
Module Two: Customers with special needs
· Discuss how to overcome various barriers that may hinder customers getting information about financial products
· Explain how to assist customers who may have trouble understanding how financial products work
Module Three: Customers vulnerable to other parties
· Explain which actions fall into the definition of ‘financial abuse’
· Understand how to assess the chances that financial abuse is occurring
· Outline some ways a customer can guard themselves against financial abuse
· Outline some ways to respond if you suspect financial abuse is happening
Module Four: Elder financial abuse IN PRODUCTION
· Identify the risks of elder financial abuse
· Outline some ways to respond if you suspect elder financial abuse is happening
Module Five: Vulnerable customers – loans and guarantees IN PRODUCTION
· Explain the risks faced by vulnerable customers when they enter into loans as a co-borrower or guarantor
· Outline some ways to protect vulnerable customers when signing up loans
· Case studies
Module Six: Relationship breakdowns and domestic violence IN PRODUCTION
· Explain how to help a customer reorganize their banking after a relationship breakdown
· Understand the background to domestic violence
· Explain how to help a customer open an account when they have too few identification documents
Stakeholders in the financial sector need to understand Proliferation Financing and its consequences
The proliferation of weapons of mass destruction (WMD), including their means of delivery, is a significant threat to global security. Proliferation and its financing are quickly evolving as threat actors find innovative ways of disguising the funding using complex web structures.
This single-module course introduces staff to the concept of Proliferation Financing (PF) and then develops their understanding of how PF works, how it is developing, and the threat it poses to the world. It makes clear how PF differs from money laundering, and how financial services businesses in all countries can be exposed to the risk of having their systems misused to facilitate PF. It contains details on the problems posed by dual use goods.
The lesson provides practical tips and examples to assist in identifying transactions that should be subjected to closer examination. These practical examples empower employees to act in line with their legal and ethical obligations.
This course is suitable for customer-facing staff, their managers, and other operational staff who deal with financial transactions.
Download the course outline here
GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).
All staff of signatories to the Private Health Insurance Code of Conduct, particularly those in customer-facing roles, must understand their specific obligations under the Code
In 2016,representatives of the private health insurance industry in Australia came together to create an industry-first Code of Conduct that outlines the regulatory, compliance and ethical responsibilities of health funds and intermediaries towards consumers. Being a signatory of the Code signals to your customers that you are committed to high standards of compliance and service.
This one-module course explores the obligations and commitments of private health funds under the Code, including presenting information to customers in plain English; ensuring customer-facing employees are appropriately trained; keeping personal information secure; and maintaining readily accessible internal customer dispute resolution processes. It also provides an overview of important processes concerning intermediaries and when customers join and leave your fund.
The course is accessible and is quick to complete, leaving employees with a better understanding of customers’ rights and private health funds’ compliance responsibilities under the Code.
This course provides all employees with a solid, working understanding of their obligations under the Private Health Insurance Code of Conduct.
Module 1: The Private Health Insurance Code of Conduct
This training is targeted to the various relevant areas of your organisation
Failure to properly collect, handle and protect people’s personal information can put businesses at considerable financial and reputational risk. The Australian Privacy Principles impose strict requirements on businesses, and all staff need to be adequately trained to meet these requirements.
This suite of seven courses covers all the areas of Australian privacy law that are likely to be encountered in a financial services business. Staff in different areas will focus on different aspects of privacy and this training is designed to allow L&D teams to target learning to the appropriate staff teams. The lessons provide scenarios on each topic. These practical examples illustrate the sorts of customer interaction that staff can expect on a daily basis.
Data breaches involving personal information may be prevented through effective training and enhanced systems, analysis of the first 12 months of mandatory notifications reveals.
Our report shows a clear trend towards the human factor in data breaches — so training and supporting your people and improving processes and technology are critical to keeping customers’ personal information safe.
– Office of the Australian Information Commissioner Report 13 May 2019
The course is suitable for all staff who handle personal information. Moreover, all staff, including directors and senior managers, should
be familiar with the introductory material in course one: Overview of Privacy Regulation.
GRC Solutions also offers online compliance training in Credit Reporting – see below.
Privacy – Covering the Privacy Act and the Australian Privacy Principles
Privacy for Schools – Covering the Privacy Act and the Australian Privacy Principles as they apply to schools
Health Privacy – Health businesses collect and maintain sensitive personal information
Credit Reporting – covering the Credit Reporting Act
Privacy – New Zealand – covering privacy in New Zealand under the 2020 updates to the law
General Data Protection Regulation – covering the GDPR – which has global implications
Data Protection Singapore – covering the Personal Data Protection Act 2012 and also the implications of the GDPR
Data Protection Malaysia – covering the Personal Data Protection Act 2010 and also the implications of the GDPR
California Consumer Privacy Act
Module one: Overview of Privacy Regulation
Module two: Collecting Personal Information
Module three: Dealing with Personal Information (Use andDisclosure)
Module four: Access and Correction
Module five: Mandatory Breach Reporting
Module six: Handling Privacy Complaints
Module seven: Overview of the Australian Privacy Principles (for Supervisors)
Modern slavery can affect any country; the United Nations estimates there are more than 40 million victims of modern slavery worldwide. Modern slavery can occur in any sector or industry, and at any point in a supply chain. High-risk industries include fashion, agriculture, hospitality, construction, electronics and extractives. The risk of modern slavery occurring in supply chains increases for organisations that have extensive, complex or global supply chains.
This three-module course covers what modern slavery is, its prevalence in supply chains, and how its use can most effectively be prevented by organisations. Both modules contain practical scenarios relating to issues affecting organisations with modern slavery in their supply chains. These scenarios equip staff to identify and take steps to prevent modern slavery from occurring in their supply chains.
Who is this training for?
This training is suitable for a wide variety of staff including those working in procurement, compliance or risk roles as well as those working in a front-line capacity.
Do you need short, effective training to raise staff awareness of the indicators of modern slavery and how they should respond?
Modern slavery can affect any country: the United Nations estimates there are more than 40 million victims of modern slavery worldwide. It can occur in any sector or industry, and at any point in a supply chain. High-risk industries include fashion, agriculture, hospitality, construction, electronics and extractives. The risk of modern slavery occurring in supply chains increases for organisations that have extensive, complex or global supply chains. Your staff – including your front line and non-specialist staff – must be aware of the risks of modern slavery, and the ensuing consequences your business could face if they’re left unchecked.
Modern Slavery – Awareness is a single-module, awareness course that equips your staff with an understanding of:
This training is an express, 10 minute variant of our three-module Modern Slavery – Australia and non-jurisdictional courses. It is designed to equip your front line staff with general awareness surrounding modern slavery.
It is also suitable for volunteers, contractors and students.
Established in 2016, the RegTech Association is a collaboration of members, focused on developing best practice for the compliance sector.
