Zeroing on fraud, is enough being done: Knowledge sharing forum

Monday, 18 March 2013 00:00 - - {{hitsCtrl.values.hits}}

Corporate fraud has become a major challenge for businesses across the globe. The scenario in Sri Lanka is not very different and in the last financial year alone, a number of companies reported falling victim to the incidence of fraud.

The magnitude of financial losses associated with fraud has also shown an alarming increase in recent years. While company directors and managers are now called upon to be more vigilant and better prepared to combat the hazard, there is no doubt that prevention or mitigation of exposure is the better means of confronting the issue.

The Chartered Management Institute Sri Lanka together with its knowledge partner, KPMG, will host the next ‘knowledge sharing forum’, at which an eminent panel of corporate and institutional leaders including Asian Development Bank Country Director Rita O’Sullivan, Sampath Bank Managing Director Aravinda Perera, Lanka Walltiles Managing Director Mahendra Jayasekera, KPMG Sri Lanka Managing Partner Reyaz Mihular and KPMG Sri Lanka Risk Consulting Head Jagath Perera, will share their views on how corporate institutions are tackling these emerging threats and how organisations could respond if the suspicion of fraud exists.

CMI Sri Lanka Branch President Rohitha Mendis said, “It is not just the larger or smaller businesses that are affected by such incidents. In many of the recent fraud incidents reported, the victims have been institutions in varied industries and sectors and also those of varied scale.

“Therefore, we can’t really say this is a risk faced by a particular type of business.” Mendis added that “Apart from the financial loss there is also considerable impact to the reputation of the corporate entities concerned.”

He noted that awareness, being alert and ensuring a properly controlled environment would potentially be the best defences against fraud risk.

It is, therefore, for this reason that this presentation is being organised, to stress the crucial nature of this issue to businesses across the board, and to improve corporate sector awareness on the topic.

This event will take the form of an evening presentation and discussion, and will be held at Cinnamon Lakeside Hotel from 5:30 p.m. to 7:30 p.m. on Wednesday 20 March 2013.

For further information of the event or registrations, contact the organisers on 0115 860 000 or 0716 838 339.