ICASL alarms on ‘White Collar Crimes’

A program on White Collar Crime and Forensic Risk Management organized by The Institute of Chartered Accountants of Sri Lanka (ICASL) was held on September 7 at the Galadari Hotel.

The keynote speaker of the program was PricewaterhouseCoopers - Australia Forensic Services - Risk and Control Solutions Partner Cassendra Michie.

The objective of the program was to educate and assist risk managers in being more proactive and vigilant towards safeguarding their organizations against this growing hazard. The program attracted over 160 participants.

It was an interesting and absorbing presentation that took participants through areas that often go unnoticed making organizations vulnerable to fraud and mismanagement.

Some of the astounding statistics shared at the presentation revealed that nearly 30 percent of over 3,000 participants at a PwC’s worldwide fraud survey responded that they experienced fraud during the last 12 months; the top most figure being 71 percent in Russia.

More surprisingly, it was revealed that respondents have consistently underestimated their future fraud exposure, signifying the magnitude of the issue at organization level. Sujeewa Mudalige, joining the Q and A session added some local flavour to the session sharing some of the local examples in relation to what was discussed in the keynote presentation.