Day 2 of International Financial Security & Management Conference began with a truly exhilarating and thought-provoking session by Mr. Samuel Lay, Regional Business Development Director, APAC, Southeast Asia & South Asia. He highlights just detrimental the problem of financial and insurance fraud across Southeast Asia & South Asia and urges us to consider and minimize the regulatory and execution gaps. We appreciate his giving out prizes to students and engaging them in meaningful ways. We are in awe of his views for India’s future. We extend our assurance on his recommendations on how students can participate in compliance and make it a central concern in the realm of financial security.
In the following session by Mr. Adewale Ogundele, former INTERPOL trainer, provided his insights on the global financial crime scenario and INTERPOL’s role in identifying, targeting and impeding organized crime. He recounted a few success stories where international organized crime was demolished in record time. His recommendations on how countries can collaboratively mitigate crime of an international scale necessitate the need for academic discourse on the same. This also calls for a unified global effort in eliminating tech enabled Financial Fraud.
Dr Hala Faissal, our next presenter, discussed AI’s growing role in shaping insider trading across financial markets. Her extensive research on AI based tracking system will help develop effective solutions. Her concluding statement about blending law, ethics and technology is something the listeners, participants truly resonate with. She urges that cyber professionals be agile, anticipatory, and tech savvy in order to detect suspicious insider trading in its nascent stages. Her take on the subject is refreshing and actionable and look forward to future prospects for collaboration.
In the second half, Shri Rakesh Bhanot, Adviser at the Competition Commission of India (CCI) in New Delhi with expertise in financial regulation, competition law, and investor education, discussed at length ‘The Role of Competition Law in Detecting and Preventing Corporate Cartels and Bid-Rigging” from experience spanning decades.
The second to last session of the day was held by session by CA Dayaniwas Sharma, Chairman of the Digital Accounting and Assurance Board, ICAI. This much anticipated session Forensic Accounting and Investigation Standards (FAIS) was received very well by the students and delegates alike. His visionary leadership and prowess will enable better execution of the guidelines. His enlightening session presented students with takeaways and nudge in the exciting field of forensic accounting and practices.
The most anticipated session of the day led by the visionary Dr. Jaimin Vasa, Chairman and Managing Director of Vasa Pharmachem Pvt Ltd, elicited a great response from our listeners. The session titled Unmasking Billing Frauds: The Dark Side of Healthcare Reimbursement. The downright shocking scenario of modern-day health insurance reimbursement is an urgent call to action.
SMS extends sincerest gratitude to delegates, scholars, and dignitaries. Their “espirit des corps” has helped NFSU pave the way to numerous collaborative projects in the field of fraud detection across disciplines.
Credits
- Rohit Kuntal
- Omkar Borkar