Time to take the bull by the horns
Now is as good a time as any
The recently released Central Vigilance Commission (CVC) analysis of the top 100 frauds observed across Indian banks have revealed certain lapses in control, that facilitated the perpetration of frauds. Basis their study as well as those highlighted across the three editions of Deloitte’s India Banking Fraud Survey, this point of view (released by Deloitte’s Forensic practice in India in October 2018) covers those gaps as well as stresses on some good practices that may be considered by banks while setting up new controls. The areas covered include due diligence at the pre-sanction stage, carrying out background checks, continuous monitoring and end use monitoring.