Courses

Financial Crime

Managing Financial Crime & Fraud in the Insurance Sector – The Three Emerging Trends

2 DAY COURSE

About this Course

Insurance fraud is not a victimless crime and affects everyone in the UK. The UK Association of British Insurers estimates that fraud adds, on average, an extra £50 to the annual insurance bill for every UK policyholder. According to ABI figures, in 2019 insurers uncovered 130,000 fraudulent claims worth £1.32 billion. It is estimated a further £1.3 billion goes undetected. Therefore, tackling financial crime in insurance remains an industry strategic priority.  

Evidence from recent studies carried out by insurers suggests that insurance fraud funds and facilitates other serious crime, including drug trafficking, money laundering and modern day slavery. Financial crime remains firmly on the legal and regulatory agenda. The annual money laundering test is no longer enough - Firms and individuals must know how to protect clients and themselves.

Insurance fraud has a significant negative impact on the industry and the risks are evolving, technology is advancing at a rapid pace, and regulators are starting to show interest in applying more scrutiny on insurers’ risk management frameworks. In this context, how can insurers be confident that they are effectively and efficiently managing their fraud and financial crime risks?

This course is designed to provide practitioners within the Insurance market with the tools and controls to manage fraud risk more successfully, mitigate the risk through best practice and implement a robust internal framework. The course provides a comprehensive understanding of fraud threats, how to formulate an effective strategy to prevent these threats and how to manage the response when they occur. You will learn how to implement key fraud management strategies at your firm to manage the risk to your business. The course also explores international fraud management best practice and anti-fraud frameworks. This course outlines the threat to financial crime and its consequences for the insurance industry and the key anti-financial crime controls that firms should have in place. The FCA and BIBA require insurers to be able to demonstrate robust policies and procedures that comply with regulatory expectations and training to all staff.

Learning outcomes:

  • Understand the exposure and consequences of financial crime for the insurance industry
  • Managing and investing in a fit-for-purpose fraud and financial crime risk management framework
  • Learn how to implement a robust IT Framework. Firms have more access to rich data than ever before, however, they should take care to ensure that the most useful inputs are included in their data models. If they don’t, preventive and detective technology solutions will be less effective.
  • Identify the main types of financial crime and their characteristics
  • Describe the key and evolving legislation to counter financial crime and the penalties for non-compliance
  • Understand the regulatory priority given to financial crime and what the FCA expects of firms and individuals
  • Describe the roles of the main agencies in combating financial crime, including those within industry
  • Recognise suspicious transactions
  • Outline the key but proportionate anti-financial crime controls that a firm should have in place

Who should attend:

  • Fraud Prevention and Investigation officers
  • MLRO – SMF17
  • CEO’s
  • CFO’s
  • Chairman – SMF9
  • Executive Director – SMF3
  • SMF18
  • Employees with responsibility for internal organisational fraud
  • Internal Audit and Regulatory Staff




Course Information

  • Date(s): October 15, 2020
  • Location: London
  • Type: Course
  • Length: 2 Days
  • Level: Leadership

Specific learning requirement?

Request a course

In-House Courses

Our courses can be delivered in-house and made bespoke to your company, business model, products and language. As your learning partner, we can help you every step of the way from engaging with multiple stakeholders and carrying out a learning needs analysis to confirming desired outcomes, solution design and delivery.

Learn more

Looking for expertise to help your firm identify, reduce and manage risks?

Fourthline also offer a wide variety of consulting, change and talent services, helping our customers to build high performing risk management teams and supporting them with change management and BAU tasks.

View Talent SolutionsView Flexible Resources


Latest Courses

Financial Crime – Interpretations and the Practical Application

The FCA has increased its efforts to fight every aspect of financial crime and expects firms to understand where the risks lie and take ...

Practical Introduction to JMLSG Guidelines and an Introduction to AML - Online Workshop

Consisting of the UK’s leading Trade Associations from across the financial services industry, the Joint Money Laundering Steering Group ...

General Enquiry

If you would like this course to be delivered in-house and made bespoke to your organisation’s requirements, fill in your details below.

Get in touch

Kieran_Maplesden

Kieran Maplesden
Managing Director


0203 800 1099
kieran.maplesden@thefourthline.co.uk

fahim

Fahim Miah
Head of Learning Solutions


0203 854 0591
fahim.miah@thefourthline.co.uk