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Vision “to be a strong, credible, impartial and effective regulator” |
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Useful Links: http://www.fscjamaica.org/index_files/comprehensive%20guidelines.pdf |
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trate wrongdoing unless they can justify it to themselves or others. Typically perpetrators may attempt to justify their actions by saying: · “We were going to make up for it next quarter” · “We are helping the company,” · “We are protecting jobs” · “No one will get hurt” · “I was only borrowing the money” · “I was doing it for a good cause” or · “No one would miss it” * |
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FRAUD POLICY — A prevention Mechanism In protecting the organization from becoming a victim, a perpetrator or instrumentality of fraud it is imperative, especially for financial institutions, that there is the capability to readily identify the principal components of fraud and have a thorough understanding of the concepts included in the fraud triangle so as to effectively put in place measures commensurate to address existing or potential risks of fraud. A comprehensive fraud policy is a critical component in the corporate governance framework of financial institu |
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tions. The legislative framework, under the administration of the Financial Services Commission, has fully recognised the potentially corrosive nature of fraud if left unregulated and has therefore explicitly prohibited such conduct and in response has provided for the institution of appropriate sanctions in the event that any Act or attendant regulations are breached in this regard. See Table—A on page 6 for examples in this regard. * Managing Fraud Risk - KPMG Integrity Survey points the way to risk management, Timothy P. Hedley |
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Continued from page 5 |
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Mission Statement “To protect users of financial services in the areas of insurance and securities by fostering the integrity, stability and health of the financial sector, through the efforts of competent and committed employees.” |
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39-43 Barbados Avenue Kingston 5 |
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Phone: 876 906 3010-2 Website: http://www.fscjamaica.org |