KUALA LUMPUR: Kenanga Investment Bank, a subsidiary of K&N Kenanga Holdings Bhd (Kenanga Holdings), has joined forces with the Association of Certified Fraud Examiners (ACFE) to increase anti-fraud knowledge and certification among its employees.
In a press release on Thursday, Kenanga Holdings group managing director Datuk Chay Wai Leong said the tie-up is also to raise the levels of corporate governance and internal controls.
Kenanga is the first Southeast Asian organisation to partner with ACFE, the world’s largest anti-fraud organisation, which would help maintain investor’s confidence in the financial system.
According to the ACFE’s 2014 report, companies worldwide lose around 5% of their revenues each year due to fraud. It said companies take an average of 18 months to discover the fraud after it occurs.
Hence, the group said it is taking a proactive approach towards prevention, detection and deterrence of fraud.
ACFE president and chief executive officer James D. Ratley said Kenanga’s decision to team up with ACFE would also the provision of training and resources as well as giving the group an advantage to stay ahead of financial crimes.
The corporate alliance programme supports the implementation of anti-fraud best practices in organisations by providing access to exclusive training opportunities and resources.
Kenanga Holdings group chief regulatory officer Maheswari Kanniah said this would enable the group to bring its expertise and experience in the Malaysian financial services space.
“We are also pleased to furnish our employees with an additional platform to access tools, training programmes, best practices and a network of like-minded professionals on fraud-related matters via ACFE’s rich resource centre,” she added.