The effectiveness of the internal control system, risk management strategy and staff code of conduct of one of Malaysia’s biggest commercial banks in minimizing fraud / Mohd Hazizee Shahri

The best way to provide The Effectiveness of the Internal Control System, Risk Management Strategy and Staff Code of Conduct of One of Malaysia’s Biggest Commercial Banks in Minimizing Fraud is the employees need understand the guidelines and procedures provided by banking industry. The internal control system includes all the policies and procedures established by management to achieve three objectives: reliability of the financial reports, operating efficiency and effectiveness, and compliance with laws and regulations.The Financial Accountability Act 2009 requires all accountable officers and statutory bodies to establish and maintain appropriate systems of internal control and risk management. Risk management focuses on adopting a systematic and consistent approach to manage all of the risks confronting an organization The objective of this thesis is to understand method implemented by Bank to minimizing fraud activities. The risk management function bears some of the responsibility to develop an appropriate risk aware culture within organization. This goes beyond defining and monitoring the elements of culture, determining new initiatives and directions intended to promote the desired characteristics of the culture. It has to do with the risk management area’s own behaviours. Those within risk management department, particularly in technical and financial industries, will be strong technicians. Training has been largely technical, and the rewarded behaviours have been largely technically orientated. However, communication and even marketing skills are also important attributes rational and input to business decisions. The regulation by Bank Negara Malaysia (BNM), Malaysian Code of Corporate Governance (2012) and Financial Services Act (2013) is inclusive to minimize the fraud among banking staff. The rule and principle is direction to staff understand the method and the best way to avoid fraud in banking industry.