Demand for Bank Forensic Accountant increased due to rise in Banking Frauds

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Madhura Phadtare
Madhura Phadtare
Madhura is a Certified Forensic Accounting Professional. She regularly contributes articles on the subjects of frauds, forensic accounting and investigation. She has rick experience of forensic accounting and fraud investigation research.

In recent years banking processes are getting acquainted with the new digital technology domain. The risk of fraud and the cybersecurity threat is rising day by day. Banks and Financial Institutions are becoming prone to the risk of numerous fraudulent activities. Hence, they are in need of skillful professionals to effectively mitigate the threat by evaluating the risk assessments.

Forensic is a word that we usually encounter in crime thrillers and connected with highly sensitive law enforcement departments. The term forensic accountant is bound to transport your mind to an investigation of the crime scene. But that is not the case here. Therefore, let us first understand what Bank Forensic Accounting is.

What is Bank Forensic Accounting and who are  Bank Forensic Accountants?

Bank Forensic Accounting is an attempt to achieve the goals for meeting the growing demand for forensic accountants. The primary reason for choosing the banking sector is very simple. India has witnessed many frauds like Harshad Mehta, Ketan Parekh driven stock market frauds, CRB driven NBFC fraud, and home trade-driven rogue trading fraud. In recent times we have seen the frauds perpetrated by Vijay Mallya or Nirav Modi who have damaged an internal banking system a lot. Hence, Certified Bank Forensic Accountants investigate bank forensic accounting. The Investigations are either related to internal banking frauds or external ones.  

A Bank Forensic Accountant is a banker or banking professional or a banking consultant who has undergone training. They can become an expert in the banking frauds domain, forensic auditing related to the banking sector, litigation support and investigative accounting.

Rising Demand of Bank Forensic Accountants 

According to the latest RBI Report, banking frauds have doubled in 2020 compared to 2019. Hence banks need to set up a mechanism to curb these frauds and prevent them in the first stage itself. Here Certified Bank Forensic Accountants can actually aid to not only conduct the investigations but also to set a Risk Management or Risk Mitigation framework for the banking sector. Because these Certified Professionals are also experts in the subjects like forensic auditing, litigation support, and investigative accounting and have an accurate skillset in the field of Fraud Investigation. Hence Certified Bank Forensic Accountant plays a vital role in the banking sector. 

Indiaforensic’s Gold standard certification on Banking Frauds

The Certified Bank Forensic Accountant is curated by Indiaforensic and presented by Riskpro Learning is a premier certification in the forensic accounting domain. C. A Mayur Joshi started this course in 2005-2008. At that time the technology was not much more developed. So an elaborative study material was developed for the aspirants to get the certification. It gained a lot of popularity at that time.

Riskpro Learning is an E-Learning division of Indiaforensic which is the most recognized Distance Learning Institute in India. As well as in the field of forensic accounting and Anti-Money Laundering. Riskpro Learning presents Certified Bank Forensic Accountant. This course would be an exhaustive course that will cover the start to end process of a bank forensic accountant.

Who should pursue the Certified Bank Forensic Accountant course

The Certified Bank Forensic Accountant course is applicable to the aspirants in the banking sector. Right from Auditors, Accountants, Finance Professionals to Bank’s Internal Auditors, these all eligible for pursuing the course.

This course is suitable for the professionals who are working in pre-disbursement investigations, Audits, Corporate Investigations, Post Disbursement Investigations, Fraud Prevention, Fraud Detection, etc. . As technology is increasing rapidly. We have started this course by introducing live training sessions of 30+ hours for 2 months. The Certified Bank Forensic Accountant is one of the vast and dynamic courses. This is more value-based education provided by experts having 18+years of industrial experience. While pursuing the course personal guidance will be provided by our trainer.  The aspirants would get to know the overall BFSI sector.

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