Maheswari Kanniah, CFE, has decades of experience working in financial institutions and currently is the executive director/group chief regulatory and compliance officer for Kenanga Investment Bank Bhd. (KIBB) in Malaysia. While she spends a lot of time balancing regulatory compliance with business needs, she places a high value on educating other employees about fraud and fraud prevention. “It is important to let all employees know that each and every one of them has a role to play in fighting fraud and that it is not only incumbent upon a specific unit or department,” she said. “Of course, this has to be done in an engaging and interesting manner while still making sure that the information is straightforward and easy to understand so it can be accepted and digested by all. This is why I am a great proponent of Kenanga Fraud Awareness Week, which is in its third year.” Her work in spearheading KIBB’s support of International Fraud Awareness Week, November 17-23, 2019, has greatly helped spread fraud awareness within her organization, and she encourages other organizations to follow suit.

My passion for fighting fraud was not something that occurred overnight. My father would instill how important it is to be honest and live up to the commitments made to others, so I grew up with this background deeply rooted in my mind.

My interest and enthusiasm to fight fraud, as well as generally spreading the message and increasing fraud awareness, is a culmination of the many years that I have been with financial institutions. The passion comes from having seen the industry grow and observing the changes to the landscape and environment in which those institutions now operate. The fight against fraud is something that continually evolves, and for me personally, it is that challenge that I find rewarding as it keeps my mind always anticipating and progressing.

One of the unique challenges that I face in my role is to ensure that we are not only reacting to fraud but that we are proactive in beating fraudsters. The nature of fraud, and how it is perpetrated, continues to evolve and my role is to make sure that we are one step ahead at all times.

One of the unique challenges that I face in my role is to ensure that we are not only reacting to fraud but that we are proactive in beating fraudsters.

Of course, detecting fraud and prevention of any losses or damage when fraud is committed remains a very important matter, but the real challenge is to build processes and have systems in place that altogether disable the chance of fraud being attempted. Engagement with all relevant stakeholders is crucial, I am often required to “speak their language” and have knowledge of matters beyond my area of expertise, such as IT security standards and the latest cyberfraud typologies.

One of the biggest lessons I have learned is to juggle and manage both the commercial and regulatory/governance interests of KIBB. This will ensure that the organization is able to optimize its business opportunities and at the same time always be on the right side of the law and regulations.

I have come to understand that in my role to advise and facilitate proper governance, it is crucial to find necessary alternative solutions to reach an end-goal — the last resort being stopping a deal or transaction where there is an apparent breach of the rules and regulations. It is on me to strike a balance between the interest of both proper governance and business needs, and make the relevant persons appreciate where I am coming from, and accept that ultimately it is for the greater good of the organization.

It is without a doubt that becoming a Certified Fraud Examiner has enabled me to take my career to the next level, as it is the standard of professional excellence in the anti-fraud profession. Having it as a credential showcases that I have both the expertise and experience in the area of fraud detection, prevention and deterrence. It is reflective of the high level of skill, knowledge and professionalism that I bring with me.

Becoming a CFE provided me with a unique skill set that is not found in other fields or disciplines. It provided the assurance and confidence to KIBB that they have someone with a strong understanding and knowledge to assess fraud risk, come up with the necessary controls and to continuously manage the ongoing risks associated with fraud.

Furthermore, being a CFE and by extension, being associated with the ACFE, allows me to keep abreast of the latest developments in the areas of fraud prevention. This has been invaluable in doing my day-to-day work. The exchange of knowledge and ideas, as well as the sharing of experiences and insights, is especially helpful.

It is important that the management of organizations set a strong tone from the top so that anti-fraud culture can be instilled into the overall philosophy of each organization. However, the anti-fraud culture cannot be achieved by solely having the relevant policies and procedures in place. It is significant that all employees, especially those on the front lines, are taught the rationale and basis for the anti-fraud policies and procedures.

By participating in Fraud Week, organizations can show their commitment to creating the right environment and that they will take proactive steps to ensure that the employees are aware of fraud and matters related to it — including how to prevent fraud and mitigating associated risks.

An increase in awareness and the knowledge among employees, and also gradually shifting the organization toward an anti-fraud culture, creates a positive impact to the organization’s bottom line, as it inspires confidence from investors and clients alike. Participating organizations will also send a message to external stakeholders and other third parties on their dedication to ensuring its business and operations are conducted in a responsible manner without compromising on principles of ethics and integrity.

We have been hosting anti-fraud knowledge games to observe Fraud Week, and I am proud to say that for this year, 22 external teams apart from the 16 in KIBB signed up for the games, and these teams were by invitation only. Imagine the possibility of more teams joining the games if we had opened it up to all! We hope to keep growing involvement each year.

I captained the Malaysian national women’s hockey team in the early 80s, and have played numerous tournaments at various levels, so sports and fitness has always been something close to my heart.

I play hockey and hit the gym whenever I am able to, as there is no substitute to a good workout and keeping fit. Although I must admit that since becoming a grandmother, my grandchildren get priority of my time over the gym these days — every moment I spend with them is a delight and doting on them is something I enjoy immensely.

Apart from my sports activities, I enjoy traveling and make it a point to go on at least two holidays annually, one with my family and the other with my good friends.

I would like to end by saying that because of the way I was raised, I have a life that really matters to me and this is attributed to my parents who did a great job. I can never thank them enough.

ACFE membership is open to individuals of all job functions, industries and levels of experience who are interested in the prevention, detection and deterrence of fraud. Our mission is to support you by providing access to the knowledge, resources and training you need to do your job now and at every stage of your career.

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