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Digg It - Financial Services Security Frauds In India - A Threat Or Just A Myth
What is the nature of threat?
Recent survey by KPMG says that there is a digression in the Industry nature which is facing security threats .Some four years back it was the IT outsourcing industry and retail industry which were most prone to data theft. But now the nature has changed. Most of the frauds uncovered recently
Recent survey by KPMG says that there is a digression in the Industry nature which is facing security threats .Some four years back it was the IT outsourcing industry and retail industry which were most prone to data theft. But now the nature has changed. Most of the frauds uncovered recently
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
have been faced by companies dealing in financial services. Banking/Insurance/mutual funds/AMCs are the first category of company facing threats. The next is NBFCs, Investment Banks, Venture Capitalists, Private Equity.the other categories mentioned in the survey are – Media/Software, Retail/Consumer products, Foods/Beverages, t
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ransportation, Power/energy.
The threat perception of these sectors is generally higher mainly on account of the nature of their businesses and high growth rates achieved by these sectors in the last few years.
Why are the Organizations threatened by fraud?
According to a survey lack of ethical values has been identifi
Why are the Organizations threatened by fraud?
According to a survey lack of ethical values has been identifi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ed as one of the main reasons for frauds in organizations. Some of the other reasons can be enumerated as follows:
- dissatisfaction among employees
- poor internal controls
- lack of ethical values
- collusion between vendors and employees
- inadequate background checks on prospective employees
man
- dissatisfaction among employees
- poor internal controls
- lack of ethical values
- collusion between vendors and employees
- inadequate background checks on prospective employees
man
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
agement override of control
How were these frauds detected?
Majority of these frauds were detected by a company's own internal audit or by a third party. Some of the other ways in which an organization lost its revenue and it came to light has been through:
- expense accounts
- false or incorrect information
How were these frauds detected?
Majority of these frauds were detected by a company's own internal audit or by a third party. Some of the other ways in which an organization lost its revenue and it came to light has been through:
- expense accounts
- false or incorrect information
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
br>
- personal use of official assets
- forged documents
- secret commissions / kickbacks
- cheque forgery
- forged documents
- false financial statements
- IP infringement
What is the attitude of organizations towards frauds?
Earlier the trend was that the organizations seemed t
- forged documents
- secret commissions / kickbacks
- cheque forgery
- forged documents
- false financial statements
- IP infringement
What is the attitude of organizations towards frauds?
Earlier the trend was that the organizations seemed t
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
o be more reactive when these frauds occurred. But over the years there has been a shift in the attitude of organizations towards fraud. Now they are becoming increasingly proactive in their approach.
Most of these companies now have either a code of conduct or an ethics policy in place as a proactive measure to mitigate risk o
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
f fraud.
How can the frauds risks be mitigated?
Most of the companies in India are now undertaking strict steps in ensuring the minimum occurrence of fraud in outsourcing financial services. Some of them are:
- Pre- employment background check
- Regular fraud risks assessment
- Data analysis tools
- Fr
How can the frauds risks be mitigated?
Most of the companies in India are now undertaking strict steps in ensuring the minimum occurrence of fraud in outsourcing financial services. Some of them are:
- Pre- employment background check
- Regular fraud risks assessment
- Data analysis tools
- Fr
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
aud management systems
- Data mining tool
In addition all the individual employees are now being provided with proper systems to inform any kind of fraud threat at the right earnest. Some of them are:
- Emails
- Direct approach
- Anonymous letter/call
- Hotlines
- Grapevine
What is th
- Data mining tool
In addition all the individual employees are now being provided with proper systems to inform any kind of fraud threat at the right earnest. Some of them are:
- Emails
- Direct approach
- Anonymous letter/call
- Hotlines
- Grapevine
What is th
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
e outcome of the frauds -real as well as perceived?
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
does its due diligence before choosing a partner. The security threats, these vendors face abroad are the same threats securities firms themselves face when data is housed on site. As a result, strong firewalls and a formal data security strategy must be in place to prevent hacking, viruses or misappropriation of data. The primar
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
y concern, we found is that executives don’t like the idea of sending their data to a location where their competitors’ data is also being stored. This is an understandable concern, but again, it is no different from sending your back-office data to ADP, which processes a good deal of Industry’s trades, or to Sun Gard for data st
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
orage and back-up.
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their ow
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their ow
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
n personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in
How is India fighting back?
Recent sting operation in
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations in past, would damage the country’s reputation as a l
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations in past, would damage the country’s reputation as a l
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
cation with an abundant supply of low-cost, skilled labor that delivers quality service to overseas customers. Nasscom said that it had asked the Channel 4 to provide details of the allegations but that the request had so far been refused. “We are concerned about the verifiability of such stories, especially sting operations wher
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
e monetary inducements were provided,” said Kiran Karnik, president of Nasscom.
Industry executives in India are suggesting that repeated sting operations are being undertaken against the Indian Industry with the express intention of maligning its reputation. The fear among the Indian companies is that western customers will hes
Industry executives in India are suggesting that repeated sting operations are being undertaken against the Indian Industry with the express intention of maligning its reputation. The fear among the Indian companies is that western customers will hes
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
itate to outsource after India is repeatedly projected as an unsafe outsourcing destination. Much to its embarrassment the Industry has been hit lately by a series of security breaches.
The industry is scrambling to combat the perception of fraud. Companies have joined in setting up a national skills registry, an online registry
The industry is scrambling to combat the perception of fraud. Companies have joined in setting up a national skills registry, an online registry
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
for industry workers that would contain information about individual worker’s professional, educational and personal backgrounds. The information is validated by an independent agency but owned by an individual. So far, 25000 workers have registered for independent checks and biometric identification established earlier this yea
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
r.
Whether real or perceived no Industry can be completely free from fraud. The opportunity of outsourcing financial services to India is tremendous. Next ten years will see an exponential growth in the industry. So don’t let a few cases dampen your spirits of utilizing the tremendous power of India as an outsourcing destination
Whether real or perceived no Industry can be completely free from fraud. The opportunity of outsourcing financial services to India is tremendous. Next ten years will see an exponential growth in the industry. So don’t let a few cases dampen your spirits of utilizing the tremendous power of India as an outsourcing destination
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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