AXA France CS directors’ and officers’ underwriting manager Emmanuelle Regenet talks to StrategicRISK about the rising threat of fraud-related risks
What are the top three crime-related risks for businesses in France?
Looking back on our 15 years’ crime underwriting, employee fidelity is the main issue.
With globalisation, exposure to international markets is now a concern because it is difficult for internal controls to lead in-depth audits.
The third is more linked with the evolution of IT systems in our everyday life as more and more hacking events are reported.
What type of crime are you seeing the biggest increase in?
The one that makes the frontpage news in France is fraud and identity theft. This kind of fraud is committed by criminal organisations pretending to be the chief executive of the company in order to convince internal accountants to wire huge amounts of money into foreign banking accounts.
Are there any emerging risks related to crime that risk managers need to be aware of?
The one above, especially as the risk could be reduced with training and communication led by a risk manager.
We are seeing a lot of change. Crime is something that risk managers are now more and more concerned about. Before it was mainly an issue for external or internal auditors. But with many businesses now employing compliance and fraud officers; coupled with new regulations related to corruption and/or compliance, risk managers are looking at the fraud risks in their analysis.
How well are risk managers coping with the risks that you’ve outlined?
Risk managers are doing more and more to mitigate risk by attending training sessions, producing brochures and sending internal self-assessment. Furthermore, AXA CS within its CrimeSphere wording will offer the possibility to train up to 10 people per year on different risks depending on the weak areas highlighted by “CrimEv@l”.
How will you be spreading the message at the Amrae conference?
Through presentations to clients of our crime product and on our prevention approach, through key messages on AXA CS’s screen at our Business Hospitality, and to explain how our claims department could help clients to solve their claims issues.