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Benefits of CFE Certification for professionals and businesses
- August 28, 2023
- Posted by: Raghav
- Category: Blogs
The CFE certification is an internationally accepted certificate for fraud detection and prevention experts. Before taking the exam, CFEs must have appropriate job experience in the field. This demonstrates that they were able to apply what they had learned. The CFE course incorporates specialised training in the practical areas of fraud detection and prevention, as well as a firm foundation in the legal issues of fraud examinations.
Although there is some overlap, the controls required for an effective system to protect against fraud are not always the same controls that you would implement for your financial reporting systems. And this is where a skilled CFE practitioner may truly help your company.
Here are some of the primary benefits of earning ACFE certification.
- Specialised Knowledge and Skills: Individuals holding the CFE certification have specialised knowledge and skills in fraud examination. Fraud prevention and deterrence, financial transactions and fraud schemes, investigation tactics, and legal aspects of fraud are all included in the CFE course. This knowledge serves as a solid foundation for detecting, investigating, and preventing fraud in a variety of industries and sectors.
- Professional Credibility: In the field of fraud assessment, the CFE certification is worldwide recognised and respected. It displays a high level of professionalism, competency, and ethical values. Employers, clients, and colleagues regard the ACFE certification as proof of a person’s knowledge and dedication to fraud prevention. This accreditation can boost professional credibility and open the door to new employment options.
- Expanded Professional Network: Some institutions host networking events, seminars, and online forums where Certified Fraud Examiners can connect with other professionals, share knowledge and best practises, and form useful partnerships. Throughout a CFE’s career, this network can provide ongoing support, mentorship, and collaborative opportunities.
- Global Recognition: The CFE certification is recognised and appreciated all over the world. This worldwide recognition enables CFEs to explore professional prospects not just in their native country but also abroad. CFEs can use their certification to promote themselves as credible fraud assessment professionals on a global scale, whether they work for multinational organisations, consulting firms, or government agencies.
What can a CFE do for your organization?
According to 2014 ACFE research, 5% of all revenues are lost each year because of fraud, with the median monetary loss being $145,000. According to the report, the fraudster demonstrated specific behaviours that are frequently recognised as warning flags but often go unnoticed by most business owners in 92% of the cases analysed. A CFE is not only taught to recognise these warning indicators, but also to:
- Assist in the assessment of fraud risk
- Help with internal control audits
- If fraud has occurred or is suspected, examine data and records.
- Fraudulent transactions must be detected and traced.
- Suspects are being interviewed.
- Prepare investigative reports/inform clients of results
- Give testimony in court
- Know the law as it applies to fraud and investigations.
- Recognise the psychological and other elements that drive fraudsters to conduct fraud.
- Inform people about fraud prevention controls.
A professional who has undergone the CFE course and holds the certification can help with the implementation of robust anti-fraud controls, which have been directly linked to lower fraud losses and shorter fraud duration.