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Does the Certified Fraud Examiner (CFE) course being provided by ACFE have any value in the international market (say in Canada and UAE)?
- December 12, 2023
- Posted by: email@example.com
- Category: Blogs
An ACFE report highlighted that organisations are estimated to lose 5% of revenue to fraud each year causing total losses of more than $3.6 billion. These staggering statistics raise the importance of having certified fraud examiners deployed in both small and large-scale organisations to identify and mitigate fraudulent activities.
Understanding the Importance of CFE Course in the International Market
CFEs estimate that organizations lose 5% of revenue to fraud each year. This when compiled with the massive scale of the corporate sector amounts to billions of dollars, along with reputational loss and a loss of employment to people working in those organisations. Hence, to mitigate such an economy-draining activity, organisations have been on the lookout for certified fraud examiners with the right skills and knowledge to detect and prevent fraud.
Whether it is India or abroad, the need for CFEs is growing at a linear scale, which also highlights its vitality in the international markets, including Canada and the UAE. Here is how the need for CFEs is affected in these country’s markets.
A whopping 62% of frauds in Canada were reported at for-profit organisations, out of which 40% of the victim organisations were private and 22% were public organisations, and the biggest median loss was suffered by the public companies at USD 362, 000. Where Canada is a land of opportunities for professionals coming from varied domains, but it is also a land that regards financial regulations and corporate governance at a high stance.
Therefore, professionals who have undergone a certified fraud examiner course and successfully achieved the credential by passing the certified fraud exam are preferred by organisations to strengthen their fraud-prevention measures. Many government-funded, private and financial institutions seek certified fraud examiners to align the internationally recognised fraud-prevention best practices and standards in their companies.
United Arab Emirates (UAE)
The UAE is consistently inviting massive organisations and talent pools across the globe. The country boasts of a thriving economy and a diverse business landscape which also makes it vulnerable to the most cutting-edge frauds penetrating and weakening its economy ecosystem. With the most prestigious real estate, finances and technology sectors having their grounds in UAE, as well as multi-national and government institutions operating in the country, the need for a certified fraud examiner who can keep the organisation up to date with the best practices and identifying, preventing and designing proactive measures against fraudulent activities is crucial than ever.
Benefits of Certified Fraud Examiner Credential for Professionals
- Meets the Global Standards: The certified fraud examiner in India and abroad is designed to follow the globally recognised anti-fraud standards and regulations, while also ensuring that the certified professionals have a comprehensive understanding and skills to both detect and prevent different types of fraud in an organisation.
- Offers Cross-Country Reference: After acquiring the certified fraud examiner credential, a professional can apply for anti-fraud specialists in diverse industries, making them valuable assets in organisations across the domain.
- Expands Professional Network: The Association of Certified Fraud Examiners (ACFE) offers a diverse professional network for candidates, which spans the globe and enables them to connect with like-minded people. This furthers their professional growth and keeps them updated on the latest anti-fraud trends and best practices, while also giving them access to the best-in-industry pay scale.