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Building
Sound Internal Control Systems and Preventing Fraud in MFIs
A workshop entitled
“BUILDING SOUND INTERNAL CONTROL SYSTEMS AND PREVENTING FRAUD IN
MFIs” was held last February 18 – 20, 2008 at the Grand Regal
Hotel in Davao City to discuss how MFIs can address issues and
challenges pertaining to building sound internal control systems
and controlling fraud.
The 3-day workshop covered three topics – internal control, risk
management, and fraud protection and detection. The discussion
on internal control involved the importance of having an
internal control system (ICS), and the responsibilities of
people in an organization in the implementation of ICS. The
discussion on risk management focused on the types of risk
management, the need for effective risk management procedures,
and the role of the internal audit department in the risk
management process. In fraud prevention and detection, the
discussion included the different types of fraud, the
significance of having an effective fraud prevention and
detection systems, and ways to report and close fraud
investigations. Case studies were introduced to highlight the
learning objectives for each topic.
Participating MFIs include: People’s Bank of Caraga, KFI Center
for Community Development Foundation, Inc., Micro Entrepreneurs
Multi-Purpose Cooperative, Enterprise Bank, Inc., Surigaonon
Rural Banking Corp., Negros Women for Tomorrow Foundation, Inc.,
Mindanao Enterprise Development Foundation, Inc., Cebu Micro
Enterprise Development Foundation, Inc., Spes Pauperum
Foundation, Inc., Cernter for Agriculture and Rural Development,
Inc., Kabalikat para sa Maunlad na Buhay, Inc., Cooperative Bank
of Cotabato, TSPI Development Corporation, Friend Foundation.,
CCT Credit Cooperative, Serviamus Foundation, Inc., Ad Jesum
Development Foundation., Inc., Rural Bank of Lanuza and KMFI.
The workshop was facilitated by Mr. Joe Mwangi-Kioi, Director of
Monitoring and Evaluation of Grameen Foundation USA. The
workshop was a collaborative effort among Grameen Foundation
USA, Microfinance Council of the Philippines, Inc., Mindanao
Microfinance Council and Punla sa Tao Foundation.
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