Fraud Management and Technology

Fraud Management and Technology

In my organization the employees are struggling with poor employee power and decision-making when it comes to detecting and preventing check fraud. Employees lack the power and the responsibility to take action that would benefit and transform the organization. The change model I would select for my banking organization is Lewin’s model. This model entails three critical steps; unfreezing, changing, and refreezing. It is a suitable model for my banking organization since Lewin identified the need for a change, moved to a new model, and finally ensured the transition creates a norm in the organization. This would help attain the desired behavior. However, the most significant difference between Lewin’s theory and Kotter’s theory is that Lewin’s theory illustrates the impacts of forces that may help or act as obstacles in attaining change. In contrast, Kotter’s change theory provides clear steps applied in achieving the change process.
Moreover, my choice theory was Lewin’s model and not Kotter’s. This is because I felt there needed to be a change in the banking culture of our organization. My process is precise since there is a need for change, the creation of the proposed change, and the implementation of the difference for a longer time. I believe Lewin’s theory would apply nicely in creating a competitive culture with the current trends of the banking industry. Besides, it would be essential to convince the leadership since Lewin’s model is easy to understand. I will start this by creating motivation for team members, empowering them on effective communication, and enabling leaders to embrace change.
The fraud problem of dealing with counterfeit checks costs the company more than $1,000,000,000 every year. Therefore, it is crucial to add more security features and use controlled checking procedures to identify counterfeit checks. The estimated cost of implementing security features will cost about $150,000 but it will solve the problem for a long time, preventing the losses incurred every year. Lastly, this investment needs intervention from the senior leadership because the funds invested are heavy, and the aim is to protect the investor’s funds. This will ensure customer security and the positive growth of the bank in the industry.

Some technology you may want to consider to address the problem:

Keep in mind that the assignment is not to create an entire business plan. The assignment is to create a business plan to address the specific problem(s) identified in your project proposal.

The paper needs to be well referenced. References should backup your contentions on how the technologies can and will be used as part of your plan. They should also be used to document the problem, show the scope of the problem within your particular type of organization, etc.

Remember that the assignment is to construct a BUSINESS PLAN for the organization to use technology to detect and identify money laundering or fraud so that the organization can protect itself from financial loss, fines and penalties

Layout
What are you proposing-Clearly communicate what the project is and what it will entail. Avoid ambiguous language such as “We are going to improve fraud losses”

Why is you program required?
This is where you communicate the sense of emergency around your program

What are you asking for?
This is where you communicate what you need to support your implementation .Typically this is funding

Executive Summary- is written last and pulls together in a few words the major point of the whole document

Problem statement- This is a part of telling your reasons why the program is required. I recommend keeping this section quantifiable to appeal to financially oriented executives

Project description- This is all about describing what you are proposing to do. Keep it concise and easy to follow

Solution Description- In this section you provide more concrete details such as timelines and major milestones. This is a good place to include “short term wins”

Cost Benefit Analysis –Try your best to incluse comparison of the cost vs benefit of your program (return of investment)

Implementation timeline-This section should include a detailed timeline; Executives are often time sensitive they are often more likely to approve short-term projects with a large benefit than long term projects with modest benefits

Assumptions and risk assessment- Things that could possibegqly go wrong

Conclusion & Recommendations

Summary