Credit Management September 2019

CAREERS ADVICE
Keeping fraud in focus
Ensuring teams that tackle fraud have the right
skills is crucial.
AUTHOR – Karen Young
Karen Young
FRAUD is more prevalent
in business and in credit
management now than it
has ever been before and
the increasing complexity
of fraudulent activity means
that it can be disguised in many different
forms. Most commonly the amount of
sensitive data that credit functions hold
can leave them vulnerable to data breaches.
To mitigate this, organisations need to
invest in cybersecurity resources and raise
awareness of fraud risks among their staff,
setting out effective procedures to ensure
these situations don’t escalate.
The transformation that data has had
on the working world can readily be seen
across industries, and undeniably the rise
of ‘big data’ is positively enabling companies
to be more insightful and innovative. This is
certainly the case at Hays, where we can use
data to better match candidates to jobs and
help them reach their career goals.
Although holding information about
clients’ credit activity has always been
central to credit roles, with greater abilities
to collect and store information, credit
professionals are leaning much more
heavily on data than they have in the past.
Of course, this improves the service you
can provide to your clients – but it also
makes your organisation more appealing to
hackers.
CYBERSECURITY DEMAND
It is therefore vital that credit functions
protect their data by having cybersecurity
resources at the ready. We have seen
an increased demand for cybersecurity
skills across the globe which has caused a
shortage of candidates with skills in this
area. Employers looking for these skills in
tech hubs across the UK such as London,
Birmingham, Edinburgh and Leeds will
have the best access to talent.
UPSKILLING AND AWARENESS
In light of the high demand for cybersecurity
skills, credit employers might want to
consider upskilling their current staff to
make sure they have the necessary talent
to mitigate potential fraud. Upskilling in
this area is complex, as the skills required
to handle a data breach are obviously
incredibly niche. Instead, employers should
think about upskilling in the way of raising
awareness of cybercrime in credit. Train
your workforce to recognise the signs of a
potential data breach before it escalates,
and to handle sensitive data in a way which
will minimise any risk of fraud. Interactive
training methods such as workshops are
best to raise awareness and equip your
staff with the skills they need. Due to the
evolving complexity and sophistication
of data hacks, keep your staff’s skills upto-date
with refresher training as your
organisation’s resources allow.
VIGILANCE WITH PROCEDURES
To go hand in hand with upskilling
and raising awareness, employers are
encouraged to be vigilant with procedures
when faced with potential fraud. Developing
simple, effective procedures detailing
what to do when the security of your data
is compromised might be the difference
between a hack which damages your
organisation’s reputation and your clients’,
or one which is blocked at its inception by
your employees.
A credit manager would usually be
the appropriate person to establish the
procedure, and it’s crucial that their
reports know who to escalate an issue to.
Additionally, staff will also need to know
the type of issue which needs to be taken
to litigation. As with implementing any
new policy or procedure, the importance of
communication is not to be underestimated
– roles at all levels, from credit controllers up
to senior directors, need to know the steps
to take in order to help your organisation
mitigate fraud. Lean into communications
or training resources within or even
externally to your organisation to make sure
the procedure is successfully implemented.
While all businesses feel the pressure to
climb up the data ladder to keep up with
the landscape, it is crucial that the risk of
fraud is not overlooked. With the amount
of sensitive data credit functions hold,
developing cybersecurity resources by
raising awareness amongst employees and
creating effective procedures is the best way
for credit employers to mitigate any threats
to this data and have the peace of mind that
their employees are doing their part.
Karen Young is Director at Hays
Credit Management.
The Recognised Standard / www.cicm.com / September 2019 / PAGE 52