Fulton Financial Keeps Risk in Check
“This economy has a major impact on financial organizations. People are under increased pressure and we are looking carefully for fraud exposures. Like many organizations, we do not expect to find fraud. However, there is always a risk and NAVEX Global helps us identify any issues so we can work quickly and effectively to address them.”
- Jerry Furman, Senior Vice President and Chief Auditor
As part of the highly-regulated banking industry, Fulton Financial has spent years developing strong financial controls to identify and resolve potential risks early.
Although Fulton is not exposed to as much risk as some larger financial organizations, the company still wants to take any necessary precautions to protect its human and capital resources.
In keeping with those efforts, the company chose a partnership with NAVEX Global to strengthen its controls by providing employees with a safe, anonymous way to report any suspected fraud or misconduct.
Is Fraud That Big of a Risk for a Mid-Sized Bank?
Jerry Furman, Senior Vice President and Chief Auditor at Fulton Financial Corporation, wanted to take a more proactive approach to risk.
He knew that Fulton needed a system that helped increase employee confidence, gain insight into trends that indicate risk issues, and make it easy for departments to work together to address concerns.
The Ideal Solution: NAVEX Global’s EthicsPoint™
“In today’s world, a company’s ability to efficiently deliver products and services depends on having good people in place with processes to follow,” says Furman. It helps identify fraud exposure
and improve employee confidence.” For that purpose, and to meet federal requirements, Fulton initially used an internal system. As Furman points out, however, that approach did not instill confidence among employees, had limited functionality, and was difficult to staff. He knew there could be a more efficient solution.
After conducting research and speaking with friends and colleagues, Furman helped Fulton select NAVEX Global as the best solution for his company. during the implementation, Furman worked with NAVEX Global’s Implementation Services team to configure the new system. Furman was able to modify aspects of the data intake and online landing page to make sure that everything was very clear and easy to use.
“EthicsPoint is a very efficient system. It was easy to set up, and it is easy to create reports, track cases, and communicate in the system,” Furman contended.
“We have a good working relationship across departments. Fraud allegations can impact everybody, and we all want to make sure they are resolved quickly and appropriately,” Furman explained. That setup also helps keep everybody accountable with a system of checks and balances. For example, if a person in one department were to be implicated in a report, only the other two departments would be notified.
Data is sorted into categories that allow Fulton to analyze trends at each of its subsidiaries. When a report is submitted, three departments are automatically notified: Legal, Human resources, and Internal Audit. Furman works with the other departments to decide who should take the lead in resolving the report.
“Organizations that meet minimum requirements get minimal information. NAVEX Global gives us enough data to proactively identify risk issues before they become significant.”
Banking on the Results
Furman says the NAVEX Global system pays for itself by helping minimize the potential costs of undetected fraud. In addition, there is tremendous value in sensing employees’ confidence that they have a confidential resource to report issues and see them resolved.
About NAVEX Global, Inc.
NAVEX Global’s comprehensive suite of ethics and compliance software, content and services helps organizations protect their people, reputation and bottom line. Trusted by 95 of the FORTUNE 100 and more than 12,500 clients, our solutions are informed by the largest ethics and compliance community in the world.