Page 91 - ACCESS BANK ANNUAL REPORTS_eBook

IMPORTANCE OF CAPITAL MANAGEMENT However, this amount is recoverable from insurance.

Capital is managed as a Board level priority in the Group Access Bank has put measures in place to ensure that in-
which reflects the importance of capital planning. The cidence of fraud is reduced to the barest minimum. These
Board is responsible for assessing and approving the include:
Group’s capital management policy, capital target levels
and capital strategy.
· More focus on cybercrime intelligence and prevention
A capital management framework provides effective cap-
ital planning, capital issuance, Basel II alignment, EC utili- · Proactive monitoring by Anti- Fraud Unit
sation and Economic Profit (EP) performance measure-
ment criteria. The above diagram illustrates the process · Zero tolerance for staff fraud. Dismissal and
the Group follows to ensure end-to-end integration of the prosecution of any staff involved in fraud.
Group’s strategy, risk management and financial process-
es into the capital management process. The purpose is to · Training and awareness on fraud risk issues
ensure that capital consumption in the business divisions
has an impact on performance measurement, which in turn · Customer awareness through emails, SMS and ATMs.
translates into management performance assessment and
product pricing requirements and achievement of the over- · Background checks on staff
all strategy within risk appetite.
· Collaboration with other industry operators to
frustrate fraud attempts.
FRAUD AND FORGERIES REPORT
During the year under review, the Bank recorded 2,206 See note 4 for Credit Risk, Market Risk and Liquidity Risk Man-
fraud cases. Out of which 2,177 fraud cases (98%) relate to agement Framework.
Cards/E-Channels/USSD frauds. These led to a total fraud
loss of N86.94million. Also, there were 3 cases of success-
ful robbery incidents which led to a loss of N11.19milion.

Access BAnk Plc 91
Annual Report & Accounts 2017