An Investigation of Internal Enforcement Mechanism Enhancements on Mitigating Fraud Risks in Banking: A Case Study of Guaranty Trust Bank
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Background of the Study
Operational fraud poses significant risks to the banking sector, undermining financial stability and customer trust. Guaranty Trust Bank (GTBank) has enhanced its internal enforcement mechanisms by integrating real-time monitoring, advanced data analytics, and comprehensive audit protocols. These measures are designed to detect, deter, and mitigate fraud risks by enforcing strict adherence to internal policies and regulatory requirements. By establishing a robust internal control framework, GTBank aims to minimize fraud-related losses and create a culture of accountability and transparency throughout its operations.
Statement of the Problem
Despite robust internal enforcement enhancements, GTBank continues to experience fraud incidents that result in financial and reputational losses. A major challenge is the integration of modern enforcement technologies with existing legacy systems, which can lead to data inconsistencies and delays in detecting fraudulent activities. Furthermore, inconsistent application of internal policies across departments and resistance from employees to adopt new practices can undermine the system’s overall effectiveness. These issues highlight the need for a comprehensive evaluation of the current internal enforcement mechanisms to determine their impact on fraud mitigation and to identify areas for improvement.
Objectives of the Study
- To assess the impact of enhanced internal enforcement mechanisms on fraud risk mitigation at GTBank.
- To identify integration and training challenges affecting enforcement effectiveness.
- To recommend strategies for optimizing internal enforcement practices.
Research Questions
- How do enhanced internal enforcement mechanisms reduce fraud risks at GTBank?
- What integration challenges exist between new enforcement technologies and legacy systems?
- How can employee training and policy adherence be improved to mitigate fraud?
Research Hypotheses
- H1: Enhanced internal enforcement mechanisms significantly reduce fraud risk.
- H2: Integration challenges negatively impact the performance of enforcement systems.
- H3: Improved training and consistent policy application enhance fraud mitigation.
Scope and Limitations of the Study
The study examines internal enforcement measures at GTBank. Limitations include data confidentiality and varying departmental compliance levels.
Definitions of Terms
- Internal Enforcement Mechanisms: Systems and procedures to ensure adherence to internal controls.
- Fraud Risks: Potential financial losses due to fraudulent activities.
- Legacy Systems: Older systems that may hinder integration with new technologies.
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