International Conference Forensic Audit and Risk Management

The conference, in which Dragana Rakin, founder, and executive of Prudent Agency took part, was held in hotel Mona on Zlatibor. The conference was opened by Prof. Dr. Draga Ž. Đurđević from Academy of National Security. He spoke on the subject of money laundering and terrorism. Today, the entire world is focused on money and the question of how to acquire money for personal and other purposes. “Money is the lifeline of terrorism=a fact“, Đurđević started his commentary, who then spoke about money laundering. “According to the working definition of IFAC, those who do money laundering are actually concealing their activities which additionally complicates the assessment because their transactions are not revealed within official national financial statistics nor can they be recorded by the national accounting systems. The activities of money laundering have become much more complex, creative, and cunning.“

Topics considered during the conference were: economy and terrorism, electronic money laundering, informational technologies, cryptocurrencies, and terrorism.

 The topic regarding the state’s response and directions of the fight against crime and corruption were especially considered. “The matters of perspective and the issues that money laundering brings open new fronts toward social networks, cryptocurrencies, and IT revision, with which IT revisors-forensics-will deal in the future. Experts will come across more complex and serious issues that can only be solved getting involved in international circles keeping up with the most advanced findings of prevention mechanisms, detection, suppression, and repression“, Đorđević concluded.

Assistant professor Dr. Miroslav D. Stevanović introduced the participants with the critical review of the concept of suppression of terrorism and the system of national security of the Republic of Serbia.

The role of digital forensics in fighting against terrorism was also discussed during the conference as well as the overall plan of the country for fighting terrorism, strategical vision, the use of digital forensics, and intelligence assessment. „In the information age, prevention and early discovery of terrorist acts depend on the use of digital forensics and intelligence assessment to overcome limitations that are implied by the anonymity and internet presence“, Stevanović said.

Conceivable money as a mechanism for money laundering was the topic dealt by Dr. Nenad Kaluđerović.

Risk management was one of the topics of Prof. Dr. Nenad Injac’s lecture. The goal was to introduce all those present with the basic terms, definition, and terminology in the field of theory and practice of risk management and the processes related to it.

“Those connected to the existence and functioning of a company represent a specific hazard. In such a case, divisions can be in the technical field, finances, quality, organization, human potential management, politics, and the environment“, Dr. Injac said followed by examples of hazard, matrix, dynamics, hazard assessment, and management.

The importance of recognizing the risk is thoroughly explained. “According to the present state and expected development, risk recognition is of the utmost importance for the organization. The official attitude towards this issue is reflected through a series of standards dedicated to this problem directly or indirectly“, Injac stated and then considered the quantitative interpretation of risk and risk elements.

In its definition of risk, the ISO 27001 standard includes the definition of ISO 31000. According to that, the risk is defined by the three following elements: threat, vulnerability, and consequences.

The connection of conflict and hazard in which it is stressed that „the existence of conflict always implies the existence of hazard for all the parties involved. If it is a matter of a conflict without a conflict, a hazard is present for the individual, a group of people or organization involved“, and then elaborated the mechanism of assault, consequences, analysis, and the results of an unexpected assault. “According to the present state and the expected development, risk recognition is essential for an organization“, Injac stated.

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