Tell me about a time when you identified a financial risk or fraud in your organization. How did you handle it?

In my previous role as an Accounting Manager at XYZ Company, I was responsible for overseeing the daily operations of the accounting department. One day, while reviewing the financial statements, I noticed some inconsistencies in the accounts receivable balances. Upon further investigation, I discovered that a client had been consistently underpaying their invoices, resulting in a significant financial risk for the company. To handle this situation, I immediately scheduled a meeting with the client to address the issue. During the meeting, I presented the evidence of underpayment and discussed the impact it had on the company's financial health. We negotiated a repayment plan that included interest to compensate for the past underpayments. To prevent future occurrences, I worked with the finance team to implement stricter monitoring of receivables and enhanced invoicing procedures. This experience taught me the importance of regularly reviewing financial data and maintaining open communication with clients to mitigate financial risks.

In my previous role as an Accounting Manager at XYZ Company, I encountered a situation where a vendor was suspected of engaging in fraudulent activities. Upon noticing some unusual patterns in their billing invoices, I conducted a thorough investigation. I analyzed their billing history, cross-referenced it with purchase orders and receipts, and found significant discrepancies. I immediately reported my findings to senior management and presented them with a detailed report outlining the potential financial risk and evidence of fraudulent activities. To handle this situation, I collaborated with the legal department and engaged external auditors to conduct a forensic audit of the vendor's account. This audit confirmed the fraud, and legal action was taken against the vendor. Additionally, I implemented stricter vendor screening procedures and enhanced internal controls to prevent future instances of fraud. This experience showcased my strong analytical skills, attention to detail, and ability to handle sensitive financial information.

During my tenure as an Accounting Manager at XYZ Company, I proactively identified a potential financial risk related to the company's investment portfolio. While reviewing the investment statements, I noticed inconsistencies in the reported returns and suspicious activities. To address this concern, I conducted a thorough analysis of the investment transactions, reviewed market data, and consulted with external investment advisors. This analysis revealed that our portfolio manager had engaged in unauthorized trades, resulting in substantial losses for the company. I immediately escalated the issue to the executive team and worked closely with legal counsel to initiate an internal investigation. To mitigate the risk and prevent further losses, we terminated the portfolio manager's employment, filed a complaint with the regulatory authorities, and pursued legal action against the individual. Simultaneously, I collaborated with the finance team to implement stricter investment monitoring procedures and enhance internal controls. This experience showcased my strong financial knowledge, analytical abilities, and risk management skills.