The Fraud Examiner

CFE Understands the Importance of Being Proactive Within the Anti-Fraud Community
 

June 2016

ACFE Member Profile
Brett Soldevila, CFE, CPA
Chief Compliance Officer 
Security Holdings


Anticipating the threat of fraud is essential in the global fight against white collar crime. With preparation, your organization stands a chance against perpetrators. “You first have to understand the present and potential risks,” says Brett Soldevila, CFE, CPA, Chief Compliance Officer at Security Holdings. “Take away as many opportunities to commit fraud as possible, and make sure employees are aware of company requirements and penalties for noncompliance through policies and training.” Like Brett, fraud fighters should recognize that potential risks can be detrimental to a company’s bottom line and reputation. “Be proactive,” says Brett — don’t wait until your company has been compromised.


How did you become passionate about fighting fraud?

Investigating fraud became necessary for a previous job as an internal auditor. After a few isolated incidents, our department took on a more active role by incorporating fraud reviews into our annual procedures. We worked closely with the compliance department and typically had some level of fraud review ongoing throughout the year. I enjoyed the challenge of fraud reviews as it required a level of creativity in the way you analyzed and tested certain processes.


What steps led you to your current position?

My background, prior to joining Security Holdings, was centered on auditing. I began my career in auditing shortly after the financial scandals that led to implementation of the Sarbanes-Oxley Act, which resulted in a heightened demand for audit professionals. I worked in the audit and enterprise risk services department of a public accounting firm for several years, then joined the internal audit department of a global consumer and commercial services company. It was during my time as an internal auditor that I obtained the CFE credential. Part of my job responsibilities as an internal auditor was to investigate fraud cases and implement controls to prevent and mitigate future occurrences. Although fraud investigations were infrequent and one of several responsibilities, the control objectives in many of our audits factored in potential fraud risks.

With the implementation of the Consumer Financial Protection Bureau in 2011, there was a demand for compliance officers in the financial services sector. Since then, several trade associations in various financial industries implemented formal self-regulatory programs which further pushed the need for compliance and audit professionals. These events opened the door to Security Holdings, LLC, where I am currently Chief Compliance Officer.


What does your role as CCO entail?

My responsibilities include:

  • Ensuring the company complies with regulatory requirements
  • Implementing policies and procedures
  • Conducting due diligence and audits of vendors
  • Managing external audits
  • Oversight of investor relations


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