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Fraud Risk Management Masterclass

JHB | Dates: 19 - 21 June, 2023

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Fraud has become a serious concern for both commercial and
non-profit organizations across the whole world. According to a
study by the Association of Certified Fraud Examiners and
researchers at Concordia University, companies suffered
estimated 5 percent annual revenue loss because of
occupational fraud. Awareness about fraud and embedding
anti-fraud procedures in the system of your organization can
have significant impact on the sustainability of your
organisation in the long term.
This workshop will help you to learn why people commit fraud,
how to identify fraud risks, establish an anti-fraud culture and
ensure fraud awareness in your organization. This training
course will explain how to build a robust fraud risk management program and how to integrate anti-fraud initiatives in to your fraud risk management program.

  • After completing this training course, delegates will be able to:
    • Draft best practice Fraud Risk Management policies
    • Manage the risk of Fraud using Fraud Risk Registers
    • Evaluate and challenge management’s fraud risks
    • Understand how a fraudster thinks
    • Apply successful techniques to help prevent fraud
    • Promote an effective fraud prevention process
    • Adopt data mining as a fraud prevention and detection tool
    • Apply an effective fraud investigation process
    • Apply audit skills to fraud investigation
    • Spot when someone is not telling you the truth

The Masterclass will address the following:
• The breadth and impact of fraud risks, especially on business
• The range of fraud indicators
• Achieving a cost-effective balance between prevention and
• The legal implications
• The need for vigilance
• Developing an anti-fraud policy

Day 1 – Fraud Risks
Session 1 – Background to Fraud
• Fraud Explained: Definitions
• Fraud Statistics
• Why is fraud such a serious issue?
• ACFE Fraud Survey Results
• The Cost of Fraud
• Who commits fraud?
• Profile of a Fraudster

Session 2 – Fraud Risk Identification & Fraud Risk
• What is Fraud Risk Identification process & Fraud Risk
Assessment process?
• Managing the Business Risk of Fraud (IIA, CPA, CFE Paper )
• 6 Principles (from the paper)
• Fraud Risk Management Programme should be in Place
• Fraud Risk Exposure should be Assessed
• Prevention Techniques to Avoid Potential Fraud Risk Events
• Detection Techniques should be Established
• A Reporting Process should be in Place
• A Coordinated Approach to Investigation and Corrective

• Building a Picture of the Major Fraud Risks
• Supplier and Outsourcing Fraud
• Fraud Risk Matrix
• Fraud Scenarios
• Fraud Risk Register Example
• Fraud Risk Questionnaire
• Generic Risk Factors
• Specific Risk
• Design of Controls to Prevent Fraud
• Physical and Logical Access
• Job Descriptions
• Accounting Reconciliations
• Supervision
Session 3 – The IT Fraud Risks
• Computer Fraud Paper
• Computer Fraud Prevention
• E-Commerce – The key fraud risks and steps to take to
mitigate them
• Internet and Intranet – The fraud risks
• Preventing Internet Fraud Paper
• IT Security – How to evaluate effectiveness and influence
• Adoption and Enforcement of Information Security Standards
• Segregation of Duties – The Dangers and the Practical
• How to detect IT fraud?
• Identity Fraud

Session 4 – The Risk of Corruption
• Corruption Causes
• Corruption Indicators
• Fraud Red Flags
• Procurement Fraud Risks
• The Issues to Look For
• Bid Rigging – The issues to look for
Exercise – Fraud Risk Register
Day 2 – Developing a Fraud Prevention
Session 5 – Fraud Mitigation
• How to evaluate fraud risk mitigation?
• Why controls may not protect you?
• Putting Yourself in the Mind of the Fraudster
• Examination of Typical Controls in Place to Mitigate the Risks
• Risk Exposures
• Identifying the Vulnerable Areas
Session 6 – Procurement Fraud
• Tendering and Bidding
• Common Indicators
• Supplier and Outsourcing Fraud
• Procurement and Inventory Fraud Risks
• A Procurement Fraud Checklist will be Provided

Session 7 – Introducing Effective Anti-Fraud
• Creating a Fraud Consciousness Loop
• Development of a Fraud Awareness Training Programme
• Communicating Standards of Expected Behaviour /Ethics
• The Need for Strong and Consistent Action When Fraud is
• Electronic Data and Asset Protection
• Fraud Response Plans Paper
Session 8 – Anti Money Laundering – issues and
• Money Laundering Paper in the Pack
• The Relationship between Fraud, Risk and Control
• The Roles, Responsibilities and Liabilities of Auditors,
Management, Specialists and Others
Exercise – Fraud Prevention Policy
Day 3 – Fraud Detection and Investigation
Session 9 – Fraud Detection Techniques
• Use of Computer Assisted Audit Techniques (CAAT’s)
• ACL as a Fraud Investigation Tool
• ACL Fraud e- book
• Examples of How to use CAAT’s in Fraud Investigation will be
• Benford’s Law

• Benford’s and CAAT’s Paper
• Data Mining as a Fraud Detection Tool
• Fraud Detection Basics Paper
• Fraud Profiling – How to target the right systems?
• GTAG 13 Fraud Prevention and Detection in the Automated
• Data Mining Paper
• Risk Scoring
• Fraud Risk Prioritisation
• How to get the information you need?
• The Use of Internal Databases
• Demonstration of External Databases
• Data Validation
• Automated Fraud Detection
Session 10 – The Legal Aspects of investigations
• The Need to Stay within the Law
• The Legal Implications
• When to bring the lawyers in?
• How to protect your work from disclosure?
– legal privilege
• How to ensure that evidence is admissible?
• Search and Seizure Orders
• Civil vs. Criminal Action
• Bribery Act and the Implications for GCC Businesses
• Gifts and Hospitality Guidance
• How to recover stolen assets? – Making sure the criminal does
not profit
• How to handle disciplinary proceedings?• Employers and Employees Rights
• What to do when you suspect fraud?
• How to react when fraud is suspected?
• How to decide who needs to be told?
Session 11 – Fraud Investigation
• Managing the Investigation
• The Need for thorough Planning
• Determining the Objectives of the Investigation
• Who should be involved? – What skills do you need?
• How to keep the investigation low-profile?
• Conducting Fraud Investigations Guidance
• Trends and Statistics regarding Detected Fraud
• Why fraud is probably being perpetrated now in your
Case Study – Extent of fraud in Africa

3 Day Training


Group discounts available on request.

Hybrid Session
Live and In-class

    • Security supervisors and managers within the organisation
      • Appointed Fraud Specialists
      • Managers needing a broader understanding of how to
      investigate all types of fraud
      • Internal auditors who need to learn about the most
      modern approaches to fraud prevention and investigation
      • Members of fraud teams who need to learn more about
      targeting internal fraud
      • Managers needing a broader understanding of how to
      prevent and detect fraud

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