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Fraud Risk Management

3 Day Training

Dates: 18 – 20 Mar / 08 – 10 May 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on request

This is a Non-accredited Course

Course Introduction

Fraud has become a serious concern for both commercial and non-profit organizations worldwide. According to a study by the Association of Certified Fraud Examiners and researchers at Concordia University, companies have suffered an estimated 5% annual revenue loss due to occupational fraud. Awareness of fraud and the integration of anti-fraud procedures into your organization’s systems can significantly affect the long-term sustainability of your organization.

 

This Fraud Risk Management workshop will teach you why people commit fraud, how to identify fraud risks, establish an anti-fraud culture, and ensure fraud awareness within your organization. The training will explain how to construct a robust fraud risk management program and how to integrate anti-fraud initiatives into your fraud risk management program.

 

The Fraud Risk Management Masterclass will address the following:

  • The extensive impact of fraud risks, especially on business reputation.

  • The range of fraud indicators.

  • Achieving a cost-effective balance between prevention and detection.

  • The legal ramifications of fraud.

  • The importance of ongoing vigilance.

  • The development of a robust anti-fraud policy.

Course Objectives

Upon completing this Fraud Risk Management, 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 risk assessments.

  • Understand the thought process of a fraudster.

  • Apply successful techniques to help prevent fraud.

  • Promote an effective fraud prevention process.

  • Utilize data mining as a fraud prevention and detection tool.

  • Implement an effective fraud investigation process.

  • Enhance audit skills for fraud investigation.

  • Identify deceit or dishonesty

Who should attend?

  • Security supervisors and managers.

  • Appointed Fraud Specialists.

  • Managers seeking comprehensive knowledge on fraud investigation.

  • Internal auditors focused on modern fraud prevention and investigation techniques.

  • Members of fraud teams looking to specialize in internal fraud.

  • Managers aiming to understand fraud prevention and detection.

Training methodology

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Day 1 – Fraud Risks

Session 1 – Background to Fraud

  • Definitions and Statistics of Fraud.

  • Understanding the gravity of fraud.

  • Insights from ACFE Fraud Surveys.

  • The financial impact of fraud.

  • Profiling a typical fraudster.

  • Trends in Detected Fraud.

  • Case Study: The Extent of Fraud in Africa.

Session 2 – Fraud Risk Identification & Assessment

  • Explaining Fraud Risk Identification and Assessment processes.

  • Best practices in managing business risk of fraud.

  • The six principles for an effective Fraud Risk Management Program.

  • Techniques for building a comprehensive picture of major fraud risks.

  • Analysing Supplier and Outsourcing Fraud.

  • Constructing a Fraud Risk Matrix and Register.

  • Developing controls to prevent fraud.

  • Session on IT Fraud Risks, including Computer Fraud, E-Commerce, and IT Security.

  • Strategies for detecting IT and identity fraud.

Session 3 – The Risk of Corruption

  • Understanding the causes and indicators of corruption.

  • Identifying procurement fraud risks.

  • Learning to recognize bid-rigging.

  • Exercise: Creating a Fraud Risk Register.

Day 2 – Developing a Fraud Prevention Process

Session 5 – Fraud Mitigation

  • Techniques for evaluating and mitigating fraud risk.

  • Identifying vulnerabilities and typical control weaknesses.

Session 6 – Procurement Fraud

  • Tendering and bidding processes.

  • Recognizing common indicators of supplier and procurement fraud.

  • Providing a Procurement Fraud Checklist.

Session 7 – Introducing Effective Anti-Fraud Policies

  • Creating a culture of fraud awareness.

  • Developing Fraud Awareness Training Programs.

  • Communicating ethical standards and expectations.

  • Implementing Electronic Data and Asset Protection measures.

  • Constructing a Fraud Response Plan.

Session 8 – Anti-Money Laundering

  • Understanding the relationship between fraud, risk, and control.

  • Defining the roles and responsibilities of various stakeholders.

  • Exercise: Drafting a Fraud Prevention Policy.

Day 3 – Fraud Detection and Investigation

Session 9 – Fraud Detection Techniques

  • Using Computer Assisted Audit Techniques (CAATs) for fraud investigation.

  • Demonstrating the use of CAATs and data mining for fraud detection.

  • Prioritizing fraud risks.

  • Effective use of internal and external databases for fraud detection.

Session 10 – Legal Aspects of Investigations

  • Navigating legal considerations during an investigation.

  • Understanding the implications of the Bribery Act.

  • Strategies for asset recovery and handling disciplinary proceedings.

Session 11 – Fraud Investigation

  • Managing the investigation process.

  • Planning and determining the objectives of an investigation.

  • Selecting the investigative team and maintaining discretion.

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