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.
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
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.
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.
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.