Together, Reducing Fraud Worldwide

  • On-Site Training Proposed Schedule 

     

    fraud risk management 

     

     
    DAY ONE 
    DAY TWO 
    7:30 - 8:00 a.m.   Registration - Breakfast Pastries  Breakfast Pastries 
    8:00 - 9:20 a.m. 

    Introduction 

    Building an effective fraud risk management program requires solid understanding of how and why fraud is perpetrated. Discuss the components of a fraudulent act, different types of fraud schemes and the impact fraud has on organizations. Also, analyze why individuals commit fraud and why the threat of punishment alone doesn’t deter potential fraudsters.

    Establishing an Anti-Fraud Culture and Ensuring Fraud Awareness 

    In this session, you will examine the need for an ethical corporate culture and what such a culture looks like. You will also identify the roles and responsibilities of different parties throughout the organization with regard to managing fraud risk, and discuss how performance measurement and management initiatives can support — or hinder — the organization’s anti-fraud initiatives. In addition, this session will explore how to promte employee fraud awareness by instituting an effective employee anti-fraud education program, ethics policy, code of conduct, and employee support programs.

    9:20 - 9:35 a.m.  Break  Break 
    9:35 - 10:55 a.m. 

    Fraud Risk Management — Overview 

    The risk of fraud is just one of the many types of risks to be managed by an organization. But to let this risk fall out of focus can bring catastrophic results. This session will provide an overview on risk management frameworks and will introduce the concept of fraud risk, including the factors that influence it. You will also learn about why businesses should manage fraud risk and who within the organization is responsible for this task.  

    General Anti-Fraud Controls (Entity Level)  

    Identify different types of internal controls and the framework for building an effective system of internal controls for the organization. Additionally, learn how to design and implement entity-wide controls to prevent fraud, such as the proper tone at the top and good hiring practices, and to detect fraud, such as hotlines and proactive fraud audit policies.
    10:55 - 11:10 a.m.  Break  Break 
    11:10 a.m. - 12:30 p.m. 

    Developing a Fraud Risk Management Program  

    Without clear, defined objectives, a fraud risk management program cannot be effective. Learn how to set program objectives and define risk appetite as the first step in building the program. Then, discuss the seven other steps involved in developing a fraud risk management program, as well as the program components necessary to fully manage the risk of fraud.
    Specific Anti-Fraud Controls (Process or Transaction Level)  
    In every organization, internal controls should be enacted to address the risk that specific processes or transactions are susceptible to manipulation by fraudsters. This session breaks down the control mechanisms designed to prevent each type of fraud scheme — from skimming to financial statement manipulation to data breaches — that an organization might face.      
    12:30 - 1:30 p.m.  Group Lunch  Lunch on Your Own 
    1:30 - 2:50 p.m. 

    Fraud Risk Assessment, Part 1 

    The foundation of a successful fraud risk management program is a well-designed and properly executed fraud risk assessment. Learn what makes a good fraud risk assessment and how to plan and prepare the organization for the assessment. You will also discuss numerous considerations that must be incorporated into the assessment process to ensure the fraud risk assessment’s success.           

    Using Automated Continuous Monitoring Tools  

    The use of automated continuous monitoring tools is a best practice in managing the risk of fraud. However, if not implemented properly, it can become quite time consuming and cumbersome. Discuss the benefits of and potential issues with the use of such tools. Also, examine the types of automated tests and data analytics that can be used to help identify potential fraud.
    2:50 - 3:05 p.m.  Break  Break 
    3:05 - 4:25 p.m.  

    Fraud Risk Assessment, Part 2 

    The foundation of a successful fraud risk management program is a well-designed and properly executed fraud risk assessment. Continuing the discussion from the previous session, this session will explore how to apply a risk assessment framework and how to use the results of the assessment to boost the success of the fraud risk management program.

    Responding to Discovered Fraud  

    An effective fraud risk management program includes processes and procedures for investigating and remediating any identified instances of fraud, and for providing swift and appropriate punishment to identified perpetrators. This session outlines procedures for receiving and evaluating fraud allegations, planning and undertaking a fraud examination and reporting and responding to the findings of the investigation.

     

    Training Details