The field of risk management has attracted increased mainstream attention in the wake of the economic meltdown as the public has begun to comprehend the negative effects of uncontained risk. Unfortunately, many risk management professionals
tend to underestimate the role of fraud in the scope of their professional duties.
With organizations losing an estimated 5% of their annual revenues to fraud, the need for a strong anti-fraud stance and proactive, comprehensive approach to combating fraud is clear. As organizations increase their focus on risk, they should
take the opportunity to consider, enact and improve measures to detect, deter and prevent fraud. This course will explain how organizations can integrate anti-fraud initiatives into their risk management programs to:
Identify, assess and manage fraud risks from all sources
Support fraud risk management initiatives by establishing an anti-fraud culture and promoting fraud awareness throughout the organization
Develop a system of internal controls to address the entity’s fraud risks
Address and respond to any identified instances of fraud
Upcoming Courses
No courses are scheduled at this time. Please view our Calendar of Events for other upcoming seminars.
You Will Learn How To:
Identify fraud risks and the factors that influence them
Analyze existing risk management frameworks and their application to managing fraud risk
Develop and implement the necessary components of a successful fraud risk management program
Identify the elements of a strong ethical corporate culture
Promote fraud awareness to employees at all levels of the organization
Who Should Attend:
Bank and financial institution auditors
Controllers and corporate managers
Forensic and management accountants, accounts payable and financial analysts
Governance, risk management and compliance officers
Internal and external auditors, CPAs and CAs
Certified Fraud Examiners and other anti-fraud professionals
This course satisfies the ACFE’s requirement of two Ethics CPE hours per year. To read more about the Ethics CPE requirement
for CFEs, please visit
ACFE.com/EthicsCPE.
Fees*
Members: $795
Non-Members: $995
CPE Credit
16
Field of Study
Management Services
Course Level
Intermediate
Prerequisite
Familiarity with common fraud schemes and risks
Advanced Preparation
None
Delivery Method
Group-Live
*Pricing listed is for U.S. events. International event pricing may vary by location. Please view the individual event page for International pricing.
*Please note: Schedule listed is for U.S. and Canada events. All events outside of the U.S. and Canada are pushed back 30 minutes with registration beginning at 8:00 a.m. and the last session ending at 4:55 p.m.
Full Course Outline
fraud risk management
*Please note: Schedule listed is for U.S. and Canadian events. All events outside of the U.S. and Canada are pushed back 30 minutes with registration beginning at 8:00 a.m. and the last session ending at 4:55 p.m.
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DAY ONE
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DAY TWO
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| 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.
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General Anti-Fraud Controls (Entity Level/Establishing an Anti-Fraud Culture) 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.
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| 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.
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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.
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| 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 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.
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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. |
Event Details
Event Cancellation Policy
Our
cancellation policy is intended to keep costs low for attendees. Due to financial obligations incurred by ACFE, Inc. you must cancel
your registration prior to the start of the event. Cancellations received less than 14 calendar days prior to an event start date are subject to a $100 administrative fee. No refunds or credits will be given for cancellations received
on or after the start date of the event. Those who do not cancel and do not attend are responsible for the full registration fee. Should an event be cancelled or postponed by the ACFE due to unforeseen circumstances, ACFE will process
a full refund of registration fees within 30 days of such circumstances becoming known. ACFE will attempt to notify affected customers by phone and email after it determines cancellation is necessary.
Satisfaction Guarantee
ACFE seminars are unmatched in scope and effectiveness and backed by our unconditional satisfaction guarantee. If you attend an ACFE event and are not completely satisfied, please contact an ACFE Member Services Representative at
MemberServices@ACFE.com or call (800) 245-3321 / +1 (512) 478-9000.
The
Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards
of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
www.nasbaregistry.org.
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