Benefits of the CFE Credential
Fraud risk is a major risk that affects all organizations. The CFE credential provides Risk Management Professionals with the knowledge to detect and deter fraud by identifying unusual trends and fraud indicators in the organization’s processes and operations. Additionally, it ensures Risk Management Professionals have the necessary tools to identify, assess, monitor and control fraud risk. The CFE credential is preferred by many employers, and candidates who have earned it are looked to as leading experts in the field.
The ACFE’s
global salary study found that CFEs earn a 23 percent income premium over their peers without the credential, which demonstrates the value employers place on the credential. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth. The training, fraud resources and continuing education provided by the ACFE will help in any stage of your career path. Refer to the
Compensation section below for more information about the compensation ranges for governance, risk and compliance professionals.
Job Description
Responsibilities for Risk Management Professionals include:
Establish and monitor key risk indicators, as well as implement corrective action plans to mitigate risks
Analyze transactions, internal reports and financial information for potential fraud risks
Maintain reports of significant risks and recommendations
Create policies, procedures and control assessments in response to identified risks
Evaluate the effectiveness of the company's internal control framework in addressing risks and accomplishing the company’s goals and objectives
Provide training and technical support to management and employees regarding risk management strategies and programs
The risk management function of a company can fall under many different titles, some of which include:
Risk Analyst
Risk Manager
Risk Management Consultant
Risk Control Supervisor
Director of Corporate Risk Management
Chief Risk Officer
Education
A bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields is usually required. One to two years of related experience is preferred. Professional certifications for Risk Management Professionals include the Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).
Knowledge, Skills and Abilities
It is important to plan and conduct an honest self-assessment of your knowledge, skills and abilities. In particular, employers are looking for:
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Knowledge
Risk management
Risk assessment
Internal controls
Corporate compliance
Corporate governance
Information systems security
Skills
Technical
Decision-making
Judgment
Execution
Computer |
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Abilities
Interpersonal
Leadership
Analytical
Written communication
Verbal communication
Ability to problem solve
Integrity
Organization
Attention to detail
Timeliness
Adaptability |