Course Overview

With fraud and cybercrime now the most common crimes committed, organisations need to take a much more proactive approach in managing the constantly evolving nature of these threats. Internal audit also needs to enhance their approach to respond to the changing environment and to provide even greater assurance to executive management. Although fraud is not a subject that any organization wants to deal with, the reality is most organizations experience fraud to some degree. A proactive approach to managing fraud risk is one of the best steps organizations can take to mitigate exposure to fraudulent activities. The important thing is that dealing with fraud can be constructive, and forward-thinking, and can position an organization in a leadership role within its industry or business segment.

Course Methodology

This course highlights different types of Fraud risks that organizations can face and teaches best practice approach on how organizations can protect themselves through the development of preventive and detective controls and implementation of a structured Fraud Rik management system. Real-life Fraud cases are presented for discussions and participants interaction.

Course Objectives

By the end of the course, participants will be able to:
  • Understand the fraud risks which public bodies and other organizations face
  • Identify the principles and framework of good corporate governance and understand where the management of fraud risks sits within this
  • Analyze, score and mitigate against inherent and residual fraud risks
  • Plan and conduct an entity-wide fraud risk assessment
  • Define Fraud-its extent patterns and causes
  • Organization’s objectives with respect to dealing with fraud
  • Obtain a thorough understanding of the Risk Management System
  • How to develop a Fraud Risk Assessment model
  • Implementation of preventive and detective controls to decrease the risk of Fraud
  • Fraud response plan as part of corporate policy

Target Audience

Managers, supervisors and staff from any function to include finance/accounting, contracts and purchasing, supply chain, projects, legal and compliance, IT, human resource, internal audit, and any other department who need to improve understanding of the concept of Fraud risk and the application of techniques to mitigate the risk of Fraud.

Target Competencies

  • Fraud risks and related influencing factors
  • Risk management
  • Ethical corporate culture
  • Fraud Prevention and Detection
  • Anti-fraud measures
  • Fraud Risk Assessment Model
  • Fraud Investigation
  • Concepts of control and assurance

Course Outline

Fraud – its extent, patterns and causes

  • What is Fraud?
  • The scale of the problem
  • Which businesses are affected?
  • Why do people commit fraud?
  • Who commits fraud?

Fraud risk assessment as part of risk management

  • What is risk management?
  • Corporate governance
  • The risk management cycle
  • Establish a fraud risk management group and set goals
  • Identify fraud risk scenarios
  • Understand and assess the scale of risk
  • List existing policies and procedures related to a given fraud risk
  • Map existing policies and procedures against the fraud scenarios
  • Develop a risk response strategy
  • Implement the strategy and allocate responsibilities
  • Implement / enhance and monitor suggested controls
  • Review and refine and do it again

Fraud prevention controls

  • Ascertain why preventive controls are critical
  • Identify fraud risk and the types of controls needed to mitigate fraud risk
  • Recognize specific fraud schemes and determine which preventive controls can be applied to prevent each scheme
  • Identify preventive controls for an organization as a whole
  • Recognize limitations to an internal control environment
  • A strategy to combat fraud
  • Developing a sound ethical culture
  • Sound internal control systems

Fraud detection controls

  • Integrating fraud detection system with fraud prevention system
  • Fraud detection processes and techniques pervade all levels of responsibility within our organization
  • Fraud detection policies to include communicating to employees, vendors, and stakeholders that a strong fraud detection system is in place, but certain critical aspects of these systems are not disclosed to maintain the effectiveness of hidden controls
  • Fraud detection mechanisms to focus on areas in which preventive controls are weak or are not cost-effective
  • Ensure that detection processes, procedures, and techniques remain confidential and potential fraud perpetrators do not become aware of their existence
  • Indicators and warnings
  • Tools and techniques

Responding to fraud

  • Purpose of the fraud response plan
  • Corporate policy
  • Roles and responsibilities
  • The response
  • The investigation
  • Organization’s objectives with respect to dealing with fraud
  • Follow-up action

Summary and Conclusion

 

 

Location & Dates
Call us at +971 4 430 8394