Many Risk Management professionals tend to underestimate the role of fraud in the scope of their professional duties. Organizations are losing an estimated 5% of their annual revenues to fraud. This brings up 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. How they can support fraud risk management initiatives and promote fraud awareness throughout the organization. Also how to develop a system of internal controls to address the entity’s fraud risks and address and respond to any identified instances of fraud.
Valid for the recognition of 16 CPEs.

Contenuti

• Introduction – Discuss the components of a fraudulent act, the different types of fraud schemes and the impact fraud has on organizations. Analyze why individuals commit fraud and why the threat of punishment alone is not enough to deter it.
• Fraud risk management – Get an overview on risk management frameworks; be introduced to the concept of fraud risk and the factors that influence it.
• Developing a Fraud Risk Management Program  – Learn how to set fraud program objectives starting from risk appetite. Discuss the other steps involved in developing a fraud risk management program and the components necessary to fully manage the risk of fraud.
• Fraud risk assessment – 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.
• General Anti-Fraud Controls (Entity Level/Establishing an Anti-Fraud Culture)  – Identify different types of controls and the framework for building an effective system of internal controls for the organization, including controls to prevent fraud (i.e., proper tone at the top, good hiring practices) and to detect fraud (i.e., hotlines and proactive fraud audit policies).
• Ensuring Fraud Awareness – Focus on a proper ethical corporate culture: how it looks like, the roles and responsibilities involved in managing fraud risk, how performance measurement and other initiatives can be (or not) supportive. Explore how to promte employee fraud awareness thanks to an effective anti-fraud education program, ethics policy, code of conduct, and employee support programs.
• Specific Anti-Fraud Controls (Process or Transaction Level) – This session breaks down the internal control mechanisms designed to prevent each type of fraud scheme — from skimming to financial statement manipulation to data breaches — that an organization might face.
• Using Automated Continuous Monitoring Tools – Discuss the benefits of and potential issues with the use of continuous monitoring tools. Examine the types of automated tests and data analytics that can be used to help identify potential fraud.
• Responding to Discovered Fraud – 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.

Destinatari

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.

Prerequisiti

Familiarity with common fraud schemes and risks.