Fraud Risk Assessment And Detection: Safeguarding Your Organization

Introduction:

Fraud poses a significant threat to organizations of all sizes. This comprehensive training course on Fraud Risk Assessment and Detection equips participants with the essential knowledge and skills to proactively identify and mitigate these risks. Participants will learn how to conduct fraud risk assessments, recognize red flags, implement effective controls, and investigate suspected fraud. This course bridges the gap between fraud theory and practical application, empowering participants to become valuable assets in protecting their organizations from financial and reputational harm.

Target Audience:

This course is designed for professionals responsible for preventing and detecting fraud within their organizations, including:

• Internal Auditors
• Fraud Examiners
• Compliance Officers
• Risk Managers
• Accountants
• Management at all levels
• Anyone involved in safeguarding organizational assets

Course Objectives:

Upon completion of this Fraud Risk Assessment and Detection training course, participants will be able to:

• Understand the different types of fraud and their impact on organizations.
• Conduct a comprehensive fraud risk assessment.
• Identify fraud risk factors and red flags.
• Implement effective fraud prevention and detection controls.
• Develop a fraud response plan.
• Understand the legal and ethical considerations related to fraud.
• Investigate suspected fraud incidents.
• Use data analytics to detect fraud.
• Communicate fraud-related information effectively.
• Contribute to a stronger fraud risk management culture.
• Enhance their understanding of fraud prevention and detection best practices.
• Stay up-to-date with the latest fraud trends and techniques.
• Become a more valuable and sought-after fraud risk management professional.
• Understand the psychology of fraud perpetrators.
• Learn how to build a robust anti-fraud program.

DURATION

5 Days

COURSE CONTENT

Module 1: Introduction to Fraud and its Impact

• Defining fraud and its various forms (asset misappropriation, financial statement fraud, corruption).
• The impact of fraud on organizations (financial, reputational, operational).
• Understanding the fraud triangle (opportunity, rationalization, pressure).
• The psychology of fraud perpetrators.
• Ethical considerations in fraud prevention and detection.

Module 2: Fraud Risk Assessment Methodologies

• Frameworks for conducting fraud risk assessments (e.g., COSO).
• Identifying inherent fraud risks.
• Assessing the likelihood and impact of fraud.
• Developing a fraud risk register.
• Prioritizing fraud risks for mitigation.

Module 3: Identifying Fraud Risk Factors and Red Flags

• Common fraud schemes and their characteristics.
• Red flags that may indicate fraud.
• Analyzing internal and external factors that contribute to fraud risk.
• Using data analytics to identify potential red flags.
• Conducting fraud risk workshops and interviews.

Module 4: Implementing Fraud Prevention and Detection Controls

• Preventive controls (e.g., segregation of duties, authorization procedures, background checks).
• Detective controls (e.g., reconciliations, data analytics, whistleblowing hotlines).
• Developing a control framework for fraud risk mitigation.
• Implementing and monitoring fraud controls.
• Evaluating the effectiveness of fraud controls.

Module 5: Developing a Fraud Response Plan

• Creating a fraud response team.
• Establishing procedures for investigating suspected fraud.
• Preserving evidence and chain of custody.
• Reporting fraud incidents to appropriate parties (e.g., law enforcement, regulators).
• Legal and ethical considerations in fraud investigations.

Module 6: Fraud Investigation Techniques

• Interviewing techniques for fraud investigations.
• Document review and analysis.
• Forensic accounting techniques.
• Using data analytics for fraud investigation.
• Gathering and preserving electronic evidence.

Module 7: Using Data Analytics for Fraud Detection

• Identifying relevant data for fraud detection.
• Using data analytics tools and techniques (e.g., anomaly detection, pattern recognition).
• Developing fraud detection algorithms and models.
• Visualizing fraud-related data.
• Integrating data analytics into fraud detection processes.

Module 8: Legal and Ethical Considerations in Fraud Management

• Legal responsibilities related to fraud prevention and detection.
• Ethical dilemmas in fraud investigations.
• Confidentiality and data privacy.
• Whistleblower protection.
• Reporting obligations.

Module 9: Building a Robust Anti-Fraud Program

• Creating a culture of ethics and integrity.
• Developing a comprehensive anti-fraud policy.
• Communicating fraud prevention messages.
• Training employees on fraud awareness.
• Regularly reviewing and updating the anti-fraud program.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.