Internal Control & Fraud Prevention
Overview
One of the ways that we can combat Fraud within our business is by the strong use of Internal Control. In this section, we will look at how Internal Control of people, processes, and technologies must all play a role in the fight against fraud. This Internal Control and Fraud Prevention training seminar highlights the challenges that every business and individual faces in ensuring safe Internal Controls. Looking at all areas that can be affected by Fraud, it will highlight the risks now faced by the world of business and methods to protect us against them. This training seminar will highlight: Different kinds of fraud Who commits Fraud and Why? Risks and Risk Analysis for Fraud Internal Controls to combat Fraud Hacking business systems Investigating Fraud from within the business
Objectives
Upon completing the "Risk Management: Internal Control & Fraud Prevention" training course, participants will be able to: Establish a proper balance between risk management and internal control within the organization. Effectively communicate to management the advantages of an enterprise-wide approach to risk and internal control. Implement various techniques to identify and manage risks. Ensure the presence of preventative, detective, and corrective controls. Integrate risk management and internal control into the overall business planning process. Develop and enforce an effective fraud prevention strategy. Foster a culture of integrity and ethical conduct throughout the organization.
Audience
This training course is suitable for a wide range of professionals but will greatly benefit: Newly Appointed Fraud Specialists Managers need a broader understanding of how to investigate all types of fraud Anybody who is using technology for business Members of fraud teams who need to learn more about targeting internal fraud Managers need a broader understanding of how Fraud will attack their business
Methodology
This is a basic / intermediate level course and delegates are not required to have any previous experience in risk management or fraud prevention to attend Delegates should have a good educational standard and/or a professional qualification No advance preparation is required Delivery method – Group-live (with exercises and role-plays to simulate audit scenarios and situations that assurance professionals will encounter) A short examination will be given at the end of the course
Outline
Day 1: Understanding Fraud Defining Fraud and Its Nature Who Commits Fraud? Profiles and Motivations The Fraud Triangle Framework Fraud in the Digital Era Knowledge Check / Review Session Day 2: Risk and Fraud Indicators Understanding Risk and Its Relevance to Fraud Methods and Approaches to Risk Analysis Identifying Risk Exposure – The 4T’s (Tolerate, Treat, Transfer, Terminate) Building and Using a Risk Register Effective Risk Management Practices Day 3: Internal Controls Internal Controls as a Proactive and Positive Process Challenges and Pressures on Internal Control Systems Systems Development and Associated Risks to Controls COSO – Internal Control Integrated Framework Categories of Controls: Preventive, Detective, Corrective Information Security and Control Safeguards Day 4: Cyber Threats and Business Vulnerabilities The Reality: Everything is Hackable Emerging Threats: Hacking Biometrics Connectivity and Insecurity: IoT and Business Risks Loss of Privacy in a Digital Environment Hacking at Home and at Work – Overlapping Risks Day 5: Investigating and Detecting Fraud Fraud Investigation Techniques: Overt vs. Covert Approaches Understanding Evidence: Standards and Requirements Collecting and Preserving Proof of Fraud Determining When to Engage Law Enforcement Authorities Final Wrap-Up and Discussion of Key Learnings