Fraud risk management

General objective

Effective fraud risk management requires an integrated approach. Too often, businesses may implement some helpful practices, but overlook other principles that ensure the full spectrum of their unique risks is addressed. This holistic approach brings together key principles and practices using the 2016 updated Committee of Sponsoring Organizations of the Treadway Commission (COSO) fraud risk management framework. The course material includes case discussions, sample codes of conduct, fraud policies, fraud risk checklists, numerous examples and other practical materials designed to help participants build a corporate culture and framework that prevents and detects fraudulent activity. 

Objectives

This course provides “real life” examples of fraud and examples based on instructor and participant experiences. It explains why we need to manage fraud. It then provides an integrated approach, describing the five key COSO principles of fraud risk management.

Topics

  • Why do we need to manage fraud risks/COSO framework for Fraud Risk Management?
  • Principle 1: Governance – creating an ethical environment: codes of conduct, fraud policies, hotlines, ethics training, employee declarations, and other best practices 
  • Principle 2: Comprehensive fraud risk assessment: fraud indicators and red flags, and a series of fraud risk assessment cases for class discussion
  • Principle 3: Preventive and detective fraud control activities: a high-level overview of potential controls
  • Principle 4: Fraud investigation protocol: high-level overview on how to properly react to fraud, conduct investigations, and take corrective action including fidelity insurance matters
  • Principle 5: Fraud risk management monitoring – Ongoing evaluation and timely communication, with an introduction to data analytics

Target audience

This course will benefit members in industry who require knowledge of historical and current frauds, potential fraud indicators in their transaction streams, and how to develop an integrated approach for effective fraud risk management. Members in public practice may also benefit as participants will learn to recognize indicators of potential fraud which can assist in the conduct of an effective audit.

Note

This course has some limited content that is similar to the Fraud happens! What to do when you suspect fraud course. However, the latter spends an entire day on Principle 4 above, and goes into much more detail about relevant investigative and legal tools and techniques for performing investigations.

Full description


No classroom training found.

No distance learning activity found.

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