Fraud risk management
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General objectiveEffective fraud risk management requires an integrated approach. Too often, businesses 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 COSO fraud risk management framework. 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.
This training activity 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.
- Why do we need to manage fraud risks
- COSO framework for fraud risk management
- Principle 1: Governance – creating an ethical environment: discussion about codes of conduct, fraud policies, hotlines, ethics training, employee declarations, and other practices
- Principle 2: Comprehensive fraud risk assessment: fraud indicators and red flags, and a series of fraud risk assessment cases
- 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, investigation considerations, taking corrective action and fidelity insurance matters
- Principle 5: Fraud risk management monitoring: ongoing evaluation and timely communication, with an introduction to data analytics
This training activity will benefit members in industry who require knowledge of potential fraud indicators in their transaction streams, and how to develop an integrated approach for effective fraud risk management, and public practitioners who want to better identify indicators of potential fraud which can assist in the conduct of an effective audit.