Fraud Risk Management Training Course

Introduction:

In the ever-changing business environment, encountering risk is inevitable. The ability to manage these increasingly significant risks now represents the difference between a thriving organization and one struggling to deal with its challenges.

Participants in this fraud risk management course will deal with these challenges, which require extensive knowledge of risk management, effective internal control, and proactive fraud prevention techniques.

This fraud risk management training course will enable you to develop and deliver a systematic plan to strengthen your risk management, fraud prevention, and internal control environment.

To conclude, embracing a robust fraud and risk management program is not optional but critical for organizations aiming to navigate modern business threats and maintain a competitive edge. This course provides the knowledge and skills to construct and implement an effective fraud risk management framework tailored to your organization's requirements.

Why is Fraud Risk Management Important?:

Fraud risk management is crucial because it safeguards an organization's resources, reputation, and compliance with regulatory requirements. By implementing robust fraud risk management strategies, businesses can detect, prevent, and respond effectively to fraudulent activities, thereby preserving stakeholder trust and ensuring long-term success.

What is Fraud Risk Management?:

Fraud risk management refers to an organization's comprehensive processes and principles for identifying, assessing, controlling, and preventing fraud. It encompasses a strategic framework designed to minimize the potential impact of fraud on an organization.

Targeted Groups:

• Risk Managers.
• Business Manager's inline functions.
• Audit Managers and other auditors.
• Quality Assurance Professionals.
• Managers need a broader understanding of risk and internal control.

Course Objectives:

At the end of this fraud risk management course, the participants will be able to:

• Ensure your organization has an effective balance between risk and internal control.
• Explain to management the benefits of an enterprise-wide risk and internal control approach.
• Apply the different techniques for identifying and managing risks.
• Ensure that preventative, detective, and corrective controls are in place.
• Link risk management and internal control into the business planning process.
• Implement an effective fraud prevention process.
• Promote a culture of integrity and ethics across the organization.

Targeted Competencies:

By the end of this fraud risk management training, the participant's competencies will:

• The power of an integrated approach to risk management and internal control.
• A proven approach to grab management's attention regarding risk and control.
• A simple method to reduce unnecessary controls.
• How do you develop an effective fraud prevention strategy?

Course Content:

Unit 1: The Power of Effective Risk Management:

• The Importance of Managing Risks Efficiently and Effectively.
• The Need to Embed the Risk Management Process.
• The Key Link between Risk and Objectives.
• Risk Measurement Techniques.
• Selling the Benefits.
• Ensuring an Effective Balance between Risk and Control.
• ISO 31000 Risk Standard.
• What is risk appetite, and what is the least well-understood aspect of risk?

Unit 2: Effectively Managing the Risk Process:

• Risk Mitigation Processes.
• What is The Risk Register, and How to Simplify and optimize their value?
• Identification of Risk Exposures and The 4 T's.
• Develop Action Plans and Improvement Opportunities.
• Deal with Over-managed Risks.
• Link the Output to the Business Planning Process.
• Reputation Risk Management.
• Engaging Stakeholders in the Process.

Unit 3: The Internal Control Environment:

• The Need to See Internal Control as a Positive Process.
• The Pressure on Internal Controls Due to Leaner Business Structures.
• The COSO Internal Control-Integrated Framework.
• The 3 Types of Control are Preventative, Detective, and Corrective.
• How to Get Senior Management to Take Internal Control Seriously?
• Compliance with Procedures and Policies.
• The Constantly Changing Regulatory Requirements.

Unit 4: The Key Pressures on the Internal Control Processes:

• The Changing World Economy and the Impact on Controls.
• The Ongoing Evaluation of the Control Environment.
• Information Security.
• Control over Technology.
• Systems Development and the Risk to Internal Controls.
• Internal and External Communications - and the Control Impact.
• The Need for Internal Controls Procedures to Be Kept Up-to-date.

Unit 5: Proactive Fraud Prevention:

• Why may internal controls not protect you against fraud?
• How to Implement a Best Practice Fraud Prevention Process?
• Evaluate the Fraud Risks.
• Develop a Fraud Consciousness Loop.
• The Anti-fraud Policy.
• Recognize the Patterns of Fraudulent Behavior.
• Promote Integrity and Ethics Across the Organisation.

Conclusion:

Upon completing the Fraud Risk Management course, participants may seek to acquire a fraud risk management certification, which formally recognizes their expertise in fraud prevention, detection, and management strategies.