Fraud Risk Management, Assessment & Fraud Analysis Bootcamp

Define fraud and risk management, explain deception and misrepresentation, and outline fraud schemes, costs, and organizational impact with real-world examples.

Identify fraud and its extent, covering theft, embezzlement, money laundering, and false invoicing. Show how management, internal controls, and audits detect, prevent, and respond to fraud risks and losses.

Explore why fraud scale remains hidden due to underreporting, deception, and misclassification. Examine the broad costs to organizations, small businesses, banks, and society.

Explore why fraud occurs via the fraud triangle—motivation, opportunity, and rationalization—and how weak internal controls and governance create risks, penalties, and potential losses.

Identify fraud risks by examining fraudulent financial reporting schemes, round trip transactions, and alteration of shipping documents. Explore misappropriation of assets, cash skimming, fraudulent disbursements, bribery, corruption, and money laundering.

Analyze how fraud harms organizations financially, reputationally, and operationally, driving financial, reputational, and operational losses, declines in profitability, stock price drops, and potential bankruptcy through fraudulent financial reporting.

Examine the real-life fraud case of Enron, its rapid bankruptcy, and the role of mark-to-market accounting and special purpose entities in concealing losses.

Discover how fraud encompasses theft, corruption, money laundering, and other illegal schemes, the hard and soft costs across reputational, operational, and regulatory domains, and how to assess and mitigate them.

Explore the concepts and cycle of fraud risk management, including the four Ts approach, risk-based methods, and the use of risk matrices and registers.

Understand fraud risk management by identifying, assessing, and mitigating fraud risks while leveraging governance and tone from the top to protect financial, operational, and reputational objectives.

Explore strategic fraud risk management from the board to operations, detailing the risk management cycle and applying the four ts approach to tolerate, terminate, treat, and transfer fraud risks.

Adopt a risk-based approach to fraud risk management to identify and prioritize high-risk areas, and establish fraud risk registers and controls across the organization.

Learn to manage fraud risk through a comprehensive cycle of identifying, assessing, and prioritizing fraud risks, supported by board governance, risk matrices, and effective controls.

Explore the seven steps of the fraud risk assessment framework to identify risks, assess inherent and residual risk, map controls, and evaluate departments for a culture and needs aligned design.

Explore the seven-step fraud risk assessment framework, identifying inherent fraud risks, assessing likelihood and impact, mapping controls, evaluating control effectiveness, and mitigating residual risks.

Identify inherent fraud risks and schemes by building a knowledge base through meetings, interviews, and observations, leveraging the operational loss database to track fraud incidents and external signals.

Assess the likelihood of identified inherent fraud risks through a subjective process using available information. Design preventative and detective controls for high risk processes such as cash handling and treasury.

Assess the impact of identified inherent fraud risks using defined impact and likelihood for risk assessment, quantifying financial losses and reputational effects across catastrophic, major, moderate, minor, and incidental categories.

Senior management evaluates fraud risks by analyzing departments and key roles, identifying where segregation of duties is weak and controls fail, and assessing incentives and pressures that drive fraud.

Identify and map existing controls to fraud risks, distinguishing preventive and detective controls, and linking general and process-specific controls to mitigate fraud through authorization limits and documented policies.

Assess the operating effectiveness and efficiency of internal controls to reduce fraud risk by reviewing policies, testing transactions, and using interviews, walkthroughs, and AI-enabled safeguards.

Identify and evaluate residual fraud risks, respond with strengthened internal controls, and use residual risk scores to prioritize high and medium risks for mitigation.

Learn the seven-step fraud risk assessment framework to identify, assess, and mitigate fraud risks using a knowledge base built from interviews and incidents, external sources, and regulators.

Learn how a fraud risk management program provides a framework to identify, assess, and manage fraud risks through eight interconnected steps, including design, implementation, policies and procedures, and compliance.

Adopt the eight-step fraud risk management program framework to deter, prevent, and detect fraud by defining objectives, assessing risks, designing and implementing components, communicating expectations, ensuring compliance, and investigating violations.

Define tailored fraud risk management objectives, set risk appetite and tolerance, and allocate anti-fraud controls after cost-benefit analysis, approved by senior management and the board.

Develop a tailored and specific fraud risk assessment strategy for each department and process, involving experts and senior management to enable effective risk management and internal controls.

Develop a fraud risk management program with policies and procedures, implementing preventive and detective controls—manual or automated, including aml and kyc—guided by experts and management to prevent and detect fraud.

Implement program components across the entity by developing policies, procedures, internal controls, and remediation plans, guided by cross-functional reviews, maker-checker concepts, and segregation of duties.

Governance and senior management set clear fraud risk management expectations and communicate them to all staff, while departmental heads ensure understanding of policies, procedures, training, and internal controls.

Enforce zero tolerance for non-compliance by implementing periodic monitoring of policies and internal controls and clear sanctions, supported by a dedicated fraud risk management function under the CRO.

Identify and investigate violations through formal governance, internal audit, and fraud investigation teams. Link root cause to policy, procedure, and control gaps to guide targeted investigations.

Measure and evaluate the fraud risk management program's effectiveness using specialist testing and external audits, and report results to board, senior management, and department heads.

Tailor the eight-step fraud risk management program to an organization's needs, define risk appetite and tolerance, and implement policies with automated and mandatory controls.

Explore the internal control system to prevent and detect fraud across departments. Examine preventative and detective, manual and automated, hard and soft controls, internal and external audits, and board oversight.

Internal controls are board-defined policies and processes that safeguard assets and ensure reliable information for objectives. Cultivate a top-down risk culture that escalates breaches to the Fraud Risk Management Department.

Adopt a risk-based approach to design control characteristics that safeguard assets and ensure smooth operations. Explore preventative and detective, manual and automated, hard and soft controls.

Explore how internal and external audits prevent and detect fraud by validating internal controls and financial statements, providing independent assurance to the board and shareholders.

Conduct external audits as independent, statutory examinations of financial statements, providing reasonable assurance to shareholders by detecting fraud, ensuring compliance, and communicating issues to governance.

Internal audit acts as the third line of defence, independently assessing internal controls and investigating fraud, reporting to the board's audit committee, and guiding enhancements to prevent fraud.

Strengthen internal control systems by integrating operational, financial, and compliance controls guided by the board and senior management to safeguard assets and mitigate fraud risk.

Explore the four key fraud prevention controls, including board oversight, clear policies and training, and employment screening, to deter and detect fraud across purchasing, payroll, and cash.

Explore generic controls as the foundation of internal control systems to prevent and detect fraud, including segregation of duties, delegated authority and authorization limits, and periodic reviews across departments.

Explore the six key fraud prevention controls, including staff vetting, job rotation, mandatory vacations, and anti-fraud policy, and show how hard and soft controls prevent fraud.

Learn how to prevent fraud within a risk management framework by implementing board oversight of internal controls, policies, and training, including pre-employment screening, policy development, and soft and hard controls.