Exam Preparation

CFRS
Certified Fraud Risk Specialist

Rating:

4.9

English

Intermediate

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Course Overview

The Certified Fraud Risk Manager program is designed to enable fraud professionals to obtain a solid understanding of the key pillars that are required to fortify their organizations against fraud.
This program focuses on prevention and enables participants to identify areas within their organizations that are most vulnerable to fraud, providing them with the guidance and tools that will enable them to assist their organizations in designing the appropriate framework to strengthen these areas of vulnerability.
The CFRM focuses on Fraud Risks with a specific objective of how fraud professionals can enable their organizations to identify the essential fraud risks impacting their organizations and what are the necessary steps they need to adopt to mitigate these risks from materializing.
This program also involves a detailed case study involving a recent multi-national fraud that was revealed in 2020, whereby participants will draw conclusions on what happened and how it could have been prevented.

Farah M.

Specialist - Program Enrollment

[email protected]

Let’s talk on WhatsApp

Key Takeaways

Appreciate the importance of effective governance in establishing a solid Fraud Risk Management Framework

Identify Fraud Risks specifically at the Board of Directors level

Distinguish Fraud Risks prevalent at Executive Management levels

Recognize different types of fraud schemes that may impact your organization

Facilitate proactive communication with the Board of Directors on establishing a Fraud Risk Management Framework

International Academy of Business and Financial Management

The International Academy of Business and Financial Management™ (IABFM) is a global professional association offering certification training programs worldwide. IABFM™ hosts and organizes professional development courses and grants exclusive board designations to candidates who successfully meet its established standards and assessment criteria. With more than 200,000 members and affiliates across over 145 countries, IABFM™ focuses on advancing careers in business, finance, and management through specialized certifications.

Course Outline

Day 1: Introduction to Fraud Risk Management & Fraud Governance

Fraud Case Studies

•Wirecard
•Wellsfargo Bank
•Volkswagen

Fraud Risk Management Framework

•Overview of global Fraud Risk Management Guidance
•COSO and ACFE's Fraud Risk Management Guide
•Enhancing Enterprise Risk Management (ERM) frameworks
•Integration of specific sections on fraud risks

Board of Directors

Surveys indicate that the costliest frauds often occur at the Board and Executive levels. This program addresses the essential governance disciplines that Boards can implement to enhance transparency and effectiveness in managing fraud risks.
The key Topics highlighted in this area address:
•Related Party Transactions
•Conflicts of Interest
•Code of Conduct
•Performance Assessment
•Embedding Fraud Risks in Strategy Development
•Remuneration Policies
•Fraud Risk – Risk Management, Internal Audit or Compliance?
•Policies & Procedures
•Culture
•Whistleblowing
•Systems & Automation
•Employee Accountability
•Performance Measurement

Day 2: Fraud Risk Management Framework

Fraud Risk Management Guide

•Fraud Risk Governance
•Fraud Risk Assessment
•Fraud Control Activity
•Fraud Investigations & Corrective Action Plans
•Fraud Risk Management Monitoring Activities

Fraud Risk Management

•Analyzing Internal & External Factors
•Types of Fraud Risks
•The Fraud Triangle Data Analytics & Risk Identification
•The Fraud Risk Register
•Factors influencing Fraud
•The Anti-Fraud PlayBook
•Different Fraud Schemes
•Thinking like a fraudster

Day 3: Fraud Risk Identification

Fraud Risk Assessment & Identification

•Importance of identifying fraud risks:
1. Essential for effective management of fraud risks
2. Skills required by fraud professionals:
3. Ability to identify fraud risks in various processes
4. Capability to train and guide process owners on identifying fraud risks
•Key techniques for fraud professionals to effectively identify fraud risks
•Case studies
•Activities aim to identify and document potential fraud risks
•Exploration of various fraud schemes across different industries

Day 4

Anti-Fraud Controls

Once fraud risks are identified, participants will learn to design anti-fraud controls to mitigate these risks. The focus will extend beyond the design to address challenges organizations face in ensuring these controls are substantive, not just formal. This section will focus on the following:
•Automated Vs. Manual Controls
•Preventive & Detective Controls
•Control Reports & Data Analysis
•Technology & Related Controls
•Whistleblowing system
•Code of Ethical Conduct
•External Auditors
•Effective Internal Audit Functions
•Whistleblowing Systems
•Anti-Fraud Policy
•Employee Support Programs
•Fraud Trainings for Executives/ Employees
•Dedicated Fraud Department
•Fraud Risk Assessment
•Proactive Data Monitoring / Analysis
•Rewards for Whistleblowers

Day 5

Fraud Investigations

The primary goal of this program is to emphasize fraud prevention through designing and implementing an effective Fraud Risk Management Framework. Additionally, a section on fraud investigations will ensure participants understand how to implement Fraud Investigations and Corrective Action Plans, key components of Fraud Risk Management.
This section will briefly cover the following:
•Why conduct fraud examinations?
•What do fraud examinations entail?
•Fraud Theory Approach
•Fraud Response Plan
•Initial Response to Suspicions or Allegations of Fraud
•Planning & Conducting Formal Investigations
•Investigation Plan
•Pre-Fraud Examination
•What are the Goals From the Examination?
•Determine Scope of Investigation
•Establish Investigation Timeframe
•Outline the Course of Action
•Analyzing Documents
1. Types of Evidence
2. Forensic Documentation Examinations
3. Chain of Custody
•Interviewing
1. Characteristics of Successful Interview
2. Elements of Conversations
3. Inhibitors of Communications
4. Facilitators of Communication

Who Should Attend?

This highly practical and interactive course has been specifically designed for

Risk Management Professionals

Compliance Professionals

Internal Auditors

Fraud Examiners

FAQ

What language will the course be taught in and what level of English do I need to take part in a LEORON training program?

Most LEORON courses are delivered in English. However, there are some courses offered in Arabic, mainly online. For our in-house courses, sessions can be curated and delivered in any language upon request. In general, the best way to confirm language availability is to check with our Enrollment Managers for the most up-to-date information. Simply click on “Let’s talk on WhatsApp” to chat with us directly.

What formats are the courses offered in?

LEORON delivers training in various formats including face-to-face, live virtual sessions, self-paced learning, in-house delivery as well as online courses.

Are LEORON Public courses certified by an official body/organization?

Yes, most LEORON public courses are accredited by internationally recognized bodies such as CIPD, ATD, PMI, EdEx, and many others—depending on the course.

Who accredits LEORON’s training programs?

LEORON partners with over 20 international bodies such as PMI, CIPD, ATD, EdEx, NASBA, CISI, GARP, HRCI, SHRM, ACCA, ASQ, IIA, ILM, IAC, and others

Are CPD points or PDUs provided?

Yes, learners can earn CPD credits and professional development units (PDUs) including NASBA CPEs, PMI PDUs, CISI, GARP, HRCI, SHRM, and more.

How can I register for a course?

You can register through our website by filling in the inquiry form, or by speaking directly with one of our consultants via WhatsApp or email. Once we confirm your interest, we’ll guide you through the steps.

When is the registration deadline for public courses?

Registration typically closes 14 days before the course start date, with occasional late registrations accepted upon confirmation

What is included in the course fee?

The fee generally covers 5-star venue facilities, training materials, certified instruction, lunches and refreshments, plus certification and membership where applicabl0065

Are there group rates or discounts?

Yes, group bookings and corporate-level discounts are available. Learners are encouraged to reach out to discuss specific arrangements

What support is available with registration?

Enrollment Managers and a Registration Desk assist with the entire process, including deadlines, travel logistics, and course customization. As well as any other special requests you might have. Simply to go your preferred course and click on “Let’s chat on WhatsApp” to do so.

Can I request a bespoke course at my location or within my organization?

Yes, in-house training is fully customizable in terms of curriculum, language, delivery, and timing. You can suggest dates and locations. Simply to go your preferred course and click on “Let’s chat on WhatsApp” in order to address any questions or concerns in this regards.

What is the refund or cancellation policy?

Refund and cancellation policies vary depending on the course type and location. Generally, cancellations made at least 14 days before the course start date may be eligible for a full or partial refund, while cancellations made closer to the course date may incur a fee. For exact terms, please consult your Enrollment Manager or refer to the course confirmation email.

Can I register multiple employees from my company?

Yes. We support group registrations and offer corporate packages for organizations enrolling multiple participants. Our team can help coordinate the logistics for group bookings.

Who should attend these courses?

LEORON caters to a variety of professionals: from those seeking leadership development to project managers, HR specialists, finance professionals, cybersecurity, procurement, Ai enthusiasts and many others.

Do I need prior experience or academic qualifications?

Not always. Many specialized paths, like cybersecurity, accept learners without prior experience. However, some courses (e.g., PMI PDU-based ones) may have recommended prerequisites. Its always better to chat with one of our Enrollment Managers to discuss more. Simply to go your preferred course and click on “Let’s chat on WhatsApp” to do so.

Will I receive a certificate after completing the course?

Yes. Upon full attendance and successful completion, you will receive a certificate of participation or accreditation, depending on the course.

Are meals and refreshments included in face-to-face courses?

Yes. For in-person courses, lunch and coffee breaks are provided daily at the venue.

Can LEORON deliver a course in-house at our organization?

Absolutely. All programs can be delivered privately at your company or virtually for your team, customized to match your internal goals and structure.

Reviews

Review:
IAMM Internal Audit Maturity Model
In recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!
Dalal Kutbi
Country Learning & Development Manager at IKEA Saudi Arabia
Review:
Certified Professional in Quality and Patient Safety
Dating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,
Turki S. Alsahaan
Dir L&D, Talent Management at Mobily, Etihad Etisalat Company
Review:
Certified Professional in Quality and Patient Safety
Since the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.
Emad Alrajih
VP, Business Winning at BAE Systems Saudi Development & Training
Review:
Certified Professional in Quality and Patient Safety
We have been working with LEORON for the past two years and will be working with them again this upcoming year. The programs they delivered were fruitful and exciting and our organization has received positive feedback from the participants. What our organization aims to do is to provide at no cost training for all the private sector employees so that they may benefit from our offered programs in Innovation and Professional development. Leoron has helped us achieve this goal. We look forward to continuing this service and wish them the best of luck. Regards,
Nasser M. Al-Subaie
Sr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen