CFRSCertified Fraud Risk Specialist
Course Overview
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.
Key Takeaways
Course Outline
•Wirecard
•Wellsfargo Bank
•Volkswagen
•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
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
•Fraud Risk Governance
•Fraud Risk Assessment
•Fraud Control Activity
•Fraud Investigations & Corrective Action Plans
•Fraud Risk Management Monitoring Activities
•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
•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
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
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?
Risk Management Professionals
Compliance Professionals
Internal Auditors
Fraud Examiners
Related Courses
FAQ
Reviews
- Review:IAMM Internal Audit Maturity ModelIn 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 KutbiCountry Learning & Development Manager at IKEA Saudi Arabia
- Review:Certified Professional in Quality and Patient SafetyDating 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. AlsahaanDir L&D, Talent Management at Mobily, Etihad Etisalat Company
- Review:Certified Professional in Quality and Patient SafetySince 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 AlrajihVP, Business Winning at BAE Systems Saudi Development & Training
- Review:Certified Professional in Quality and Patient SafetyWe 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-SubaieSr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen
