Screening and Detection of Fraud and Risks

Overview:

Introduction:

This training program focuses on equipping participants with advanced tools and techniques to detect and mitigate fraud and financial risks within organizations. It covers the fundamentals of fraud detection, the use of analytics in identifying risks, and the development of risk management strategies to protect an organization’s assets and reputation.

Program Objectives:

By the end of this program, participants will be able to:

• Identify and understand various types of fraud and associated risks.

• Apply screening techniques and tools to detect fraudulent activities.

• Use financial and operational data to assess risks.

• Implement strategies for mitigating fraud and financial risks.

• Improve compliance and governance through effective risk detection methods.

Target Audience:

• Internal Auditors.

• Compliance Officers.

• Risk Management Professionals.

• Finance Managers.

• Fraud Investigators.

Program Outline:

Unit 1:

Introduction to Fraud and Risk Detection:

• Overview of fraud types: financial fraud, cyber fraud, and operational fraud.

• Understanding risk categories: operational, financial, and reputational risks.

• The impact of fraud on businesses and institutions.

• Key principles of fraud detection and prevention.

• Common fraud schemes and red flags.

Unit 2:

Screening Tools and Techniques for Fraud Detection:

• Using analytics and data mining tools to detect unusual activities.

• Transaction monitoring and identifying patterns in financial data.

• Implementing internal controls to screen for fraudulent behavior.

• Reducing false positives in fraud detection systems.

Unit 3:

Risk Assessment and Management:

• Risk assessment methodologies: qualitative and quantitative approaches.

• Identifying high-risk areas in business processes.

• Techniques for performing risk assessments across departments.

• Using Key Risk Indicators (KRIs) to measure exposure to risks.

• Developing a risk mitigation plan and prioritizing critical risks.

Unit 4:

Investigating Fraud and Anomalies:

• Investigative techniques for detecting fraudulent behavior.

• Forensic auditing and its role in fraud investigations.

• How to gather, preserve, and analyze evidence.

• Methods of documenting and reporting findings for legal action.

Unit 5:

Building a Comprehensive Fraud Risk Management Framework:

• Developing policies and procedures to mitigate fraud risks.

• Implementing a governance framework for fraud prevention.

• The role of training employees and building awareness of fraud risks.

• Using technology to enhance fraud detection capabilities.

• Continuous monitoring and improvement of risk management processes.