Are you Overlooking Fraud Risk Warnings?
British Telecom (BT) is in the spotlight for a $339 million accounting scandal at its Italian unit*. Businesses, even in highly regulated industries, often miss the red flags. Can you recognise fraud indicators when developing your fraud risk assessment program? Are you taking proactive measures to detect fraud or just waiting for the next tip-off?
Identify the Red Flags of Potential Fraud
Join this 2-day interactive workshop to acquire the latest techniques and technological tools for effective fraud risk management. Examine the fraud risk indicators in key business processes (sales, procurement, payroll and expenses). Adopt a best practice fraud risk assessment framework including a 7 step approach. Discover how to employ data analytics and emerging technologies including AI to proactively detect anomalies.
- Recent Fraud Cases and Latest Developments
- Key Fraud Risk Indicators: By Business Processes
- Fraud Prevention
- Fraud Risk Assessment
- Fraud Detection I – Controls Environment
- Fraud Detection II – Data Analytics
- Use of Technology for Effective Fraud Risk Management
Benefits of Attending
- Examine the latest fraud trends including recent cases of external and internal fraud
- Identify key fraud risk indicators through case studies from real-life companies
- Discover how to design robust internal controls to prevent accounting fraud
- Find out the critical success factors to conduct an effective risk assessment
- Learn how to map the likelihood and significance of fraud risks for your business
- Adopt common fraud detection controls and best practices in whistleblowing systems
- Adapt your fraud risk management programme to changes in the business
- Understand the limitations and common pitfalls of data analytics in fraud detection
- Analyse how to conduct effective data analysis to derive meaningful insights
- Hear how to employ AI and emerging technologies to detect irregularities
Colum applies three decades of financial, commercial, and forensic accounting experience in assisting clients to better protect against, respond to, and recover from challenging situations that have regulatory, reputational, or financial implications such as fraud, corruption, data breach, money laundering and sanctions, and complex commercial disputes.
Based in Asia for 25 years and a former partner at a global accounting firm, he then managed a group of China-focused companies, before playing a key role in establishing and developing Kroll’s financial investigations practice in Asia.
Colum has had considerable fraud-related experience – covering the full range of prevention, detection and response, and in operational, management and advisory roles – and has a degree with First Class Honors in economics from the University of Leeds in England and is a fellow of both the Institute of Chartered Accountants in England and Wales and the Hong Kong Institute of Certified Public Accountants.
Who Should Attend
Senior level executives responsible for Internal Audit, Finance, Risk Management, Legal, Compliance
Session 1: Recent Fraud Cases and Latest Developments
- Internal and external fraud
- Why does fraud occur?
- Current fraud trends
- Useful resources
- Case sharing
Session 2: Key Fraud Risk Indicators: By Business Processes
- Common fraud in key processes (Sales, procurement, payroll and expenses)
- Key fraud risk indicators in these processes
- Case sharing
Session 3: Fraud Prevention
- Overview and the right environment
- Designing effective policies and procedures, controls and employee training
Session 4: Fraud Risk Assessment
- What is a fraud risk assessment?
- Who should do it?
- What makes a good fraud risk assessment?
- How to conduct a fraud risk assessment — 7 step approach
- Mapping of risks
- Group exercise: Interview
- Group exercise: Fraud risk assessment
Session 5: Fraud Detection I — Controls Environment
- Overview of common fraud detection controls
- Detecting fraud involving third parties
- Responding to changes in the business
- Whistleblowing system
Session 6: Fraud Detection II — Data Analytics
- The cost of fraud ─ recap
- Use of data analytics
- Limitations and common pitfalls of data analytics
- What data can be used?
- Illustrative examples
- Case study
- Group exercise
Session 7: Use of Technology for Effective Fraud Risk Management
- Real life examples:
- Bank loan round trip transactions
- Sales distribution — Channel stuffing
- AI tool for document review
- Real life examples:
Session 8: Final Group Exercise