CFRSCertified Fraud Risk Specialist
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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.
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
1
Understand the importance of effective governance in the establishment of a solid Fraud Risk Management Framework.
2
Identify Fraud Risks at the Board of Directors Level
3
Identify Fraud Risks at the Executive Management Levels.
4
Identify the different types of fraud schemes that may impact your organization.
5
Enable participants to proactively communicate with the Board of Directors on the importance of establishing a Fraud Risk Management Framework within the organization
International Academy of Business and Financial Management
The International Academy of Business and Financial Management™ is one of the world’s fastest growing professional association with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designations to candidates who meet the highest professional standards and assessment criteria. The IABFM is credited by the American National Standards Institute (ANSI) the International Standards setting authority.
Course Outline
Part 1: Introduction to Fraud Risk Management & Fraud Governance
Fraud Case Studies
→ Wirecard
→ Wellsfargo Bank
→ Volkswagen
→ Wellsfargo Bank
→ Volkswagen
Fraud Risk Management Framework
We will provide the participants with an overview as to many guidance on Fraud Risk Management that have been globally published such as the Fraud Risk Management Guide that has been developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE). We will also discuss how an organizations existing Enterprise Risk Management (ERM) framework can be further tailored to incorporate a specific section on fraud risks.
Board of Directors
Many professional surveys have highlighted that the costliest frauds are those that take place at Board of Directors & Executive Levels. Therefore, the Board of Directors has a critical role in ensuring that they have developed the necessary internal mechanisms that mitigate fraud risks at their level.
This program focuses on what these specific governance disciplines are and how they can be implemented to further strengthen the ability of the Board to practice its oversight responsibilities in a transparent and competent manner.
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
This program focuses on what these specific governance disciplines are and how they can be implemented to further strengthen the ability of the Board to practice its oversight responsibilities in a transparent and competent manner.
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
Part 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 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 Play Book
→ Different Fraud Schemes
→ Thinking like a fraudster
→ Types of Fraud Risks
→ The Fraud Triangle Data Analytics & Risk Identification
→ The Fraud Risk Register
→ Factors influencing Fraud
→ The Anti-Fraud Play Book
→ Different Fraud Schemes
→ Thinking like a fraudster
Part 3: Fraud Risk Identification
Fraud Risk Assessment & Identification
Fraud Risks cannot be managed if they are not identified. Fraud Professionals need to have the ability to identify fraud risks in any process they encounter and most importantly, they need to have the ability to train and guide process owners in identifying fraud risks. Therefore, this section will focus on the key techniques that fraud professionals need to acquire to effectively identify fraud risks. Participants will conduct several case studies that will enable them to effectively identify and document fraud risks that may result in different types of fraud schemes across different industries.
Part 4
Anti-Fraud Controls
Once Fraud Risks are identified participants need to learn how to design anti-fraud controls that mitigate identified fraud risks. We will not only focus on the effective design of anti-fraud controls but also the challenges faced by many organizations in ensuring that these controls not only exist in form but also in substance. 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
→ 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
Part 5
Fraud Investigations
Although the main aim of this program is to focus on fraud prevention through the design and implementation of an effective Fraud Risk Management Framework. We have allocated a section on fraud investigations to ensure that participants can implement one of the Fraud Risk Management components relating to Fraud Investigations & Corrective Action Plans. This section will briefly cover the following:
→ Why conduct fraud examinations?
→ What 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
• Types of Evidence
• Forensic Documentation Examinations
• Chain of Custody
→ Interviewing
• Characteristics of Successful Interview
• Elements of Conversations
• Inhibitors of Communications
• Facilitators of Communication
→ Why conduct fraud examinations?
→ What 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
• Types of Evidence
• Forensic Documentation Examinations
• Chain of Custody
→ Interviewing
• Characteristics of Successful Interview
• Elements of Conversations
• Inhibitors of Communications
• 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
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FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or register@leoron.com.
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.
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
