Fraud Workshop: Prevention, Detection and Response (LIAA15/19)

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Event Description

This course provides a detailed look at many of the steps in the process of fraud prevention, detection and response. You will learn case management procedures such as how to assess risk, prevention and deterrence controls, detection procedures, investigation and response, and follow-through corrective actions.

Major Subjects

  • Fraud Prevention, Detection and Response
    • Fraud overview (Basis for concern; fraudster profile
    • Risk Factors (Fraud triangle; industry management and regulatory factors
    • Consideration of fraud at the entity level (fraud risk governance; tone at the top)
  • Fraud Risks Assessment
    • Common fraud scenarios 
    • Likelihood and impact assessment
    • How to invest resources to address high-risk, high-impact areas
  • Prevention and Deterrence Controls
    • Values system
    • Hotlines
    • Training and awareness
    • Discipline, prosecution and recovery guidelines
    • Internal audit function
    • Segregation of duties
    • Management involvement and commitment to financial reporting process and preventing overrides of controls
  • Detection Procedures
    • Fraud risk assessment
    • Effective internal controls at entity and process levels
    • Monitoring activities
    • Robust investigation
  •  Investigation and Response
  • Case management system to receive and effectively investigate complaints and allegations
  • Evidence and information gathering
  • Analysis of evidence Reporting
  • Response, Remediation and Corrective Action
    • Reporting and escalation of allegations
    • Steering committee to manage and review the status of ongoing investigations
    • Dedicated group of professionals with requisite hard/soft skills to conduct investigations
    • Coordination with legal counsel to accumulate evidence and analyses to support disciplinary/punitive actions
    • (restitution, termination, referral to law enforcement)
    • Crisis management

Discussion Leader

Ramona Farrell, MBA, CFE, CFCI