Spot fraud early and convert hidden losses back into value and profits to enhance your organisation’s reputation and culture.
This 5-day course in two parts provides you with practical skills, enabling you to help your organisation recognise, remove, and resolve fraud by firstly recognising fraud and financial damage, by firstly recognising how and when it is happening and how to resolve it efficiently. In part two, you will apply data science for fraud detection. And throughout this course, you will learn how to present the results of your work to senior management in a concise, convincing and understandable form.
Who should attend?
Who Should Attend?
This course will be of most value to:
- Financial Controllers and Financial Directors
- Senior and Chief Accountants
- Internal and External Auditors
- Legal and Compliance Officers, Risk Managers
- Corporate Governance staff
- Internal Information Managers and Data Scientists
Part 1: Detecting and Preventing Fraud Day One: Recognising and Resolving Fraud (introduction) Module 1: Objectives of the program and introduction to Demystifying Fraud
- The landscape of fraud and what does that mean to me and my organisation
- Seven major types of fraud (and how to turn the “wheel of (mis)-Fortune” back in your favour
- Why does fraud happen, who does it, and how much does it cost?
- What Fraud Detective Skills do I already have?
Warm-up exercise (in pairs): Get in touch with your own “Fraud Detective DNA”. Are you primarily transactional, technocratic, intuitive, or holistic and what other special traits do you have?
Module 2: How to out-think the fraudsters
- The criminal mindset (and in particular why everyone, including us rationalizes our behaviour)
- Case examples to present and share
- Recipe: How to identify where your own organisation is exposed to fraud by “thinking like a thief”
Exercise (in pairs): Think Like a Thief and feedback session
- How to recognise the early warning signs of fraud in documents, transactions and behaviour
Case study consisting of 3 scenarios with supporting documents. Are you able to identify the red flags and what would you do next? Assignment and Essential Study
Participants will receive relevant background reading, a short situational case assignment involving a whistle-blower, plus an important reflection question for Day 2
Day Two: Assess and Detect Fraud Now
Module 3: Recognise the Risk of Fraud in your organisation
- Recap from Day 1 and reflections (case study and key question)
- How is fraud recognised today and how should it be recognised?
- Cyber Crime – the latest trends and tips and its relationship to fraud
- A step-by-step recipe to developing the fraud risk profile of your own organisation
Exercise (in groups): Follow the recipe to predict and identify where your organisation is being defrauded followed by a group feedback session
Module 4: Detect Fraud by “Following the Money”
- Why following the money is arguably the single most effective way to discover fraud early before it spreads?
- The seven classic recipes to recognise fraud
- How to understand and interpret the key indicators
- Develop and customize your own fraud detective recipes to your own organisation’s fraud profile.
Exercise (in groups) – “Practice makes perfect”: Five rapid-fire and varied cases where you put your Fraud Detective skills into action. Followed by a feedback session
Assignments and Essential Study
Develop your own organisational fraud profile and have the opportunity to receive individual feedback from the instructors.
Relevant course reading will be provided.
Reflection question: How would you resolve the 5 cases you discovered?
. Day Three: Resolving Fraud efficiently and building ResilienceModule 5: Resolving Fraud Efficiently
- Recap from Day 2 and review of case examples
- Introduction to Fraud Investigations and Interviews (the easy wins and the pitfalls)
- How to present your results to management in a professional, compelling and positive way
- Implement effective, and humane strategies to resolve fraud and corruption with minimum disruption
Exercise (in pairs): Participants will be presented with a case study involving a “live situation” involving meeting a whistle blower, the accused and the management.
The mission is to navigate the minefield of fraud and ensure that the chosen outcome is the best possible one for the organisation. This exercise will involve real interviews, analysis of documents, and presentations to management.
Module 6: Building Resilience to Fraud
- How to identify and remedying the root causes
- Learning the lessons to avoid recurrence
- How to contribute to greater awareness of fraud in your own organisation
Short exercise (individual exercise with automated and personalized feedback): Initial assessment of your own organisation’s Fraud Maturity and Resilience
- What is TRUE resilience to fraud and how is it achieved
- The steps you need to take to build financial robustness and resilience to fraud in your organisation.
Final Exercise (individual with a presentation in plenum): Develop and hold a short presentation based on everything you have learnt outlining the steps you would take to ensure improved recognition, resolution and removal of fraud in your organisation.
Part 2: Fraud Data Science and Analytics
Day Four: Understanding data
Module 1: Targeting the right data to find fraud
- How smart use of data will reveal the footprints of Fraudulent Transactions.
- Fraud Data science for all. How to obtain, process and use data and create data models
- Assessing data quality when you load data and create data models
Warm-up exercise (in pairs): Provide your instant reflections on a small data set on what you sense irregular business transactions
Course fee: £5295 + VAT
Certification / Credits
Key course highlights include:
- Demystify fraud, corruption, bribery, and recognise where it is already impacting on you and your organisation
- Put into practice tried and tested recipes which successfully pinpoint examples of fraud and waste
- Learn to implement your own Pre-Crime approach which detects and removes fraud and financial damage before it spreads
- Learn state of the art techniques, to identify and analyse raw data and turn it into knowledge
- Design data models and develop your own algorithms to transform this data into intelligence and knowledge which can be used to discover the red flags of fraud and corruption
- Presenting to management clearly, concisely and convincingly
Why choose Euromoney Learning?
4.6/5 rating on course check for service
60,000 professionals trained across public courses
80+ countries where training is delivered
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At Euromoney Learning, we understand that learning doesn’t start and end when you leave the classroom. We know that the financial markets never stand still, and that technology has both simplified and added complexity at a break-neck pace. That’s why...