Fraud Risk Masterclass

Fraud risk remains one of the most insidious threats to organizations globally. Despite the critical importance of managing fraud, many professionals underestimate its impact and the sophistication of fraudulent activities. An effective fraud risk management program is essential to detect, prevent, and respond to fraud, safeguarding organizational assets and reputation.

This masterclass provides an in-depth exploration of fraud risk, covering the full spectrum of fraud management from understanding fraud types and drivers to building robust prevention, detection, investigation, and remediation mechanisms. Participants will gain practical tools and frameworks to design and implement anti-fraud strategies aligned with organizational objectives.

Overview

Target Audience

This masterclass is ideal for:

• Risk management professionals seeking to deepen their understanding of fraud risk

• Internal auditors and compliance officers involved in fraud detection and prevention

• Corporate governance and ethics officers

• Fraud investigators and forensic auditors

• Operational managers responsible for risk mitigation

• Legal and regulatory professionals addressing fraud-related risks

• Anyone involved in designing or implementing fraud risk management programs

Detailed Course Schedule

Day 1: Understanding and Managing Fraud Risk

• Morning Session

  • Definition and Types of Fraud

  • Real-world Fraud Examples

  • Fraud Scenario Case Study (without monetary loss)

  • Drivers of Fraud and the Fraud Triangle

  • Fraudster Profiles and Behavioral Insights

  • Fraud by Product and Event Types: Cards, Ponzi Schemes, Dummy Accounts, Cash, Cheques, Account Hijacking

• Afternoon Session

  • Fraud Risk Management and Prevention Strategies

  • Components of a Fraud Risk Management Framework

  • Fraud Detection Techniques and Anti-Fraud Strategy Elements

  • The Role of Ethical Corporate Culture

  • Reporting Mechanisms and Whistleblowing Culture

  • Fraud Indicators: Warning Signs and Alerts

  • Tools and Techniques for Managing Fraud Risk

  • Designing a Fraud Response Plan

Day 2: Implementing and Sustaining Effective Fraud Risk Management

• Morning Session

  • Sample Fraud Policy and Prevention Plan Steps

  • Principles and Governance of Fraud Risk Management

  • Conducting Fraud Risk Assessments

  • Fraud Prevention and Detection Practices

  • Case Study Analysis: External and Internal Fraud Events

• Afternoon Session

  • Monitoring and Reporting on Fraud Risk

  • Internal Audit’s Role in Fraud Management

  • Code of Conduct and Its Enforcement

  • Communication and Training on Fraud Risk

  • Accountability and Corrective Actions

  • Attributes of Effective Fraud Investigations

  • Leveraging Technology in Fraud Risk Management

  • Responding to Fraud Incidents and Lessons Learned

2 Days Masterclass - CPD Certified Course - By KYR Consulting | Training | Advisory

Key Takeaways

After completing this masterclass, participants will:

• Gain comprehensive knowledge of different types of fraud and how they manifest in organizations

• Be equipped with tools and techniques to detect and prevent fraud effectively

• Understand the role and implementation of fraud risk management frameworks

• Appreciate the critical importance of an ethical culture and whistleblowing mechanisms

• Learn practical steps to respond to fraud incidents and manage investigations

• Be prepared to design fraud risk governance structures that support organizational resilience

By attending this course, delegates will be able to:

• Understand the concept, types, and drivers of fraud risk

• Identify various fraud risks and factors influencing them

• Analyze fraud risk management frameworks and their practical applications

• Develop and implement components of an effective fraud risk management program

• Recognize the importance of fostering an ethical corporate culture to mitigate fraud

• Promote fraud awareness across all organizational levels

Key Learning Objectives