EDM6 - Combating Fraud Through Strong Business Ethics & Effective Risk Management

Synopsis

Fraud continues to make news headlines all over the world affecting small to major organisations alike. A lot is at stake when fraud happens as millions of dollars can be lost not to mention a damaged or destroyed reputation. Fraud can occur in any area of your company's operations from accounting, procurement, to hacking of your database through the internet and even at the top level of your organisation as news headlines from ERON to NKF have illustrated. The opportunity for fraud lurks in every corner with devastating consequences. It is a real present danger you cannot afford to ignore.

Most organisations have experienced fraud and perhaps as you read this it is happening in your organisation without your knowledge. Can you be sure its not?

Companies can manage fraud more effectively by taking a holistic stance to this critical issue. This includes educating all levels of the organisation to be vigilant of fraud activities, establishing strong corporate values, understanding the underlying reasons for a fraudster to act, using systematic approaches to uncover and initiate investigations, on top of leveraging solid preventive frameworks.

This practical workshop will provide you with the most up date current methodologies and best practices effective against fraud.

Learn how to stop fraud activities in your company through:

• Understanding what is fraud and decipher the psychology of a fraudster
• Discovering the trends and dynamics of frauds and financial crimes and how its evolving
• Learning about the latest frauds schemes, threats and deception techniques
• Identifying and determining the vulnerabilities to fraud within your organisation
• Fostering strong corporate values of transparency, ethics and integrity to combat fraud
• Creating a culture of business ethic, compliance and transparency through fraud awareness
• Ensuring accurate financial disclosure (example the Sarbanes-Oxley Act and its system of control for fraud prevention)
• Developing an effective fraud risk management framework
• Strengthening your organisation's internal control to better prevent and detect fraud
• Establishing whistleblowing hotlines as an early warning system
• Exploring forensic auditing methods to identify fraud more effectively
• Acquiring and mastering knowledge on crucial techniques and effective investigation procedures for fraud detection
• Customising contingency plans to safeguard organisational reputation and business continuity