Fraud Risk Management, Assessment & Fraud Analysis Bootcamp

Learn Practical Insights into Fraud Risk Management, Indication, Detection and Analytics

What you'll learn

Understand fraud and the impact of fraud on organizations

Learn why fraud risk management is relevant for organizations

Discuss the strategic 4T approach to fraud risk management

Learn how to conduct an effective fraud risk assessment based on a holistic 7-step framework

Understand the key components of a fraud risk management program to effectively encounter fraud in organizations

Understand key organizational components in encountering fraud, including internal and external audits

Learn relevant tools and controls for operational fraud prevention

Requirements

To participate in this Certificate Program, you will need an electronic device with online video-viewing capabilities (e.g., smartphone, tablet, laptop, desktop computer, etc.).

Although this is helpful, you will need no previous knowledge in compliance or anti-financial crime.

A background in business, legal, or finance might also be beneficial but is not required.

Description

This course offers comprehensive training on creating and implementing an effective fraud risk management program within organizations. Designed for professionals aiming to deepen their understanding of fraud dynamics, this course covers the essentials of how and why fraud occurs and the most effective strategies for its prevention, detection, and management. Over six detailed modules, learners will explore various fraud categories, delve into different frameworks for managing fraud risks, and develop skills in fraud avoidance, detection, and investigation techniques. Completing this course will empower you to foster an anti-fraud culture, enhance fraud awareness, and establish robust internal controls to mitigate fraud risks.COURSE STRUCTUREModule 1: Overview of Fraud and Risk ManagementThis module introduces the concept of fraud, its extent, and impact on organizations. Learn about the different types of fraud schemes and explore a real-life case study to understand the practical implications of fraud in an organizational setting.Module 2: Understanding Fraud Risk ManagementDive into the fundamentals of fraud risk management, including the strategic "4Ts" approach and a risk-based methodology for managing fraud risks. This module lays the groundwork for developing a strategic perspective on fraud prevention.Module 3: Fraud Risk Assessment FrameworkExplore a detailed 7-step fraud risk assessment framework to identify, assess, and respond to inherent fraud risks. This module guides you through evaluating potential fraud risks and the effectiveness of existing controls.Module 4: Fraud Risk Management ProgramLearn about an 8-step fraud risk management program framework. This module covers everything from defining program objectives and assessing fraud risks to implementing program components and evaluating their effectiveness.Module 5: Fraud ControlFocus on the role of internal controls in preventing and detecting fraud. Understand the characteristics of effective controls and the critical roles of both external and internal audits in the fraud control process.Module 6: Fraud PreventionThis module provides an in-depth look at fraud prevention controls, emphasizing six key fraud prevention controls. Learn about generic controls and strategies to strengthen your organization’s defense against fraud.By the end of this course, participants will be well-equipped with the knowledge and skills required to establish a comprehensive fraud risk management program, contributing significantly to their organization's integrity and resilience against fraud.COURSE FEATURESInteractive Modules: Engage with dynamic content, including multiple-choice exercises that mirror real-world scenarios.Expert Instruction: Benefit from the insights and experiences of seasoned professionals in fraud risk management.Flexible Learning Environment: Access our course from anywhere, at any time, through our state-of-the-art online platform, designed for busy professionals.Professional Certification: Earn a distinguished certification issued by the Financial Crime Academy that showcases your expertise in fraud risk management with an understanding of its importance within the compliance, risk management, and anti-financial crime landscape.WHO THIS COURSE IS FORThis program is ideally suited for professionals in compliance, risk management, internal audit, and finance sectors, as well as business leaders and managers who are responsible for overseeing fraud risk within their organizations. It is particularly beneficial for those seeking to enhance their expertise in fraud detection, prevention, and risk management strategies, or aiming to implement or improve a fraud risk management program in their company.ENROLL TODAYEnroll in our fraud risk management course today to take a significant step towards becoming an expert in navigating and mitigating detection, analysis, compliance, and other risks, thereby contributing to the overall success of your organization.Important! This course, similar to the Financial Crime Academy's Certificate in Fraud Risk Management, is available on Udemy to support FCA's mission of making professional education more widely accessible. Completion via Udemy grants a certificate of completion only without access to FCA's platform, support, or a verifiable certificate ID. Courses on Udemy do not count towards FCA's CAMP, CAIP, or CFCP programs.

Overview

Section 1: Introduction to this Program

Lecture 1 Thank You & Welcome

Lecture 2 Introduction

Section 2: Overview of Fraud and Risk Management

Lecture 3 Introduction to this Module

Lecture 4 What is Fraud – its Extent

Lecture 5 What is the Scale of The Problem?

Lecture 6 Why is Fraud Committed?

Lecture 7 Different Types of Fraud Schemes

Lecture 8 Impact of Fraud on Organization

Lecture 9 Case Study - a real-life case of fraud that happened in an organization

Lecture 10 Module Summary

Section 3: Understanding Fraud Risk Management

Lecture 11 Introduction to this Module

Lecture 12 What is Fraud Risk Management?

Lecture 13 Strategic Fraud Risk Management and the “4Ts” Approach

Lecture 14 Risk-Based Approach to Fraud Risk Management

Lecture 15 Module Summary

Section 4: Fraud Risk Assessment Framework

Lecture 16 Introduction to this Module

Lecture 17 Overview 7-Step Fraud Risk Assessment Framework

Lecture 18 Step 1: Identify potential inherent fraud risks and schemes

Lecture 19 Step 2: Assess the likelihood of identified inherent fraud risks

Lecture 20 Step 3: Assess the impact of identified inherent fraud risks

Lecture 21 Step 4: Evaluate which people and departments are most likely to commit fraud

Lecture 22 Step 5: Identify and map existing controls to relevant fraud risks

Lecture 23 Step 6: Evaluate whether the identified controls are operating effectively and e

Lecture 24 Step 7: Identity, evaluate, and respond to residual fraud risks that need to be

Lecture 25 Module Summary

Section 5: Fraud Risk Management Program

Lecture 26 Introduction to this Module

Lecture 27 Overview 8-Step Fraud Risk Management Program Framework

Lecture 28 Step 1: Define program objectives

Lecture 29 Step 2: Assess fraud risks

Lecture 30 Step 3: Design program components

Lecture 31 Step 4: Implement program components

Lecture 32 Step 5: Communicate expectations

Lecture 33 Step 6: Ensure compliance

Lecture 34 Step 7: Identify and investigate violations

Lecture 35 Step 8: Measure, evaluate, and report program effectiveness

Lecture 36 Module Summary

Section 6: Fraud Control

Lecture 37 Introduction to this Module

Lecture 38 Overview of Internal Controls

Lecture 39 Control Characteristics

Lecture 40 Role of Audit in Fraud Prevention and Detection

Lecture 41 The External Audit

Lecture 42 The Internal Audit

Lecture 43 Module Summary

Section 7: Fraud Prevention

Lecture 44 Fraud Prevention Controls

Lecture 45 Key Aspects of Prevention – Generic Controls

Lecture 46 The Six Key Fraud Prevention Controls

Lecture 47 Module Summary

Professionals wanting to acquire and demonstrate expertise and specialized knowledge in fraud risk management,Professionals wanting to increase their value7 through an advanced and comprehensive understanding of fraud risk management,Professionals wanting to build meaningful fraud risk management knowledge to be used effectively in organizational fraud departments,Career starters and students wanting to get an edge in fraud risk management