This hands-on workshop is designed to provide participants with the knowledge and skills to implement an effective Enterprise Fraud Risk Assessment (EFRA) framework. Participants will explore key fraud risks, including money laundering and sanctions violations, and learn methodologies for conducting comprehensive risk assessments. Through interactive discussions, case studies, and practice exercises, participants will be equipped to design tailored risk assessment frameworks, develop fraud mitigation strategies, and enhance collaboration with key stakeholders to strengthen enterprise fraud risk management.

At the end of this course, you will be able to:

• Understand the principles and key components of enterprise fraud risk assessment (EFRA)
• Identify key risks associated with financial crime, including money laundering, terrorist financing and sanctions violations, with a specific focus on fraud (internal and external)
• Learn methodologies for conducting a comprehensive risk assessment
• Practice designing and presenting a risk assessment framework tailored to an enterprise
• Foster collaboration between key stakeholders in implementing an effective EFRA framework.

Programme Outline

What is Fraud Risk Assessment?

• Define fraud and its various forms (e.g., asset misappropriation, corruption, financial statement fraud)
• The importance of proactive fraud risk management
• Benefits of conducting a comprehensive fraud risk assessment

Foundations of EFRA and Key Components

• Understand the fraud triangle (Opportunity, Pressure, Rationalisation)
  • Actor: Who commits the fraud
  • Action: What the fraudulent action is
  • Outcome: What is the resulting impact or consequence(s)
• The COSO framework and its relevance to fraud risk management
• Risk identification, analysis, evaluation, and response

The Fraud Risk Assessment Process

• Overview of the typical steps involved in a fraud risk assessment
• Set the scope and objectives of the assessment
• Identify key stakeholders and their roles

Conducting a Fraud Risk Assessment

• Identify Fraud Risks
  • Brainstorm techniques for identifying potential fraud scenarios
  • Use internal and external data sources to identify emerging risks
  • Consider specific business processes and their vulnerabilities
  • Types of common fraud risks in different industries

• Analyse and Evaluate Fraud Risks:
  • Assess the likelihood and impact of identified fraud risks
  • Use qualitative and quantitative methods for risk assessment
  • Prioritise fraud risks based on their potential impact
  • Introduction to fraud risk registers

Responding to and Monitoring Fraud Risks

• Develop Fraud Risk Responses
  • Understand the different types of risk responses
  • Design and implement appropriate controls to mitigate identified risks
  • Cost-benefit analysis of implementing controls.
• Monitor and Report
  • Establish a process for ongoing monitoring of fraud risks and controls.
• Key risk indicators (KRIs) and their use in monitoring Integrating EWRA with the Risk and Control Self-Assessment (RCSA)
• Report fraud risk assessment results to management and the board.
• The importance of regular review and updates to the fraud risk assessment.

Training Methodology

This workshop employs an interactive and hands-on approach to promote active learning and practical application, featuring presentations with real-world examples, facilitated group discussions for knowledge-sharing, practical exercises for identifying and assessing fraud risks, and Q&A sessions for addressing specific challenges. Participants will receive takeaway materials, including templates, checklists, and summaries to support post-training implementation.

Closing Date for Registration
1 week before registration.

Intended For

This workshop is designed for professionals responsible for managing and mitigating fraud risk, including compliance officers, risk managers, auditors, business unit managers, fraud investigators, financial crime specialists, senior management overseeing governance and risk, and operational/control staff. It is suitable for those working in financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), non-profit organizations (NPOs), charities, and other sectors where robust fraud risk management is essential.

Competency Mapping

Category 2 = 4.00 Hours

Programme Facilitator(s)