The Fraud Risk Mitigation Cycle: Powerful Detection and Prevention Framework

Why Should You Attend:

Optimizing the organization’s defenses against internal and external fraud involves several key activities, including fraud risk assessment, fraud auditing, controls enhancement and long-term monitoring.

The Challenge: While there are innumerable ways to detect, prevent and investigate fraud, it is not always easy to organize a coherent, overarching fraud risk mitigation strategy.

This webinar will guide you through the fraud risk mitigation cycle, a unique and comprehensive roadmap for assessing risk, detecting red flags and remediating control deficiencies. Participants will learn how to conduct a fraud risk assessment; how to identify the red flags of specific fraud risks threatening your organization; and best practices for remediating anti-fraud control weaknesses.

Areas Covered in the Webinar:

• Conduct a quick and cost-effective enterprise-wide fraud risk assessment
• Identify specific fraud scenarios and schemes threatening the organization
• Identify and audit for the red flags of each specific fraud risk
• Pinpoint specific control deficiencies and eliminate them
• Recommend better anti-fraud management structure (board of directors/executive management, line management, compliance, general counsel, etc.)

Who Will Benefit:

• Purchasing managers and senior staff
• Accounts payable managers
• Shipping and receiving/supply chain managers
• Accounting and audit practitioners
• CFOs and senior finance staff
• Controllers
• Procurement executives
• Internal and external audit professionals
• Senior financial management seeking to reduce their vulnerability to costly frauds
• Compliance and ethics managers
• Compliance professionals
• CFOs/senior financial managers
• Security personnel
• Internal control professionals
• Finance and accounting management
• Loss prevention and risk specialists
• Security professionals
• Fraud examiners
• Procurement/purchasing and payables specialists

Peter Goldmann
President, FraudAware LLC

Peter Goldmann is president of FraudAware LLC, the publisher of White-Collar Crime Fighter, a widely read online information source for internal auditors, controllers, corporate counsel, financial operations managers and fraud investigators.

Peter is the author of Fraud in the Markets: Why it Happens and How to Fight It, published by John Wiley & Sons, as well as four other anti-fraud books.

Peter also developed FraudAware, the leading employee fraud awareness training program. A user-friendly, customized learning tool, FraudAware uses workshop, Webinar and E-Learning formats to educate employees and managers at all levels in how to detect, prevent and report incidents of fraud or suspicious conduct.

Peter holds a Bachelor’s degree from the University of Michigan and a Master’s from the London School of Economics

He can be reached at [email protected]

Topic Background:

Expense reimbursement fraud—encompassing the myriad forms of employee travel and entertainment (T&E) schemes as well as Purchasing Card (P-Card) fraud—cost organizations hundreds of thousands, if not millions of dollars per year.

According to the Association of Certified Fraud Examiners (ACFE), expense reimbursement frauds result in a median loss of $26,000 per incident and represent 14.5% of all employee fraud.

While many of these schemes are considered “immaterial”—such as claiming reimbursement for a personal meal ... charging a pay-per-view movie to a business-related hotel bill ... or inflating the cost of a taxi ride—management should not underestimate the cumulative cost of these thefts.

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