RCG203Best Practices in Managing Employee Fraud and Corruption Risk

COURSE SUMMARY

This course provides participants guidance in setting up a strong fraud risk management in managing employee fraud and corruption risks within organizations.

COURSE DETAILS

Course Fee SGD 450
Course Duration 1 Day
Course Timing 9:00am - 5:00pm
Course Venue 190 Clemenceau Avenue
SDF Approved Coming soon
Skills Future Credit Coming soon
Upcoming Courses 25 Jul 2019
23 Aug 2019
22 Nov 2019

Employee fraud and corruption are not a distant events in today business world. There have been many instances of fraud and corruptions reported newspaper have led to the downfall of large organizations. There are many more unreported cases fraud and corruption cases occurred in smaller enterprises. Negative impact, in terms of financial, legal and reputational, of fraud on organization is far reaching. It is crucial for organisations to have a strong fraud risk management programme, especially when the company expand into new and emerging markets. Regulators and the senior executives today expect robust fraud risk management to prevent and detect fraud. Organization today are taking proactive step in managing fraud risks with framework, structure, policies, processes, systems putting in place.

On completion of this program participants will

  • Gain knowledge on fraud risk management and proactive fraud prevention measure
  • Aware of the overall concept of fraud and fraud risk management
  • Learn about different type of fraud schemes and red flags
  • Recognize key components of effective fraud risk management and able to set up one
  • Able to set up and conduct fraud risk assessment and whistle blowing program
  • Understand the various roles and responsibility and stages in fraud detection
  • Able to design fraud risk awareness educations

1. Overview of fraud and corruption risk management

  • Definition: What is fraud & what fraud risk management
  • Why organization today cannot ignore fraud risk (understand SOX)
  • Global fraud trends from ACFE Report to Nation
  • Regulatory requirements on fraud risk management and auditors’ role

2. Different façade of fraud and corruption scheme

  • Misappropriation of Assets
  • Fraudulent Statement
  • Corruption, kickback, FCPA, AML
  • Cyber security, data protection

3. Combating Fraud from Fraudster mind

  • Triangle of Fraud (1950s) vs Pentagon of Fraud (today)
  • Profile and mind of the fraudster
  • From Fraud Concealment to Detection and Prevention
  • Common Techniques in Fraud Concealment, Fraud Conversion

4. Key Component of Successful Fraud and Corruption Risk Management

  • 4 Key PDDC Components – Prevention, Detection, Deterrence, Correction
  • Business Practices, Culture and Ethics
  • People management, Training and Communication
  • Enterprise-wide Assessment
  • Detection and detection program
  • Fraud Response Management
  • Continuous Monitoring

5. Prevention - Business Practices, Culture and Ethics

  • Governance Practices and Culture (tone at the top)
  • Governance Structures (1st, 2nd and 3rd line of defense (and 4th line?))
  • Tone at the top, control environment
  • Policy & Procedures

6. Prevention - Human Capital Management

  • Hiring, Training and development (KYE)
  • Accountability, Performance Measurement, Compensations
  • Disciplinary and separation
  • Ethic program, Code of Conduct, Conflict of Interest declaration
  • Reminder, Roadshow, Refresher
  • Fraud risk awareness

7. Detection - Enterprise Wide Assessment

  • Fraud Risk Assessment (Fraud Risk Register)
  • Theme Review
  • Control Self-Assessment
  • FCPA/ Corruption Assessment
  • Enterprise Risk Assessment (ERM)
  • Internal Audit, Surprise Audit
  • Fraud Red Flags and Early Prevention

8. Setting up Whistle Blowing Hotline

  • Management & Audit Committee Sponsor
  • Policy Establishment
  • Confidentiality and Non-retaliation
  • Process, procedures, socialization, training, declaration, annual refresher

9. Continuous Monitoring and Continuous Auditing

  • Transaction level monitoring and validation
  • Continuous Monitoring vs Continuous Auditing
  • Data analytics, Data Mining, E-discovery (Big Data)
  • Digital Forensic, profiling and social media

10. The Mixture - Detection and Prevention

  • Automate Check-and-Balance
  • Authorization, Rotation, Reconciliation, Review (3R)
  • KYC, KYS
  • System Validation, System Controls
  • Unannounced Measures (getting ahead)
  • Where is my internal control? (Cash, Sales, Procurement, GL…)

11. Correction – Setting Fraud Responses and Investigation Framework

  • Policies, Guideline
  • Fraud Response Framework
  • Tone at the top, Zero Tolerance, Firm Execution
  • Reporting procedures and Fixing the Gap
  • Voluntary disclosure or not?
  • 7 ingredients of successful Fraud Investigation (DDFIIRE)
  • Evidence Concept and Evidence Handling
  • Legal consideration

12. Fraud and Corruption Risk Management

  • Challenges and resources
  • Business owners, senior management team
  • CFO, Financial controller
  • Internal auditor, Audit manager, Audit directors
  • Control and compliance officers, Risk manager,
  • HR Manager

Presentation, group discussion, case study. Multimedia, interaction and template sharing

Kent Hoh

Kent Hoh

Kent Hoh is a prolific trainer in audit, fraud investigation, corporate governance, personal effectiveness, blockchain technology and big data. He has over 20 years’ experience in leading internal audit and forensic investigation functions of MNC in the region and globally. Kent Hoh has also spearheaded several roles in financial management, compliance and corporate governance of technology company. Kent has conducted numerous audit and investigation projects in Americas, Asia and Europe including Singapore, Indonesia, Malaysia, Thailand, India, Pakistan, China, Japan, Australia, New Zealand, Brazil, Hungary, Poland, Italy, Germany, USA, etc. Some of these projects involved hundreds of million dollars fraud scheme and syndicated crimes.

Kent holds a master’s degree in business Admin (MBA), Graduate Diploma in Business, Bachelor of Law (Hons), and a Bachelor of Accounting (Hons). Kent Hoh is also a Certified Fraud Examiner (CFE) and Certified Internal Auditor (CIA). He possesses the qualifications of the UK Chartered Secretary and Administrator (ICSA), Malaysian Institute of Certified Public Accountants (MICPA), Certified Information System Auditor (CISA) and Certified Bitcoin Expert (CBIE).

Kent Hoh has been an active trainer for large corporations, SME and non-profit-organizations such as Institute of Internal Audit (IIA) Singapore, IIA Malaysia, Institute of Singapore Chartered Accountants, Malaysia Institute of Accountants, China IIA, China Enterprise Anti-fraud Alliance, Enterprise Financial Management Association of China. Kent Hoh is also an adjunct lecturer for universities and college in Singapore, Shanghai, Nanjing and Hangzhou, China. As an enthusiast in cryptocurrency and a bitcoin mining farm investor, Kent researched heavily into this revolutionized Blockchain technology. He teaches fundamental blockchain and cryptocurrency at various institutions in China.

Currently, Kent Hoh serves as the Vice President of Internal Audit in an SGX listed company. As a strong believer that knowledge sharing create synergy, Kent is very passionate in sharing his experience. He capitalizes his free time conducting training classes and workshops.

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