RCG202Best Practices in Managing Procurement and Vendor Fraud Risk

COURSE SUMMARY

The course aims to cover the practical aspect of tools and techniques procurement officers and auditors should possess to address potential frauds and lapses in purchasing lifecycle.

COURSE DETAILS

Course Fee SGD 450
Course Duration 1 Day
Course Timing 9:00am - 5:00pm
Course Venue 45 New Bridge Road
SDF Approved Coming soon
Skills Future Credit SGD 269 (CRS-N-0035154)
Upcoming Courses 4 Jul 2019
2 Aug 2019
25 Oct 2019

Procurement fraud is one of the most, if not the most, common fraud schemes within an organization. Procurement is where the money is and procurement fraud can be costly. About 29 procurement fraud schemes can occur in any stage of the whole procure-to-pay cycle. Some of these frauds involve conflict of interest, corruption and collusion, which are very difficult to be detected. Managing procurement fraud risk have always been a painful and unfruitful attempt by many organization. It need not be – if you are equipped with the right knowledge on procurement process, systems, fraud modus operandi and red flag, as well as the skills to detect them early! Using appropriate strategies and tools we can even prevent fraud and manage procurement risk to the lowest!

From this course, participants will gain complete overview of procurement processes and systems. All stages within procurement lifecycle will be discussed to reveal the “inside” of sourcing and buying activities and its unspoken rules. The course aims to cover the learning and application of tools and techniques procurement officers and auditors possess to address potential frauds and lapses in purchasing lifecycle.

Upon completion of this course, the participant will:

  • able to assess or audit the procurement to identify red flags of fraud schemes
  • deploy process and systems to minimize or eradicate procurement control weakness
  • understand the process and procedures of a systematic procurement function
  • able to detect and investigate suspicious red flags of procurement fraud
  • implement procurement fraud risk prevention strategy and processes

1. Overview of Procurement Fraud

  • Reasons why Difficult to Detect

2. 29 Schemes in 8 Categories of Procurement Frauds

  • Corruption
  • Specification manipulation
  • Fake buys
  • Delivery schemes
  • False claims
  • Bidding schemes
  • False info
  • Forgery

3. Detecting Procurement Frauds Red Flags

4. Investigating Procurement Frauds

  • Document Review and Data analytic
  • Surveillance and Digital Forensic
  • Information Seeking Interviewing
  • Confession Seeking Interview
  • Basic concept of Evidence
  • Effective Forensic Investigation Framework

5. Setting Governance on Procurement Fraud Risk

  • Strategies (Tone at the top)
  • Structure (Centralized, Decentralized Procurement, IPO)
  • Process (COC, Rotations, Forced leave, WB Hotlines)
  • People (Position screening, Training, Rewards and Incentive)
  • Governance Structure (Oversight structure, 1st, 2nd and 3rd line defense)
  • Systems (authorization matrix, SOD, system validation)

6. Common Procurement Principles, Processes and Challenges

  • Sourcing vs Buying
  • Low cost vs best value
  • RFx, tender procedures, online procurement platform
  • Market place platforms (vendor specific, non-vendor specific)
  • Procurement Operational Challenges
  • CFO, Finance Manager, Accountant
  • Procurement, HR managers
  • Internal auditor, Audit manager, audit directors
  • Control and compliance officers, Ethic officer, Risk manager,
  • Forensic auditor, Loss prevention and fraud prevention officer
  • External auditors, Regulatory agency staff

Presentation, group discussion, case study. Multimedia 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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