Fraud Awareness Programs

Why Should You Attend:

Many organizations don’t think about the fraud issue until something has occurred or been identified and they need someone to perform an investigation. Inherently, organizations strive to ensure the individuals they hire are honest and ethical. In the same vein, executives often find themselves avoiding the open topic of fraud awareness because of the concern that “fraud awareness may lead to people committing fraud”. However, this very fact can itself contribute to an atmosphere that allows inappropriate behavior to happen. Depending upon the fraud perpetrated, the professional who takes on the investigative and examination role may vary. However, all compliance and risk professionals can perform a vital role in their organizations’ anti-fraud program.

Most organizations would agree that pro-active identification of risks is more beneficial than reactive mitigation. Similarly, pro-active process for training and educating the employee population about fraud can serve a much greater benefit than simply reacting to identified instances.

This webinar will discuss recent history and profile of fraud cases and how the fraud triangle can be utilized in awareness and mitigation techniques. It will also discuss fraud concerns for 2013 and the key concepts of fraud awareness. It will make attendees familiar with the root causes of fraud and compliance and risk professionals’ role in communicating and training on fraud awareness.

Areas Covered in the Webinar:

This session will cover the following learning objectives:

• Recent history and profile of fraud cases
• How the fraud triangle can be utilized in awareness and mitigation techniques.
• Understanding and identifying those process most susceptible to fraudulent activity.
• Fraud red flags and process awareness.
• Fraud concerns for 2013 and key concepts for fraud awareness
• Understanding the fraudsters profile and the root causes of fraud
• The compliance and risk professionals role in communicating and training on fraud awareness

Who Will Benefit:

• Management
• Risk and legal professionals
• Internal auditors
• Compliance professionals
• Process improvement professionals

Lynn Fountain
Former Chief Audit Executive, Aquila

Ms. Lynn Fountain, CGMA, CRMA, MBA, has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. She currently executes two highly recognized e-workshops for the Institute of Internal Auditors, one on Fraud and the second on Ethics. Both workshops have incorporate aspects of COSO 2013.

Ms. Fountain is in the process of authoring a publication for the IIA Research Foundation on aspects of fraud auditing. The publication is due out in 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas.

Topic Background:

With the ever increasing focus on fraud in the workplace; compliance requirements and standards now require companies to take an active stance towards fraud awareness and evaluation techniques. With the impending release of COSO 2013, the concept of fraud awareness will gain additional focus. Fraud awareness must go beyond typical processes of a whistleblower hotline, fraud policy or code of conduct. The concept has to be imbedded in the organization and there must be active procedures to monitor and evaluate processes for potential fraud. Although controversial, the concept of understanding fraud red flags and fraud scenarios should be one that is understood by more than just the internal or external auditors. Professionals must understand the rigor and processes that the company has in place for the active evaluation and detection of potential fraudulent activity.

Experts on the topic of white collar fraud profile fraudsters as long-term, respected employees that are well like and hold positions of trust within their organizations. With this in mind, the topic of fraud awareness and understanding become even more critical to the health of all businesses. In addition, today’s economic climate contributes to an increased risk of corporate fraud. Research has found that the most successful way to combat this type of unwanted behavior is diligent and focused training and awareness and knowledge surrounding the elements that contribute to fraud. The fraud triangle presents three requirements for fraud to occur: motivation, rationalization and pressure. Fraud can be as simple as borrowing from the petty cash fund to a complicated Ponzi scheme. Experts in the area tell us the best prevention method lies in fraud awareness. With the ever-increasing risk and focus on the aspects of fraud in the workplace, it is critical that companies take pro-active measures for the monitoring and detection of unwanted activities. Companies engaged in international activity are even further exposed to risk through requirements established within the Foreign Corrupt Practices Act.

Compliance and risk professionals are in a unique position to be able to provide valuable assistance to their companies in multiple areas which incorporate the fraud topic including awareness, evaluation, and investigation and monitoring. Due to the many implications the subject of fraud has within an organization, professionals must approach the topic ensuring they have the proper knowledge and tools to be effective in executing any responsibilities in this area.

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