Employee Fraud Detection and Prevention

Why Should You Attend:

Organizations of all kinds and sizes are increasingly threatened by employee fraud. In fact, employee fraud represents the majority of all fraud threatening organizations.

Embezzlement, kickbacks, check fraud, financial statement fraud and vendor billing schemes are just a few of the countless economic crimes committed by employees and outsiders. And with the march of technology, new computer and Internet-driven schemes are being deployed by dishonest insiders all the time.

This webinar will provide attendees with a strong foundation of practical knowledge about how common frauds are committed, how to detect the red flags of these crimes and how to eliminate control deficiencies that provide opportunities for dishonest employees.

Learning Objectives:

• Understand the fraud problem
• Why employees commit fraud
• Essential fraud detection tools and techniques
• Software tools for auditing for fraud
• Best practices for developing and implementing anti-fraud controls
• Identify the red flags of fraud
• How to detect and investigate fraud
• Building an anti-fraud control environment

Areas Covered in the Webinar:

Introduction

1. Statistical overview of the fraud problem
2. Who commits fraud
3. Why employees commit fraud (the fraud triangle)
4. Lessons from fraudsters
5. Common types of internal fraud today

Red Flags of Fraud

1. Conducting a fraud risk assessment and recognizing the red flags of internal fraud
2. The fraud risk mitigation cycle
3. Implementing an organization-wide system for detecting, preventing and investigating fraud

Fraud Detection

1. Fraud detection
2. How frauds are most often detected
3. Additional general detection methods
4. Data mining/analytics for fraud detection
5. Examples of fraud audit techniques at work

Anti-Fraud Controls

1. Internal controls and other fraud prevention measures
2. Who should manage anti-fraud activities
3. Internal controls: dos and don’ts
4. Best practices in anti-fraud controls
5. General controls: Segregation of duties, delegation of authority, background investigation
6. Specific operations-level controls major fraud categories

Who Will Benefit:

• Internal and external audit professionals
• Internal control professionals
• Finance and accounting management
• Compliance and ethics professionals
• Loss prevention and risk specialists
• Security professionals
• Fraud examiners
• Procurement and payables specialists

Peter Goldmann
President, White-Collar Crime 101 LLC

Peter Goldmann, MSc., CFE, is president of FraudAware LLC, the publisher of White-Collar Crime Fighter, a widely read monthly newsletter for internal auditors, controllers, corporate counsel, financial operations managers and fraud investigators. He is a principal of FraudResourceNet, the largest online resource of how-to anti-fraud articles, webinars, audit templates and news.

Mr. Goldmann has developed FraudAware, a 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.

He 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. He holds a Bachelor's degree from the University of Michigan and a Master's from the London School of Economics.

Topic Background:

To effectively protect against employee fraud, it is first necessary to determine who in your organization is likeliest to be a perpetrator and why. With that knowledge, you can begin to understand what fraud fighters commonly refer to as “behavioral indicator” of potential fraud.

Beyond that, however, it is essential to gain the skills for assessing your organization’s risk of being a victim of the large and continuously expanding variety of employee-perpetrated frauds. Only then can you begin to build audit plans designed to identify the red flags of these offenses and, if found, examine clues that may point to the existence of actual fraud.

The ultimate goal of all of this, of course, is to lay the groundwork for pinpointing and then remediating internal control deficiencies that provide the opportunities for dishonest employees to engage in fraudulent activity.

This webinar will touch on all these critical areas, using carefully selected case studies to help illustrate the essential takeaways from the training.

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