Fraud Management and Mitigation

Introducton:

The MBS Fraud training or service is designed for those who wish to learn about the most common white collar crime in business – fraud. Fraud is a phenomenon encompassing the fraud triangle – opportunity, rationalization and pressure – which includes many human psychological components. This service is designed to dive deep into the why, the how and who, as we discuss what the typical fraudster ‘looks like’ and why they decide to perpetuate a crime against a company.

Upon studying the various ways in which white collar criminals do their work, the MBS reviews, with real examples, the ways in which companies combat fraud, in both preventive and detective ways. Further, we explore some of the more common types of fraud discovery, including the use of various data and analytics tools, through case study. Finally, we look at ways in which internal controls can help or hinder fraud prevention via the use of hands on job training and experiences where your organization designs the fraud control. Come learn about how to protect your company’s assets against white collar crime!

• The History and Psychology of Fraud in the Workplace
• Key Traits and Triggers that may suggest Fraud is or could take place
• Internal Controls Discussions that, if absent, can open the door to white collar crime
• Preventive and Detective Controls that combat Fraudulent Behaviors
• Case Studies of Companies who experienced Fraud, as well as those who have implemented actionable internal controls

This MBS service on Fraud creates the following organizational impacts:

• Creates a new awareness of fraud to employees
• Helps employees to understand some of the reasons that people commit fraud
• Identifies traits that employees can observe that may suggest fraud has or is taking place
• Guides employees to new ways of considering internal controls and segregation of duties
• Instills in employees ways in which they can protect themselves and their organizations from fraud
• Utilizes real business cases to demonstrate how fraud happens and the ways in which it can impact a company

Objectives of the Fraud Mitigation Services are as follows:

• Identify the signs of possible fraud within the workplace
• Select the appropriate audit procedures to be followed in conducting a fraud audit
• Select and explaining the areas of risk and exposure to fraud in a company situation
• Describe the various remedies available to those who suffer a loss through fraud
• Utilize cutting-edge tools in fraud discovery and prevention

Business Impact

• Fraud has deep, impactful aspects when it happens to a company or organization for which the person is involved. Organizations benefit from this service through:
• Guides organizations, through self-discovery, to realize past times where fraud may have been present in their business, previously unknown
• Asserts a new level of awareness around fraud, in somuch as it instills knowledge of how fraud works, how it happens, etc.
• Encourages participants to acknowledge fraudulent company’s failures and learn from their mistakes
• Coaches organizations to establish internal controls procedures to combat and prevent fraudulent behavior, MBS is at your reach to help out on this
• Mentors individuals or businesses as to how companies can recovery from past fraudulent incidences
• Instills a sense of new knowledge about fraud, those that do and some of the reasons it can happen

Detailed Services offered around Fraud management

Self-Awareness and Identification
• Understanding the Nature of Fraud
• Reflecting on Why People Commit Fraud
• Studying the Fraud Triangle
• Reviewing the Financial and Personal Vices often leading to Fraudulent Behavior
• Profiling a Fraudster

Beginning to Identify & Detect

• Understanding Fraud Measures in Your Organizations
• Discussing the Ways in which companies Fight Fraud Today
• Considering the Gaps in Internal Control Structure
• Identifying Preventive Fraud Controls
• Identifying Detective Fraud Controls
• Reviewing Case Studies – the good, the bad and the ugly

Reporting & Investigating

• Recognizing the Symptoms of Fraud
• Appreciating Whistleblowing within Organizations
• Following up to Fraud Reports by Whistleblowers
• Investigating the Purported Fraud
• Using Data-driven Fraud Analysis Techniques (introduction)

Data-Driven Analysis

• Using Data-driven Fraud Analysis Techniques
• Using Data-mining Software and Procedures
• Grinding through the Data and Discovering the Gold Nuggets
• Investigating Theft Acts
• Investigating and Determining of Concealment has Taken Place

Interview & the Specifics of Financial Statement Issues

• Inquiring Methods and Fraud Reports
• Interviewing Techniques & Tricks
• Understanding Financial Statement Fraud
• Understanding Revenue / Inventory-related Fraud
• Understanding Other Types of Fraud
• Understanding Consumer Fraud