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The Fraud School is made up of 2 individually bookable modules:
This 5-day course will provide you with practical skills and enable you to help your organisation recognise, remove, and resolve fraud by firstly recognising fraud when it is happening and apply data science for fraud detection.
Key course highlights include:
- Demystify fraud, corruption, bribery, and cybercrime and recognise where it is already impacting on you and your organisation
- Put into practice tried and tested recipes which successfully pinpoint examples of fraud and waste
- Learn to implement your own Pre-Crime approach which detects and removes fraud before it spreads
- Learn state of the art techniques, to identify and analyse raw data and turn it into knowledge
- Design data models and develop your own algorithms to transform this data into intelligence and knowledge which can be used to discover the red flags of fraud and corruption
Fraud School: 1 Detecting and Preventing Fraud
The first part of the Fraud school comprises of 3 days where you will develop ready to use and hands-on skills which are fit for tomorrow’s financial world, participate in live assessments, immerse yourself in cases and simulations, conduct interviews with whistle-blowers and fraudsters, analyse dramatic situations and follow money flows. You will also learn from guest experts and participate in Q&A sessions, self-assessment and of course groupwork and feedback from your peers and the instructors.
Course materials will include tools, videos, case examples, sample data files, templates, extracts from books and publications and your initial assessments.
Fraud School 2: Fraud Data Science and Analytics
The second part of the Fraud school comprises of 2 days where you will learn about data science for fraud detection and resolution to utilize the power of data by learning a cutting-edge approach to build your own early fraud detection models and support fraud investigations. Learn to design data models and solutions where you use data combined with proven methodologies to pinpoint fraud perpetrated against your organisation by unethical suppliers, customers, agents, middlemen, opportunists, hacker, criminals, and your own people.
The course is based around actual but anonymised fraud and corruption cases. As part of the learning process, you will be provided with fit for purpose data-files and transactions to analyse on your own computer, using your own spreadsheet and other software. You will also have the opportunity to get a demonstration of a selection of tools (some of which are freely available)
Who Should Attend?
This course will be of most value to:
- Financial Controllers and Financial Directors
- Senior and Chief Accountants
- Internal and External Auditors
- Legal and Compliance Officers, Risk Managers
- Corporate Governance staff
- Internal Information Managers and Data Scientists
Day One: Recognising and Resolving Fraud (introduction)
Module 1: Objectives of the program and introduction to Demystifying Fraud
- The landscape of fraud and what does that mean to me and my organisation
- Seven major types of fraud (and how to turn the “wheel of (mis)-Fortune” back in your favour
- Why does fraud happen, who does it, and how much does it cost?
- What Fraud Detective Skills do I already have?
Warm-up exercise (in pairs): Get in touch with your own “Fraud Detective DNA”. Are you primarily transactional, technocratic, intuitive, or holistic and what other special traits do you have?
Module 2: How to out-think the fraudsters
- The criminal mindset (and in particular why everyone, including us rationalizes our behaviour)
- Case examples to present and share
- Recipe: How to identify where your own organisation is exposed to fraud by “thinking like a thief”
Exercise (in pairs): Think Like a Thief and feedback session
- How to recognise the early warning signs of fraud in documents, transactions and behaviour
Case study consisting of 3 scenarios with supporting documents. Are you able to identify the red flags and what would you do next?Assignment and Essential Study
Participants will receive relevant background reading, a short situational case assignment involving a whistle-blower, plus an important reflection question for Day 2
Day Two: Assess and Detect Fraud Now
Module 3: Recognise the Risk of Fraud in your organisation
- Recap from Day 1 and reflections (case study and key question)
- How is fraud recognised today and how should it be recognised?
- Cyber Crime – the latest trends and tips and its relationship to fraud
- A step-by-step recipe to developing the fraud risk profile of your own organisation
Exercise (in groups): Follow the recipe to predict and identify where your organisation is being defrauded followed by a group feedback session
Module 4: Detect Fraud by “Following the Money”
- Why following the money is arguably the single most effective way to discover fraud early before it spreads?
- The seven classic recipes to recognise fraud
- How to understand and interpret the key indicators
- Develop and customize your own fraud detective recipes to your own organisation’s fraud profile.
Exercise (in groups) – “Practice makes perfect”: Five rapid-fire and varied cases where you put your Fraud Detective skills into action. Followed by a feedback session
Assignments and Essential Study
Develop your own organisational fraud profile and have the opportunity to receive individual feedback from the instructors.
Relevant course reading will be provided.
Reflection question: How would you resolve the 5 cases you discovered?
Day Three: Resolve Fraud to Resilience
Module 5: Resolving Fraud Efficiently
- Recap from Day 2 and review of case examples
- Introduction to Fraud Investigations and Interviews (the easy wins and the pitfalls)
- How to present your results to management in a professional, compelling and positive way
- Implement effective, and humane strategies to resolve fraud and corruption with minimum disruption
Exercise (in pairs): Participants will be presented with a case study involving a “live situation” involving meeting a whistle blower, the accused and the management.
The mission is to navigate the minefield of fraud and ensure that the chosen outcome is the best possible one for the organisation. This exercise will involve real interviews, analysis of documents, and presentations to management.
Module 6: Building Resilience to Fraud
- How to identify and remedying the root causes
- Learning the lessons to avoid recurrence
- How to contribute to greater awareness of fraud in your own organisation
Short exercise (individual exercise with automated and personalized feedback): Initial assessment of your own organisation’s Fraud Maturity and Resilience
- What is true resilience to fraud and how is it achieved
- The steps you need to take to build financial robustness and resilience to fraud in your organisation.
Final Exercise (individual with a presentation in plenum): Develop and hold a short presentation based on everything you have learnt outlining the steps you would take to ensure improved recognition, resolution and removal of fraud in your organisation.
Day Four: Understanding data
Module 1: Targeting the right data to find fraud
- How smart use of data will reveal the footprints of Fraudulent Transactions.
- Fraud Data science for all. How to obtain, process and use data and create data models
- Assessing data quality when you load data and create data models
Warm-up exercise (in pairs): Provide your instant reflections on a small data set on what you sense irregular business transactions
Module 2: Data mining for the “blue diamonds” *
- Using traditional data science techniques to detect fraud
- Familiarising yourself with the emerging techniques in data science and how they can be applied to identify fraud
- Understand legal and regulatory implications when you use data
Exercise (in pairs): Identify the ”blue diamonds” in supplier invoices and supplier master data and tell the story you see in it.
* Finding fraud early is about spotting waste and transforming it into value. Hence we use the term blue diamonds” rather than red flags to describe removal of fraud as an opportunity to boost profits and value.
Assignment and Essential StudyParticipants will receive a datafile in Excel format, a short situational case assignment, plus an important reflection question for Day 2
Day Five: Which are the best Fraud Analytics techniques
Module 3: What data do you use to establish fraud alerts
- Recap from Day 1 and reflections (case study and key question)
- Understand how static data is used in isolated and aggregated data models
- Create indicators to allow “static data” tell a story
Exercise (in pairs): Create a set of indicators using data for customers and invoices where you focus on the individual transactions and gain the insights by combining these indicators.
Module 4: How data tells a story (using dynamic data for story telling about fraud)
- Understand behaviouristic patterns in data
- Explore techniques to see how transaction over time can be used
- Combine the internal data with the digital footprint using open research
Exercise (in pairs): Combine transactional data for suppliers and invoices to understand how transactions that are related to each other can be used for indicators to detect fraud
Assignments and Essential StudyParticipants will receive a datafile in Excel format, a short situational case assignment, plus an important reflection question for Day 3
Day Three: Algorithms and Automation
Module 5: How to create automated and intelligent processes to always detect fraud early.
- Recap from Day 2 and reflections (case study and key question)
- Develop your own recipes and algorithms which you can use in your organisation.
- Design solutions that can be repeated and automated
Exercise (in pairs): Use the data for supplier invoices in the Accounts Payables and payments committed outside of the Accounts Payables and create an algorithm that can be used when needed and for a repeated automated use.
Module 6: The end game: Continual detection and resolution
- Understand key issues when designing solutions for continual detection
- Create ways of working to bridge the gap between detection and resolution
- Implement effective, and humane ways to resolve fraud and corruption
Short exercise (individual exercise with automated and personalized feedback): What can you do in your organisation to improve how resolution of the cased you identify and how can you implement it?
- The steps you need to take to FastTrack resolution
- The steps you need to take to build financial robustness and resilience to fraud in your organisation.
Final Exercise (individual with a presentation in plenum): Develop and hold a short presentation based on everything you have learnt outlining the steps you would take to ensure improved recognition, resolution and removal of fraud in your organisation
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyFor 25 years as a Fraud Detective, Nigel has passionately, some will say pathologically, helped organizations across the world recognise and resolve fraud. He teaches all who will, to do the same. He has developed several “Defence against the Commercial Dark Arts” courses, written three books as well as fraud games, dramas and plays, all designed to make the tools of the fraud detective and “fraud resolver” accessible to all. Nigel Iyer is an English Chartered Accountant, Computer Scientist and Dramatist, as well as a Fellow of the Chartered Institute of Management Accountants. Whilst it is well known that the cost of fraud is massive, corrosive and rising, and affects all our organisations Nigel believes that it far too important a cost to be tackled late or left to specialists alone. “Every single member of the financial community should be able to spot the warning signs of fraud early be it a greedy supplier, customer or middleman, false figures, front companies, criminal involvement and of course our own colleagues with an “over-developed sense of entitlement”. The mantra: “Stop fraud early and save costs soon quickly” together with a combination of early detection, effective investigations which leverage the power of data and remote tools” is more important now than ever before. Nigel believes that everyone of us is a Fraud Detective at heart, and particularly, anyone who managers uses, or deals with money in an organisation should use and develop their skills to help guard the organisation from non-essential costs and harm.
Magnus Mella Kristoffersen
BiographyA leading technology, audit and compliance specialist with 15 years of experience from large multinational organisations. Magnus has specialised in applying effective data-analytics to great advantage in risk assessments, fraud detection, internal & external audit and investigations. He is a firm believer that everyone can use analytics effectively by combining the right questions, self-belief and of course smart tools. Throughout his career as a Chief Compliance Officer from a large international corporation, as a Certified Public Accountant, and CISA certification he has passionately taught applied data analytics through lectures and master classes endeavouring constantly to share knowledge.