On Day One the course looks at preventing and minimizing fraud and corruption risks with a strong emphasis on continually improving staff awareness.
- Strong management commitment
- Resources dedicated to defining, implementing and overseeing fraud and corrupt prevention initiatives
- Availability of various ethics and integrity-related publications for staff
- Various policies and procedures that provide clear guidance to staff on matters such as fraud and corruption control and conflicts of interest/gifts, benefits, and hospitality
- Identification and management of fraud and corruption risks via a comprehensive risk assessment and risk treatment plans
- Pre-employment screening
- Implementing a Fraud and Corruption Control Framework to prevent fraud
Part of the reason why fraud can go undetected and unreported for lengths of time is the fact that it can occur in so many different forms. Usually, though, fraud will fall into three categories: asset misappropriation (stealing or misusing company resources and/or cash), financial statement fraud (misrepresenting information on company financial reports), and corruption (using one’s own or the company’s influence for personal benefit).
Everyone in the organization should be made aware of these different types of fraud and what the red flags are for each.
Effective fraud awareness training is critical when it comes to the prevention and detection of fraud in the workplace. Whilst it’s true that no-one likes to think their employees or colleagues can commit a fraud offense, ensuring that a proper anti-fraud training plan is put in place is far easier and more effective than trying to recover losses after fraud has taken place. Remember, prevention is key when it comes to corporate fraud and corruption.
Fraud awareness and corruption training educates members of staff about the threat of fraud and the ways in which it can damage organizations. We provide examples of different sorts of fraud (e.g. bribery, false accounting, insurance fraud, and so on) and discuss how to identify them and the specific warning signs and prevention methods for each. Since fraud and corruption awareness requires everyone in the organization to remain vigilant against fraudulent practices and is an ongoing process the course suggests sample in-house refresher training and reinforcement options.