MITIGATING FRAUD RISK WITH EFFECTIVE INTERNAL CONTROLS

INTRODUCTION
This intensive 1-day course equips participants with practical knowledge and strategies to identify, assess, and mitigate fraud risks within their organizations. Participants will learn how to design, implement, and strengthen internal controls that safeguard assets, ensure compliance, and promote a culture of integrity and accountability.

This course is ideal for internal auditors, risk managers, compliance officers, finance professionals, and managers seeking to minimize fraud exposure and enhance organizational controls.
 

COURSE OBJECTIVES

By the end of this course, participants will be able to:

• Understand the nature, types, and impact of fraud on organizations.
• Apply fraud risk assessment techniques to identify and evaluate vulnerabilities.
• Design and implement effective internal controls to mitigate fraud risks.
• Leverage technology and monitoring tools for fraud detection and prevention.
• Foster an ethical organizational culture that supports transparency and accountability.
   

COURSE OUTLINE

Module 1: Understanding Fraud and Its Impact

• Defining fraud: types, schemes, and common red flags
• The cost and consequences of fraud on organizations
• Fraud triangle and behavioral indicators
• Case studies of fraud in financial and non-financial institutions
   

Module 2: Internal Controls Framework

• Purpose and importance of internal controls
• Components of an effective control environment
• Segregation of duties, authorization, and approval processes
• Preventive vs. detective controls
   

Module 3: Fraud Risk Assessment

• Identifying and evaluating fraud risks
• Tools and techniques for fraud risk assessment
• Integrating fraud risk into enterprise risk management (ERM)
• Linking risk assessment to control design

Module 4: Designing and Strengthening Controls

• Best practices in internal control design
• Using technology and data analytics in fraud detection
• Continuous monitoring and reporting mechanisms
• Control testing and validation

Module 5: Building a Fraud-Resilient Culture

• Leadership’s role in promoting ethical conduct
• Employee training and awareness programs
• Whistleblowing mechanisms and reporting channels
• Accountability and continuous improvement in fraud prevention