Fraud and risk training

Managing Values believes fraud is often the symptom of an unethical culture and takes a cultural approach to its fraud training. This approach goes beyond the traditional compliance approach which proved so spectacularly ineffective in inhibiting the types of excessive cultural behaviours that led to the GFC.

We believe that to mitigate fraud, corporations need a focused strategy that includes:

  1. Implementation of proper guidelines and policies (setting the tone from the top)
  2. Continuous employee education in ethics and risk management
  3. Constant identification and prioritization of fraud risks
  4. Ongoing evaluation of mitigating controls
  5. Continuous monitoring

Phase 1 Training – Managerial

We recommend a series of Fraud Awareness Workshops for senior and middle managers using experiential processes as follows:

Learning Objectives 

  • To educate managers on their accountability’s to prevent, detect and report fraudulent behaviour or other risk areas under their supervision
  • To develop participant skills in identifying possible fraud situations and challenges in the workplace and how to respond to them
  • To remind managers of the importance of managing culture as a risk management strategy and its link to reputation protection – at both personal and organisational levels
  • To highlight the personal and organisational costs of fraud

Learning Outcomes 

  • Position fraud as the symptom of unethical behaviour
  • Developed understanding of the broad arena of business fraud today and its salient trends
  • Identify the red flags in fraud detection
  • Build understanding of what is expected in managing the fraud risks of the organization
  • Make the links between increased fraud risk and its impact on an organisation’s reputation as well as the employee’s personal reputation

The workshop module

This workshop is based on adult learning principles and experiential learning that will embrace the action learning principles of:

  • input,
  • activity
  • process and
  • generalisation

Workshop materials are designed to answer these typical questions:

  • Q&A session-  All you need to know about fraud
  • Q&A session –  Your organisation’s fraud policies
  • Case study of a culture where fraud became systemic – Challenging participants to justify why a similar incident could not happen in their organisation including Introduction to The Fraud Triangle – Opportunity, Rationalisation, Motive  using examples of fraud incidents and their impacts
  • Assessing the damage fraud can cause in terms of reputation, financial capital, legal licence
  • Descriptions of the various types of fraud  and the profiles of  ‘typical’ fraudsters
  • Detection including ‘Top 20 Red Flags’ for fraud
  • What to do when fraud is discovered
  • Preventing fraud
  • The role of business ethics and culture
  • Fraud and corruption control plan
  • Whistle blowing provisions