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Finance
Accounting
Management

Certified Fraud Risk Specialist

Session Details

Khobar

USD 5,400

excl. VAT
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Overview

The Certified Fraud Risk Manager program is designed to enable fraud professionals to obtain a solid understanding of the key pillars that are required to fortify their organizations against fraud. This program focuses on prevention and enables participants to identify areas within their organizations that are most vulnerable to fraud, providing them with the guidance and tools that will enable them to assist their organizations in designing the appropriate framework to strengthen these areas of vulnerability. The CFRM focuses on Fraud Risks with a specific objective of how fraud professionals can enable their organizations to identify the essential fraud risks impacting their organizations and what are the necessary steps they need to adopt to mitigate these risks from materializing. This program also involves a detailed case study involving a recent multi-national fraud that was revealed in 2020, whereby participants will draw conclusions on what happened and how it could have been prevented

Learning Objectives

Appreciate the importance of effective governance in establishing a solid Fraud Risk Management Framework Identify Fraud Risks specifically at the Board of Directors level Distinguish Fraud Risks prevalent at Executive Management levels Recognize different types of fraud schemes that may impact your organization Facilitate proactive communication with the Board of Directors on establishing a Fraud Risk Management Framework

WHO SHOULD ATTEND?

Internal Auditors Risk and Compliance Officers Forensic Accountants Legal and Ethics Officers Fraud Investigators Financial Controllers HR, Procurement, and Operations Managers Professionals seeking ACFE, ISO 37001, or GRC-aligned knowledge

COURSE METHADOLOGY

BK Management Team believe that learning is not only about acquiring technical skills, it is also about learning behaviors & Competencies that are desirable for work in plant operation & maintenance critical dimensions. Our holistic teaching develops our delegates' personal effectiveness to function both as an individual and as a team player. The course delivery & modes of instruction will incorporate theory , practical skills and Q&A sessions. To enhance learning outcomes, theory sessions will comprise classroom based lecture that will intersperse with interactive discussions, scenario-based, case-study, group exercises, video clips, power point slides, learners' Guide and the application of various tools which will be provided to help in the delegates and participants of the learning’s objectives. With successful implementation of the learnt skills they are bound to enhance Individual & Organizational growth. For online / Interactive Virtual sessions, Delegate should have a stable & good Internet connection on his Laptop

Course Outline

Module 1:

Introduction to Fraud Risk Management

  • What is Fraud? (Definition and Types)

  • Overview of Fraud Risk

  • The Fraud Triangle (Pressure, Opportunity, Rationalization)

  • Key Global Frameworks and Standards:

    • COSO Fraud Risk Management Guide

    • ISO 37001 (Anti-bribery)

ACFE Principles

Module 2:

Fraud Risk Governance

  • Building an Ethical Culture

  • Role of Leadership in Fraud Prevention

  • Code of Conduct & Ethics Policies

  • Board Oversight and Audit Committee Involvement

  • Tone at the Top and Governance Frameworks

Module 3:

Fraud Risk Identification

  • Internal vs. External Fraud

  • Common Schemes:

    • Asset Misappropriation

    • Financial Statement Fraud

    • Corruption and Bribery

  • Industry-Specific Fraud Risks (e.g., Banking, Healthcare, Retail)

  • Tools for Identifying Risks:

    • Brainstorming

    • Historical Loss Analysis

    • Interviews and Questionnaires

Module 4:

Fraud Risk Assessment

  • Components of a Fraud Risk Assessment

  • Risk Mapping and Rating Techniques

  • Inherent vs. Residual Risk

  • Prioritizing and Categorizing Fraud Risks

  • Risk Appetite and Tolerance Considerations

Module 5:

Fraud Prevention and Internal Controls

  • Design and Implementation of Anti-Fraud Controls

  • Segregation of Duties

  • Authorization and Approval Controls

  • Anti-bribery and Anti-corruption Controls

  • Whistleblower Programs and Hotlines

Continuous Monitoring Techniques

Module 6:

Fraud Detection Techniques

  • Red Flags and Behavioral Indicators

  • Data Analytics for Fraud Detection

  • Exception Reporting and Trend Analysis

  • Use of AI and Machine Learning in Detection

  • Internal Audits and Surprise Checks

  • Fraud Detection Checklists and Software Tools

Module 7:

Incident Response and Investigation

  • Fraud Response Plan: Steps and Best Practices

  • Conducting Investigations:

    • Evidence Collection and Chain of Custody

    • Interviewing Techniques

    • Forensic Accounting Basics

  • Legal and Regulatory Considerations

  • Reporting Findings to Management and Regulators

Module 8:

Fraud Risk Monitoring and Reporting

  • Continuous Monitoring Frameworks

  • Key Fraud Indicators (KFIs) and Dashboards

  • Internal Reporting Channels

  • External Reporting Obligations

  • Post-Incident Reviews and Control Enhancements

Module 9:

Technology and Fraud Risk

  • Cyberfraud and Digital Fraud Threats

  • Identity Theft, Phishing, and Business Email Compromise

  • Blockchain and Cryptocurrency Risks

  • Technology Tools for Prevention and Detection

Data Privacy and Compliance Considerations (e.g., GDPR)

Module 10:

Case Studies and Practical Application

  • Review of Major Corporate Fraud Cases (e.g., Enron, Wirecard, Theranos)

  • Industry Case Studies and Lessons Learned

  • Group Exercises: Fraud Risk Assessment & Response Simulation

  • Scenario-Based Workshops

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