fraud risk management
DESCRIPTION
Fraud is an elephant which is easy to see but very complicated to describe. The intent of fraudster are difficult to test butTRANSCRIPT
- 1. FRAUD RISK MANAGEMENT PRACTICAL SENSE -PART IISako MayrickELSAM MANAGEMENT CONSULTANTS WWW.ELSAMCONSULT.COM
2. What is fraud? Fraud is a broad legal concept that generally refersto an intentional act committed to secure an unfairor unlawful gain. Misconduct is also a broad concept, generallyreferring to violations of laws, regulations, internalpolicies, and market expectations of ethicalbusiness conduct. Intentional act by one or more individuals amongmanagement , those charged with governance,employee or third parties involving the use ofdeception to obtain an unjust or illegal advantage 2 3. Types of fraud AssetFraudulent MisappropriationFinancialReporting Other Questionable Manipulation, falsification/alteration ofor Improperrecords or documents Business Misappropriation of assets Practices Suppression or omission of the effect oftransaction from records or documents Recording transaction without substance Misapplication of accounting principles3 4. New Work 5. Why fraud happens? Opportunity- due to weakAnd override of controlsPressure Fraud Need/ Unrealistic Corporate Rationalization Target canEvery one Force Does itEmployees to Simply borrowCommit fraud -money 5 6. NewEnvironment 7. NewColleagues 8. Welcome 9. Todays Overview Familiarize yourself with 1 your new assignment Explore your new 2 environment Meet your new 3 colleagues 10. Learning Objectives Technology Procedure Policies Benefits 11. NEW WORK 12. New WorkThe technology learning curveNew1 yr 2 yr 3 yrEmployee 13. Whos WhoLeadContact informationJim [email protected] [email protected] [email protected]@company.com 14. Working Toward MasteryAchieveMasteryProjects Worked On GetExperienced Get FamiliarTime Spent 15. Doing Your Best Work Working from home Working offsite Technologyrequirements 16. Case Study Jeremy His first day Mistakes made Successes achieved The moral of the story 17. Discussion What we can learnfrom Jeremy Best practices Take-aways 18. Summary Define your challenges Technological as well as personal Set realistic expectation Mastery is not achieved overnight Keep your eye on the goal Mentorship programs 19. Resources This slide deck and related resources: 20. QUESTIONS? 21. APPENDIX