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Certified Fraud Risk Specialist

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Course 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.

Key Takeaways

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

International Academy of Business and Financial Management
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The International Academy of Business and Financial Management™ is one of the world’s fastest growing professional association with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designations to candidates who meet the highest professional standards and assessment criteria. The IABFM is credited by the American National Standards Institute (ANSI) the International Standards setting authority.

Course Outline

Day 1: Introduction to Fraud Risk Management & Fraud Governance
Fraud Case Studies

•Wellsfargo Bank

Fraud Risk Management Framework

•Overview of global Fraud Risk Management Guidance
•COSO and ACFE's Fraud Risk Management Guide
•Enhancing Enterprise Risk Management (ERM) frameworks
•Integration of specific sections on fraud risks

Board of Directors

Surveys indicate that the costliest frauds often occur at the Board and Executive levels. This program addresses the essential governance disciplines that Boards can implement to enhance transparency and effectiveness in managing fraud risks.
The key Topics highlighted in this area address:
•Related Party Transactions
•Conflicts of Interest
•Code of Conduct
•Performance Assessment
•Embedding Fraud Risks in Strategy Development
•Remuneration Policies
•Fraud Risk – Risk Management, Internal Audit or Compliance? 
•Policies & Procedures
•Systems & Automation
•Employee Accountability
•Performance Measurement

Day 2: Fraud Risk Management Framework
Fraud Risk Management Guide

•Fraud Risk Governance
•Fraud Risk Assessment
•Fraud Control Activity
•Fraud Investigations & Corrective Action Plans
•Fraud Risk Management Monitoring Activities

Fraud Risk Management

•Analyzing Internal & External Factors
•Types of Fraud Risks
•The Fraud Triangle Data Analytics & Risk Identification
•The Fraud Risk Register
•Factors influencing Fraud
•The Anti-Fraud PlayBook
•Different Fraud Schemes
•Thinking like a fraudster

Day 3: Fraud Risk Identification
Fraud Risk Assessment & Identification

•Importance of identifying fraud risks:
1. Essential for effective management of fraud risks
2. Skills required by fraud professionals:
3. Ability to identify fraud risks in various processes
4. Capability to train and guide process owners on identifying fraud risks
•Key techniques for fraud professionals to effectively identify fraud risks
•Case studies
•Activities aim to identify and document potential fraud risks
•Exploration of various fraud schemes across different industries

Day 4
Anti-Fraud Controls

Once fraud risks are identified, participants will learn to design anti-fraud controls to mitigate these risks. The focus will extend beyond the design to address challenges organizations face in ensuring these controls are substantive, not just formal. This section will focus on the following:
•Automated Vs. Manual Controls
•Preventive & Detective Controls
•Control Reports & Data Analysis
•Technology & Related Controls
•Whistleblowing system
•Code of Ethical Conduct
•External Auditors
•Effective Internal Audit Functions
•Whistleblowing Systems
•Anti-Fraud Policy
•Employee Support Programs
•Fraud Trainings for Executives/ Employees
•Dedicated Fraud Department
•Fraud Risk Assessment
•Proactive Data Monitoring / Analysis
•Rewards for Whistleblowers

Day 5
Fraud Investigations

The primary goal of this program is to emphasize fraud prevention through designing and implementing an effective Fraud Risk Management Framework. Additionally, a section on fraud investigations will ensure participants understand how to implement Fraud Investigations and Corrective Action Plans, key components of Fraud Risk Management.
 This section will briefly cover the following:
•Why conduct fraud examinations?
•What do fraud examinations entail?
•Fraud Theory Approach
•Fraud Response Plan
•Initial Response to Suspicions or Allegations of Fraud
•Planning & Conducting Formal Investigations
•Investigation Plan
•Pre-Fraud Examination
•What are the Goals From the Examination?
•Determine Scope of Investigation
•Establish Investigation Timeframe
•Outline the Course of Action
•Analyzing Documents
1. Types of Evidence
2. Forensic Documentation Examinations
3. Chain of Custody
1. Characteristics of Successful Interview
2. Elements of Conversations
3. Inhibitors of Communications
4. Facilitators of Communication

Who Should Attend?

This highly practical and interactive course has been specifically designed for

Risk Management Professionals

Compliance Professionals

Internal Auditors

Fraud Examiners

Related Courses


What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.