This is a professional guide to developing training for fraud risk and detection. This book provides a simple but effective method of developing a fraud risk awareness strategy that focuses on training employees using a six-stage approach to this task that involves understanding the threat, appreciating respective responsibilities, embracing a sound moral compass, recognizing red flags, mastering suitable internal controls, and managing the risk of fraud. Using this step-by-step approach, all senior executives, managers, employees, and associates can develop an important new skill set that will help them understand and deal with the risk of fraud in the workplace.
Preface xi Part I UNDERSTANDING THE THREAT 1 1 What Do We Mean by Fraud? 3 What can go wrong? 4 What do the experts say? 6 Our model explained 8 Income 8 Expenditure 9 Assets 10 Data 11 Our three key conclusions 12 2 A Wide Range of Threats 13 What can go wrong? 13 What do the experts say? 17 Our model explained 19 Simple 20 Complex 21 Internal 22 External 23 Our three key conclusions 24 3 T he Global Scene 25 What can go wrong 25 What do the experts say 28 Our model explained 29 Domestic 30 Foreign 30 Goods and services 31 Financial data 31 Personal identity 32 Image versus reality 33 Our three key conclusions 33 4 Building Your Fraud Smart Toolkit 35 Key learning objectives 35 Part I multichoice quiz 41 Part II APPRECIATING RESPECTIVE ROLES 47 5 Fraud Smart Roles and Responsibilities 49 What can go wrong? 49 What do the experts say? 51 Our model explained 54 Corporate anti-fraud policy 55 Fraud prevention 55 Fraud detection 56 Fraud response 57 Our three key conclusions 58 6 Fraud Smart Skills Profile 59 What can go wrong? 59 What do the experts say? 61 Our model explained 63 Compliant 63 Honest 65 Competent 65 Astute 66 Our three key conclusions 67 7 Fraud Smart Training Needs 69 What can go wrong 69 What do the experts say 71 Our model explained 72 Anti-fraud policy 73 Training policy 74 Fraud control responsibilities 74 Current versus required profile 74 Personal development strategy 76 Our three key conclusions 76 8 Building Your Fraud Smart Toolkit 79 Key learning objectives 79 Part II multichoice quiz 84 Part III EMBRACING SOUND ETHICS 91 9 T he Moral Compass 93 What can go wrong? 93 What do the experts say? 95 Our model explained 96 Societal best interests 96 Corporate best interests 97 Personal best interests 98 Our three key conclusions 99 10 Implementing Values 101 What can go wrong? 101 What do the experts say? 103 Our model explained 104 Corporate code of ethics 105 Awareness 106 Disciplinary code 107 Assessment 108 Cultural integration 108 Our three key conclusions 109 11 Whistleblowing 111 What can go wrong? 111 What do the experts say? 113 Our model explained 115 Stance 116 Manager 117 Facilities 118 Experience 118 Awareness and trust 119 Our three key conclusions 120 12 Building Your Fraud Smart Toolkit 121 Key learning objectives 121 Part III multichoice quiz 126 Part IV RECOGNIZING RED FLAGS 133 13 T he Ingredients of Fraud 135 What can go wrong? 135 What do the experts say? 137 Our model explained 138 Benefits 138 Access 140 Motive 141 Concealment 142 Our three key conclusions 142 14 Why People Slip Up 145 What can go wrong? 145 What do the experts say? 148 Our model explained 149 Basic salary versus added pressure 150 Personal needs met? 150 Rationalization 151 Legality versus illegality 151 Our three key conclusions 152 15 Recognizing Red Flags 153 What can go wrong? 153 What do the experts say? 156 Our model explained 157 Lifestyle 158 Position 158 Behaviour 159 Our three key conclusions 161 16 Building Your Fraud Smart Toolkit 163 Key learning objectives 163 Part IV multichoice quiz 169 Part V MASTERING SUITABLE CONTROLS 177 17 T he Control Concept 179 What can go wrong? 179 What do the experts say? 180 Our model explained 181 Control environment 182 Risk assessment 183 Controls 184 Monitoring 184 Objectives, information and communication 185 Our three key conclusions 186 18 Basic Controls 189 What can go wrong? 189 What do the experts say? 191 Our model explained 192 Authorization 193 Exceptions 194 Procedures 194 Verification 195 Supervision 195 Segregation of duties 196 Our three key conclusions 196 19 Fraud Smart Risk Management 199 What can go wrong? 199 What do the experts say? 201 Our model explained 203 Objectives and business strategy 204 Anti-fraud policy 204 Threat assessment 206 Control review 207 Risk management strategy 208 Detection routines 208 Response and fix tools 209 Staff surveys 211 Enterprise risk management 212 Our three key conclusions 212 20 Building Your Fraud Smart Toolkit 2
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