Self Defence against the Financial Dark Arts
On the Self Defence Against the Financial Dark Arts course, you will be encouraged to consider the consequences of fraud and corruption on your organisation’s resources, culture and reputation. You’ll also explore how the risk and incidence of fraud and corruption can be mitigated through organisational culture, structure, systems and processes.
Through cases, exercises and examples, working in groups and individually, you’ll learn to bring fraud and corruption to life in a “safe setting”, finding out how to deal with key issues in an effective and mature way.
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Fraud is costing the UK around £73bn a year (Source: The National Fraud Authority, ‘Annual Fraud Indicator’, March, 2012). At a time of such fiscal restraint, this is clearly unacceptable.
The countless numbers of high profile frauds perpetrated against companies and organisations, and the fact that fraud and corruption is always in the news, has highlighted that we can never be too careful.
The UK Government estimates that the cost of fraud and corruption is around 5% of Britain’s Gross Domestic Product. The National Fraud Authority’s June 2013 report found that fraud and error is costing the UK public sector £20.6 billion alone.
The average value of fraud committed is increasing by 15% and an estimated £19.9bn of hidden fraud is taking place in the Public Sector alone. Effective counter-fraud arrangements are able to deliver cashable savings directly linked to effective public service delivery.
Almost one third of 3,000 businesses surveyed by PWC had experienced at least one case of fraud (Source: PWC, ‘The Global Economic Crime Survey: Economic crime in a downturn’, 2009). Facts like these make this course a must-attend for managers who are keen to run their organisation more effectively.
Despite a somewhat increased awareness of fraud and corruption in everyday life, and copious new legislation and compliance requirements, very few management courses really explain what fraud and corruption is, and how to defend against it in practice.
Most courses occasionally incorporate a review of fraud and touch on it a brief and abstract fashion through a Business Ethics or Operational Risk module or explore it through a rigid, compliance or legal-focussed governance framework. However, fraud and corruption is an everyday occurrence where every manager has some ability to defend his organisation against the commercial fraud and error.
Self Defence Against the Financial Dark Arts is designed for managers. It equips them with the skills to be able to recognise fraud and error within the workplace and put steps in place to prevent it.
Registration and Coffee
Demystifying Fraud and Corruption
· What is the costs of corruption and fraud, who commits it and why?
· Could I be part of the solution (or the problem)?
The dramatics of Corruption, Bribery and Fraud!
· What’s it like to speak up when those around you are looking another way? What’s it like to be involved in fraud?
· Live demonstration
· How can we learn from experiences?
Your turn to deal with the red flags
Case study and practical session
Case exercise (groupwork)
Assessing our own risks
· How to assess the risks in your organisation by “thinking like a thief”
· Building the fraud and corruption profile for your organisation and using it to reduce risks
Fraud and Corruption – spotting the signals and the
· Human behaviour – detecting deception in and around the workplace
· Reading behind the numbers – finding the patterns in a myriad of transactions
What do when “the wheel falls off”
· What options do you have open to you when investigating corruption and fraud?
· How can you turn “bad news” into good news for you and your organisation?
Summary and our next steps
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Those who attend Self Defence Against the Financial Dark Arts will gain a deeper understanding and knowledge of key issues, including how to:
- Understand and evaluate the impact and effect of fraud and corruption on organisations and individuals, and how this can be applied to the delegate’s own organisational context.
- Understand the mechanics (and anatomy) of fraud and corruption, what causes it, why it is often not discovered, and how it erodes organisational performance.
- Discuss, appraise and criticise how the effectiveness of international and local legislation has been developed to combat corruption and fraud.
- Examine what organisations could do to more effectively combat corruption and fraud, and what new paths and strategies lie open to them.
- Identify and describe methods of fraud, and failures of control, which give rise to fraud, and the characteristics of the individuals responsible for fraud and corruption.
- Describe the most important pieces of legislation and regulation in the context of managing the risk of fraud and corruption, and how these are used in practice.
- Explain the various strategies available to an organisation to defend against (i.e. mitigate) fraud and corruption.
- Identify and describe the considerable barriers that prevent an organisation from adopting effective fraud and corruption management strategies.
- Perform a high level assessment of an organisation’s fraud and corruption management strategy and identify areas where improvements are needed.
- Lead a brainstorming session to identify specific risks of fraud and corruption.
- Design a basic training program for raising fraud and corruption risk awareness within an organisation.
- Know how to identify and deal with the red flags of fraud and corruption.
- Design a basic incident response strategy.