FRAUD AWARENESS AND PREVENTION TRAINING
Fraud awareness and prevention is crucial to protect organizations against financial loss and reputational damage. At Setivel, we develop bespoke fraud awareness and prevention training programmes, taking cognizance of contemporary fraud typologies and threats.
Our fraud awareness and prevention training is all-encompassing, comprising the following key knowledge areas:
- Understanding fraud: Learning the types of fraud, and its potential impact on an organization.
- Risk assessment: Evaluating fraud risks and developing risk management programs.
- Identifying red flags: Recognizing common warning signs, such as behavioral and situational indicators, financial anomalies, and procedural/documentary irregularities.
- Prevention strategies: Underscoring the essence of first-line controls like segregation of duties and vendor verification, as well as the second and third lines of defence for strong governance, risk management and fraud mitigation.
- Detection and investigation: Introducing fraud detection tools and techniques, and their applications.
- Reporting procedures: Emphasizing the correct procedures for reporting suspected incidents of fraud.
- Legal and regulatory knowledge: Understanding the laws and legislation surrounding fraud and its consequences.
Who should receive fraud awareness and prevention training?
1. Employees: All staff members should understand their role in preventing and detecting fraud.
2. Board and Management: Leaders should be aware of their responsibilities in maintaining a fraud-free environment.
3. Contractors and vendors: Third-party entities and individuals with access to sensitive information or assets should also attend fraud awareness and prevention training.
Benefits of fraud awareness and prevention training
- Reduces financial losses: Empirical evidence shows that organisations investing in staff training incur substantially lower fraud-related losses than others.
- Improves detection rates: Employees who receive training are more likely to report fraud, and employee tips are the preponderant means of detecting fraud.
- Strengthens internal controls: Training helps to imbue a culture of compliance and facilitates the implementation of robust fraud prevention measures.
- Enhances reputation: Trained and well-informed staff proactively mitigate fraud thereby protecting organizational reputation and engendering public trust.
- Fulfills legal obligations: Improves compliance with legal and regulatory requirements.