Investigating Financial Crime

Introduction:

This course on investigating financial crimes focuses on combating a prevalent white-collar crime: business fraud. It delves into the fraud triangle—opportunity, rationalization, and pressure—highlighting the psychological aspects involved.

Participants will gain insights into the profiles of typical fraudsters, understanding why individuals commit fraud and the methods they use. The training covers both preventive and detective measures, illustrated by real-world examples of organizational strategies to reduce fraud.

The course also explores fraud detection procedures, including the application of big data and analytics, through case studies. Participants will engage in practical tasks to develop and enhance fraud controls, strengthening internal measures to protect company assets.

Objectives:

By the end of the financial crime investigation course, participants will be able to:

• Describe indicators useful for detecting potential fraud within an organization.
• Determine and implement appropriate audit procedures for a fraud investigation.
• Analyze risk areas and fraud-prone activities within a company and recommend measures to address them.
• Explain remedies available to individuals affected by fraud.
• Utilize advanced tools and strategies for fraud detection and prevention.

Training Methodology:

• Case Studies
• Role Plays
• Simulations
• Hands-On Exercises
• Interactive Workshops
• Expert Panels
• Data Analysis Techniques

Course Outline:

Unit 1: Introduction to Financial Fraud

• Understanding the Fraud Triangle
• Identifying Common Fraudsters
• Psychological Aspects of Fraud
• Organizational Strategies for Fraud Prevention and Detection
• Evaluating Internal Control Structures

Unit 2: Fraud Detection and Prevention

• Developing Fraud Controls
• Enhancing Preventive Measures
• Implementing Detective Controls
• Practical Tasks for Strengthening Fraud Controls

Unit 3: Reporting and Investigating Fraud

• Reporting Alleged Fraud
• Whistle-Blowing Mechanisms
• Fraud Reporting Systems
• Investigative Methodologies
• Addressing Suspected Fraud

Unit 4: Data Analysis for Fraud Detection

• Data Analysis Techniques
• Applying Analytical Tools for Fraud Detection
• Role of Data Mining in Fraud Investigation
• Techniques for Data Sifting and Fraud Detection
• Using Interviews to Investigate Financial Statements

Unit 5: Types of Fraud and Investigation

• Financial Reporting Fraud
• Revenue and Inventory-related Malpractice
• Fraud Against Consumers
• Interview Techniques and Investigation Methods