Day 1
Fraud and Financial Crime Typologies & Drivers
- Types: Asset misappropriation, procurement fraud, payroll fraud, insurance fraud, cyber-enabled schemes
- Drivers: Weak controls, collusion, pressure, opportunity, rationalisation
- Understanding motivation factors: pressure, opportunity, rationalisation – the fraud triangle model
- Real world case studies
- Laws and guidelines: CDSA, CMA, PCA, MAS Notices 626 and 644
Risk Assessment and Red Flags Recognition
- Conducting fraud risk assessments (FRA) and building fraud risk registers
- Recognising red flags: behavioural cues, transaction anomalies, control overrides
- Using KRIs and data points to strengthen fraud detection capabilities
- Case exercise: Fraud mapping and red flag spotting
Internal Controls, Prevention & Detection Tools
- Controls in high-risk areas: procurement, onboarding, treasury, payments, etc
- Fraud controls: Segregation of duties, maker-checker, access control
- Monitoring tools: Behavioural analytics, transaction monitoring systems
- Case study: Weak controls and collusion
Response Planning and Investigation Fundamentals
- Conducting internal reviews and first-level investigations
- Preserving digital and physical evidence – do’s and don’ts
- Using structured documentation – timeline, stakeholders, exhibits
- Drafting a basic incident memo and timeline of events
Day 2
Managing Financial Crime Risk in Key Functions
- Fraud and financial crime in onboarding, payments, insurance claims
- Integrating fraud controls into onboarding, KYC, payments, claims, vendor due diligence
- Real world case studies
- Coordinating among compliance, HR, finance, audit, and legal departments
- Building a control self-assessment (CSA) framework for fraud risks
- Toolkits: Sample FRA template, CSA checklist, fraud incident report form, etc
Incident Response
- Social engineering, internal collusion, and forged documents
- Hands-on case work: Identify weaknesses, propose controls
- Drafting a basic fraud incident report
Culture, Training & Governance Framework
- Designing a fraud governance structure – policies, escalation matrix, training
- Tone from the top, risk ownership, and fraud policy implementation
- Effective fraud awareness training and e-learning strategies
- Measuring effectiveness and adjusting to emerging threats
Synthesis and Action Planning
- Review of concepts and action plan development
- How to apply learnings at the workplace