Vendor Fraud – How To Protect Against the Growing Threat

MessageThis Webinar is over
Date Sep 19, 2018
Time (1:00 pm to 2:30 pm )
Cost 10524.00
Online
This training on detecting and preventing vendor fraud will help the attendees to identify the different types of vendor-related fraud schemes and implement best practice anti-fraud control strategies.

Why Should You Attend:
Billing schemes are the most common type of external fraud schemes threatening most organizations.

Participants will learn how to identify varieties of vendor-related fraud schemes damaging organizations of all kinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the payment process to embezzle funds for years before being detected—and how to shorten the time before discovery.

Learning Objectives:
Participants will be able to:
  • Conduct a quick and cost-effective fraud risk assessment for your payments/vendor operations
  • Implement effective vendor/billing fraud detection techniques and build audit practices to detect red flags of common schemes.
  • Implement best-practice anti-fraud control strategies for vendor fraud
  • Advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls
  • Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Areas Covered in the Session:
  • Introduction
    • Statistical overview of the fraud problem
    • Who commits vendor fraud
    • Lessons from fraudsters
  • Common Types of Vendor Fraud Today
    • Billing fraud schemes
    • Shell company schemes
    • Vendor master file schemes
    • Double billing schemes
    • Internal manipulation of vendor master file
    • Internal perpetration of shell company/pass-through vendor schemes
    • Kickbacks/bribery
    • Conflicts of interest
  • Red Flags of Vendor Fraud
    • Conducting a fraud risk assessment and recognizing the red flags of vendor and collusive fraud
    • The fraud risk mitigation cycle
    • Implementing an organization-wide system for detecting, preventing and investigating fraud
  • Fraud Detection
    • How vendor frauds are most often detected
    • Additional general detection methods
    • Data mining/analytics for fraud detection
    • Examples of fraud audit techniques at work
  • Anti-fraud Controls for Vendor Fraud
    • Internal controls and other fraud prevention measures
    • Who should manage anti-fraud activities for AP
    • Internal controls: Dos and Don’ts
    • General controls: Segregation of duties, delegation of authority, background investigation
    • Specific AP Operations-level controls for foiling vendor schemes.

 


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