Fraud Trends for the Future - Need for Real-time Risk Assessment - Part 2 (Completed)

Date: Friday, May 24, 2024 Instructor: Lynn Fountain Begin Time:  11:00am Pacific Time 12:00pm Mountain Time 1:00pm Central Time 2:00pm Eastern Time CPE Credit:  2 hours for CPAs

An issue that is becoming more critical to companies relates to the need for real-time fraud risk assessments. But what does that really mean? Most are comfortable and aware of the term risk assessment. A fraud risk assessment is aimed at proactively addressing a business’s vulnerabilities to internal and external fraud. This includes:

Types of fraud vary by business line Internal frauds include embezzlement and misappropriation of assets, External frauds include hacking and theft of proprietary information

But the concept of a risk assessment typically implies a process that is conducted on a periodic basis. Studies have shown the system has reduced fraud losses in the U.S. by 70% since 1992, when real-time fraud detection was introduced. This course compliments the course on Fraud Trends for the Future – Need For a Real-time Fraud Risk assessment Part 1 and delves further into the elements that comprise a real-time fraud risk assessment or detection process.

Who Should Attend
Executives; Board; Management; Internal and External Auditors; Accountants; Compliance and Legal professionals

Topics Covered

• How Real-time fraud detection varies from your periodic fraud risk assessment
• It is the real-time execution of fraud-detection algorithms to detect fraudulent activities in real time (on credit cards and other financial payment systems as well as operational activities)
• Making use of real-time data analysis such as forensic analytics and predictive analytics to determine if an ongoing transaction is legitimate or not

Learning Objectives

• Review concepts identified in Part 1 of this series
• Discover and define a typical fraud risk assessment
• Discover a real-time fraud risk assessment
• Explore and review step one and two in creating a real-time fraud risk assessment
• Explore and examine how to quantify, assess and prioritize risks in a real-time fraud risk assessment utilizing technology
• Identify several streaming platforms currently available
• Discover and discuss the process of analyze, prioritize and process information from a real-time risk assessment
• Explore and examine communication and reporting concepts

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None

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