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
