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

Author: Lynn Fountain

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.

Publication Date: May 2024

Designed For
Executives; Board; Management; Internal and External Auditors; Accountants; Compliance and Legal professionals

Topics Covered

• Define a typical fraud risk assessment
• Define a real-time fraud risk assessment
• Review step one and two in creating a real-time fraud risk assessment
• Examine how to quantify, assess and prioritize risks in a real-time fraud risk assessment utilizing technology
• Identify several streaming platforms currently available
• Discuss the process of analyze, prioritize and process information from a real-time risk assessment
• Examine communication and reporting concepts
• Review real-life case studies

Learning Objectives

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

Level
Overview

Instructional Method
Self-Study

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

Program Prerequisites
None

Advance Preparation
None