Whether you are working as an internal auditor or are managing the financial services for a company, an understanding of the ramifications of economic crime is knowledge that is important in a technologically driven society.
Corporate training educators currently offer one and two-week seminars where finance practitioners can gain specific skills in this area. If you are directly responsible for investigating or detecting economic crime, or need to obtain a better understanding of fraud prevention, training in this area is essential.
Specific Learning Objectives :
The learning objectives you want to meet if you attend a seminar on economic crime and fraud prevention are the following:
The ability to apply advanced fraud management techniques and strategies
A better understanding of the relationship between contractual frameworks and commercial needs whilst overseeing end-client relationships
The development of efficient performance contracts and contractual frameworks
The capacity to enhance one’s role and benefit organisationally
Even if you spend a week in training by signing up at such platforms as http://www.lct.co.uk/, you will walk away far more astute about your efforts in reducing the impact of fraud and similar online deceptions or activities.
A Review of the Course Content :
The type of course content that is covered when reviewing economic crime and fraud prevention is quite comprehensive. For example, you will usually review such subjects as the principles of revenue, fraud management, the development of effective revenue assurance strategies, auditing, and economic crimes by organisation.
In the course of revenue assurance, you will review the importance of revenue streams to an organisation, as well as how cash flow is affected when fraud management is in place. International Financial Reporting Standards (IFRS) are reviewed and considered too.
Revenue Assurance Strategies :
In a course covering revenue assurance strategies, students learn to construct assurance techniques that will prove to be workable and effective. This type of training also reviews the liaison between management and the revenue assurance stakeholders inside a company. Managing revenue assurance and end-client relationships is also discussed. This part of the training gives students an opportunity to review the process and helps them better perceive the organisation’s role in the development of assurance strategies. International contractual and legal best practise methods are reviewed as well.
When it comes to fraud management, students take an overview of potential occurrences of fraud whilst creating efficient anti-fraud processes and strategies. They also learn to communicate organisational fraud combat techniques to stakeholders. Effective fraud reporting structures are covered as well. Best practice techniques for international fraud combat are part of the course’s offerings.
The Audit Function :
In addition to overseeing the management of risk and developing the proper techniques against fraud, the students review the audit function in combating both economic crime and fraud. The role and structure of the audit committee and audit charter is covered as well. Capturing organisational risk profiles by way of audit outputs is another way financial professionals become better informed about managing fraud, or recognising some of the nuances involved with economic crimes.
Economic crime encompasses such topics as money laundering, off-shoring by way of corporate structures, working with worldwide enforcement agencies, and developing efficient prevention, compliance and detection systems. All these subjects, when presented in seminar training, give financial professionals a lot to think about.