Risk Management – Focus on Fraud: 2-Day Comprehensive Workshop

By: Richard Barr, Operational Risk & Back Office Specialist
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“Risk Management – Focus on Fraud” – This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 17 CPE credits upon completion of this workshop.

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Fraud figures high on the list of operational risks that face all banks and financial institutions. This course will look at recent events to see two very clear examples of massive frauds – Bernard Madoff and Satyam. There are of course many others, but these two stand out because of their size and linkage to the present continuing financial crisis.

How would you fare if your bank or organization was faced with a fraud? In fact could you even identify a fraud in your working environment? Are you maximizing your staffs’ potential to reduce fraud and error in your systems? A major by-product of the current financial crisis is the number of frauds which have come to light – frauds that had been running for years.

“Risk Management – Focus on Fraud” is a 2-day intensive course on fraud; what fraud is and how it presents huge challenges for banks, requiring them to radically modify behavior and increase their vigilance in many of the traditional risks associated with banking activities.

This course provides a clear introduction to the world of fraud risk management and shows how it affects bank and customer alike. This two-day course exposes participants to how modern fraud activities are altering their risk profile.

Learning Objectives:

  • Understand the human dynamic – How greed and fraud fit into this fraud pattern.
  • Understand and identify the key fraud indicators and red flags.
  • Understanding operational risk – The big picture and the element that fraud represents in the operational risk continuum.
  • Learn how to position your organization to successfully manage the ever-present fraud problem.
  • Successful strategies and approaches to managing fraud risk.


Who Should Attend :

  • Senior Bank Executives
  • Risk Managers
  • Operations Managers
  • Business Managers
  • Supervisory Staff
  • Internal and External Auditors
  • Operations Officers
  • Business Managers
  • Compliance Officers
  • I.T. Applications Providers Serving Financial Institutions
  • Consultants and Professionals Serving the Financial Services Industry.


This is a highly interactive course comprised of PowerPoint presentations, case studies, multidirectional discussions and exercises.

CPE-GRC We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at Ph: 650 620 3961; email: cpe@grcseminars.com. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.nasba.org, e-mail cpe@nasba.org.

Field of Study:

  • Auditing: 1 CPE Credit
  • Personnel/HR: 1 CPE Credit
  • Social Environment of Business: 1 CPE Credit
  • Administrative Practice: 2 CPE Credits
  • Communications: 2 CPE Credits
  • Computer Science: 2 CPE Credits
  • Business Management and Organization: 4 CPE Credits
  • Specialized Knowledge and Applications: 4 CPE Credits
  • Total CPE credits earned in this seminar: 17 CPE Credits

Program Delivery Method: Group-Live
Program Level: Overview
Advance Preparation/Program Prerequisites: None

Course Outline

Day One (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM

We begin with an introduction to define some basic concepts, principles and associated issues after which we begin our examination of fraud. Day one includes a number of pertinent case studies.

Fraud & Operational Risk

  • Fraud in the operational risk spectrum

What is Fraud?
  • Fraud – an overview
  • What is it?
  • Why is it committed?
  • Basic definition of fraud

The Fraud Triangle
  • Common fraud types
  • How fraudsters think
  • Impact of fraud
  • Criteria for fraud to succeed

Fraud – Nuts & Bolts
  • Categories of Occupational Fraud and Abuse
    • Asset misappropriation
    • Fraudulent statements
    • Corruption
  • Fraud Red Flags
  • Fraud Prevention Programs
    • Code of Business Ethics
    • Fraud Policy
    • Compliance Programs
  • Fraud Prevention Check Up

Fraud in Financial & Banking Services
  • Mapping fraud – interactive exercise
  • Fraud – An ever present threat
  • Evolution of fraud
  • Changing fraud focus

High Tech Crime
  • Changing Fraud Focus
    • Key issues
    • Skimming
    • Counterfeit cards
    • Web attack- Data hacking
    • BIN attack
    • Organised crime gangs
    • Brand damage and loss of consumer confidence
  • Controls Mitigation
    • Issuing controls- CPP detection
    • Merchant education (signature checking etc, use ofCVV2.)
    • Staff education and consumer awareness
    • Effective use of first data alert detection

Cheque Fraud
  • What is Cheque Fraud?
  • Why is Cheque Fraud Critical
  • Cheque Fraud Evolution
  • Who is Responsible for Prevention
  • The Numbers
  • What Cheque Fraud Mean to Business Clients
  • How Cheque Fraud Works
  • Impact of Technology
  • Cheque Risk Mitigation
    • Positive pay cheque matching
    • Payee name match
    • Cheque imaging
    • Electronic balance & transaction reporting
    • Electronic payments

Case Study - Fraud Schemes in Nigeria
  • A Quick History of Nigerian Fraud
  • Common Fraud Schemes in Nigeria including:
    • Case Study – Advance Fee Fraud
    • Case Study – Malicious Code
    • Case Study – Credit Card Information
Day Two (8:30 AM – 4:30 PM)

Fraud Prevention & Internal Controls – Part I

  • Review - What do we Mean by Fraud?
  • What are Real Internal Controls?
  • 10 Reasons Controls Break Down
  • The Impact of Beliefs towards fraud
    • Five common fraud beliefs
    • Better beliefs
  • Common Risks for Organizations
    • Fake Vendor Scheme
    • Theft of Donations
    • 10 Good Ideas for creating an Anti-Fraud Environment

Case Study – Satyam
  • Who is SATYAM?
  • SATYAM – The devastating announcement
  • Why Satyam fell
  • Events leading to the fall
  • Events after the fall

Fraud Prevention & Internal Controls – Part II
  • Review of the Internal Controls
  • Key Aspects of Internal Controls
  • Segregation of Duties

Using Computer-Assisted Auditing Techniques to Detect Fraud
  • What are CAATs?
  • Data Analysis Methodology
  • Types of CAATs
  • The Data Analysis Process
  • Data Mining
    • What is data mining?
    • Data mining in solving crimes
    • Getting data
    • Fraud detection
    • Using data mining to fine financial statement fraud
  • Examples of Fraud Analysis
  • Detection Techniques: Digitizing
  • Case Study: Bearings Bank
  • Case Study: The Fool Service Motor Pool

Fraud Prevention - The Role of the Compliance Officer
  • Knowledge is Liability
  • Responsibilities for Fraud Prevention and Detection
  • How Well Do You Know Your Employees?
  • Anomalies and Symptoms
  • Fraud Indicators – Finding the Truth
  • Internal Controls
  • Cash Misappropriations
    • Embezzlement
    • Skimming & Lapping
    • Larceny
    • Fraudulent Disbursements
    • Elderly Exploitation
  • Three Common Questions to Fraud Investigations
  • The Employees’ Role

Case Study – Bernard L Madoff Investment Securities
  • A Brief History
  • A Long List of Red Flags
  • The Final Analysis
  • The Continuing Investigation
  • Madoff by the Numbers

Meet Your Instructor

Richard Barr
Richard Barr
Operational Risk & Back Office Specialist

Richard Barr , holds a B.S. in International Business Administration from San Jose State University in California. His professional experience spans over 23 years, 5 of which were spent with Wells Fargo Bank. Another 5 were spent honing his global banking skills, when Richard was intimately involved with International Trade Finance, Real Time Gross Settlement and Cross Border Banking. The past 14 years have been in the private and high-tech sectors providing high-level consulting services, business analysis, project management and training to a wide range of banking clientele across the globe.

Richard has also filled the role of advisor to central banks on payment systems and technical payments issues. Furthermore, key staff members from the Bank of England, South African Reserve Bank, Central Bank of Ireland, Bank Indonesia, European Central Bank and Bank of Portugal have attended training sessions presented by Richard.

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Written cancellations through fax or email (from the person who has registered for this conference) received at least 10 calendar days prior to the start date of the event will receive a refund — less a $200 administration fee. No cancellations will be accepted — nor refunds issued — within 10 calendar days from the start date of the event.

On request by email or fax (before the seminar) a credit for the amount paid minus administration fees ($200) will be transferred to any future GRC Seminars event and a credit note will be issued.

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This was a well-organized event. The speaker was very informative and the seminar was covering great real life examples that kept everyone engaged. GRC Seminars is very helpful and it has a professional approach in conducting regulatory trainings.
- Third Party Vendor Management Lead, JPMorgan Chase

The seminar was very informational and the material is very useful in implementing risk assessment program in organizations.
- Cash Management Operations Assistant Manager, Flushing Bank

Instructor was highly knowledgeable and the subjects were well chosen
- Audit Supervisor, Flushing Bank

Richard did a great job and topics related to operations risk structures and frameworks were highly useful.
- Manager, Discover Home Loans, Inc.

This was a very informative seminar. The presenter had thorough knowledge on the subject. He was providing good examples on each topic as he went through the program.
- Deposit Operations Manager, AVP, Flushing Bank

It was a good introduction into risk assessment.
- AVP, Risk Management, MB Financial Bank

Richard was very knowledgeable on the topic.
- Assistant Vice President/Branch Operations Team Leader, Flushing Bank

Real world examples discussed during the seminar was beneficial.
- VP of Operations, Southwest Securities

This seminar was very informative and the speaker was very knowledgeable. Case studies discussed were highly useful.
- Assistant Security Officer, Flushing Bank

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