Vendor Fraud - How to Prevent Them for Large scale Companies

This training on detecting and preventing vendor fraud will help the attendees to identify the different types of vendor-related fraud schemes and implement best practice anti-fraud control strategies.

Why Should You Attend:

Billing schemes are the most common type of external fraud schemes threatening most organizations.

Participants will learn how to identify varieties of vendor-related fraud schemes damaging organizations of all kinds, including small businesses and non-profits, and determine how shrewd fraudsters abuse the payment process to embezzle funds for years before being detected - and how to shorten the time before discovery.

This webinar will guide you through each of the critical steps, leaving you with practical “how-to” guidance for minimizing your organization’s exposure to the large and growing variety of vendor schemes and collusive frauds.

This webinar will enable participants to quickly recognize the red flags of external as well as internal vendor fraud in your operations and financial records and will assist in providing cost-effective anti-fraud controls to protect against the growing army of real and phony vendor fraudsters.

Learning Objectives:

Participants will be able to:

• Conduct a quick and cost-effective fraud risk assessment for your payments/vendor operations
• Implement effective vendor/billing fraud detection techniques and build audit practices to detect red flags of common schemes.
• Implement best-practice anti-fraud control strategies for vendor fraud
• Advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls
• Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)

Areas Covered in the Webinar:

Introduction

• Statistical overview of the fraud problem
• Who commits vendor fraud
• Lessons from fraudsters

Common Types of Vendor Fraud Today

• Billing fraud schemes
• Shell company schemes
• Vendor master file schemes
• Double billing schemes
• Internal manipulation of vendor master file
• Internal perpetration of shell company/pass-through vendor schemes
• Kickbacks/bribery
• Conflicts of interest

Red Flags of Vendor Fraud

• Conducting a fraud risk assessment and recognizing the red flags of vendor and collusive fraud
• The fraud risk mitigation cycle
• Implementing an organization-wide system for detecting, preventing and investigating fraud

Fraud Detection

• How vendor frauds are most often detected
• Additional general detection methods
• Data mining/analytics for fraud detection
• Examples of fraud audit techniques at work

Anti-fraud Controls for Vendor Fraud

• Internal controls and other fraud prevention measures
• Who should manage anti-fraud activities for AP
• Internal controls: Dos and Don’ts
• General controls: Segregation of duties, delegation of authority, background investigation
• Specific AP Operations-level controls for foiling vendor schemes.

Who Will Benefit:

• Internal and external audit professionals
• Purchasing/procurement managers and staff
• Accounting and audit practitioners
• AP managers
• Senior financial management seeking to reduce their vulnerability to costly frauds
• Compliance and ethics managers
• CFO’s/senior financial managers
• Security personnel