IQ award at Level 3. International Qualification in Fraud Risk Assessment

The purpose of this of this unit is to enable the student to assess fraud risk in the workplace. The unit aims to cover the core knowledge and competencies required to achieve a fraud risk assessment. The knowledge and skills covered are: International risk based legislation and governance, risk culture within a business, identifying the harm or loss to a business should a risk happen, establishing tools to effectively assess risks, and the skill to produce a risk based presentation to decision makers in a business.

Course Aims

1. Explain relevant corporate governance and risk management principles
2. Select appropriate risk components and apply to a risk scenario
3. Identify sources of risk across business enterprise
4. Assess own business against a counter fraud risk maturity model
5. Identify different areas of impact around an identified risks
6. Design a risk assessment questionnaire to identify risk and risk ownership in an organisation
7. Produce a risk assessment template
8. Present the risk assessment template

Who Should Attend

The IQ, Industry Qualifications Level 3 Organisation Award in Fraud Risk Assessment is designed to develop learners' knowledge and understanding of risk management within the context of fraud. Learners will understand fraud risk in the wider context of enterprise risk management and business in general. They will conduct a fraud risk assessment and manage the results.

This qualification is developed for junior, middle or newly promoted managers working in fraud management, having knowledge of fraud risk management or having a special interest in fraud risk.

Learning Outcomes

• Internationally recognised definitions of risk principles. UK Governance Code
• ISO 31000 Enterprise Risk Management Standard and Guide 73
• COSO Principles of Risk Control
• Generic risk model and component Probability assessment
• Impact assessment
• Risk treatment measures, Customers, natural, technology, political, value chain
• Examination of business culture risk averse and risk embracing
• Counter fraud risk maturity model
• Consider ethics, policies, training, risk assessment, monitoring controls, reporting, investigation and communication
• Present different areas of impact to consider against a single risk
• Loss of assets
• Moral damage
• Damage to company image
• Introduce the benefits of risk assessment workshops
• Identify sources of information both internal and external
• Use of open questions
• Reporting templates
• Reporting considerations
• Writing reports
• Preparing averbal briefing to stakeholders
• Delivering a verbal briefing
• Generic risk reporting methods
• Demonstrate use of risk matrix
• Demonstrate consideration of different stakeholders
• Demonstrate calculation of probability and consequence
• Put forward appropriate risk treatment suggestions