Corporate Offence of Failing to Prevent Fraud for Senior Management & The Board
Overview
Fraud is the most prevalent of all financial crimes, affecting as it does individuals, firms, customers and others. The Finance Conduct Authority (FCA) has responded to the rapidly increasing threat of fraud by creating the new corporate offence of failing to prevent fraud, which comes into effect on 1st September this year.
Senior Management and The Board are generally responsible for ensuring that their firm is fully compliant with all regulations, and it is incumbent on them to be considering how best to prepare for 1st September.
Firms need to be starting now, to consider how the corporate offence may affect them. Firms must also consider how to ensure that their fraud risk assessment, policies and controls meet the requirements of the new corporate offence and the FCA’s expectations.
This course provides Senior Management and the Board with an understanding of the FCA’s requirements and a framework for preparing for the new corporate offence of failing to prevent fraud.
The workshop will include:
- Expert delivery by a highly experienced presenter with more than 30 years of experience in the field of financial crime compliance
- An overview of the new and material threats of fraud for firms and customers
- A review of fraud detection and prevention techniques
- An in-depth worked review of the new corporate offence to prevent fraud
- Up to date case studies and worked examples throughout
- Steps that firms should be taking now to be ready for the 1st of September
Who is this for?
This course is suitable for The Board, Senior Management, including Heads of Compliance, MLROs, Heads of internal audit, Heads of Fraud prevention and detection, and anyone else with responsibility for compliance which directly or indirectly involves managing fraud risk.
Learning Outcomes
After completing this course participants will be able to:
- Describe and assess the most prevalent fraud risks to their business
- Assess their firm’s existing fraud prevention and detection controls, including assessing the risk of fraud
- Explain the practice and implications of the new corporate offence of failing to prevent fraud
- Assess their firm’s current controls and instigate a framework of actions to prepare their firm for 1st September
Course Details
- Exploration of modern fraud risks and typologies: internal fraud, external cyber and non-cyber fraud, collusion etc.
- The role of Senior Management/The Board in ensuring that a firm is compliant with relevant legislation and regulations
- An approach to fraud prevention and detection
- A detailed review of the new corporate offence of failing to prevent fraud and the government’s guidelines.
- Building an action plane for ensuring a firm is compliant with the new offence by 1st September, including worked examples
Delivery
Have the flexibility to deliver your In-House training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.
