About this Course
Do you know fraud is ubiquitous, it does not discriminate in its occurrence? Fraud does not discriminate, not by industry, geography, races, ethnics, and education background.
Procurement is the most vulnerable department in Asset Misappropriation Fraud.
Singaporeans are very concern with Bribery and Corruption when dealing with cross-border business and transactions. It is a fact that most payments to vendors are legitimate but, a portion of that, could be fraudulent.
Most corporations in the world, agreed that the complexities of fraud has increased since the introduction of technology in business, moving from people fraud to e-crime (ACFE Reports to the Nations 2014).
Could Procurement Fraud happen to you? Are you prepared for this challenge? Is your organisation and its people ready and confident to protect your system from such devastating act?
Objectives
Upon completion of this workshop, participants will be able to;
- Understand and review the supply chain and procurement process for vulnerabilities and flaws, allowing opportunities of fraud
- Understand in-depth on the vast and various procurement fraud schemes
- Understand and Appreciate the Motivations of Fraud, amongst employees and people, in Fraud Deterrence
- Identify and Recognise Procurement Fraud Red Flags, exactly like how the forensic experts do
- Design and implement the control activities and actions, to reduce procurement fraud incidences effectively
Target Audience
- Internal Auditors
- Compliance Officers
- Accountants and Finance Professionals
- Business and Operational Managers
- Managers and Officers involved in Procurement and other Supply Chain Functions
- Academicians
- Strategist and Corporate Planners
- Corporate Lawyers and Legal Advisors
Two days
Curriculum
Introduction to Procurement Fraud
- The True Cost of Fraud
- The importance of Managing the Risk of Procurement Fraud
- The Statistics of Procurement Fraud in Singapore and the World
The Procurement and Supply Chain Process
- A Review of Procurement Process and Functions
- The Key People in Procurement Process
- Vulnerabilities and Weakness which allows fraud to take place
Vast and Various Procurement Fraud Schemes
- Phantom Vendors
- Manipulation of Vendor’s file and transactions
- Cheque Forgery
- Fictitious Invoicing
- Bid rigging
- Vendor’s Kickbacks and bribery
- Conflict of Interest
Procurement Fraud Concealment
- PKFZ
- Transmile
- Enron
- Frank Abigale
Procurement Red Flags
- Linking Fraud Concealment to Red Flags
- Most Common Red flags
- Red Flags for Specific Procurement Fraud
The Motivations of Fraud
- Pressures
- Opportunities
- Rationalisation
Procurement Risk Management
- Good Control Activities you should consider
- Fraud Risk Register
- Anti-Fraud Policies
- Code of Conduct
- Training and Awareness
- Corporate Culture
- Procurement Red Flags Checklist
Design Control Activities and Policies
- Bid rigging
- Phantom Vendors
Recapitulation
- Questions and answers
- Useful Reading Materials and Resources
Methodologies
Instructor led discussions, followed by scenario analyses, case studies and self-reflection exercises.
Course Rating
- /5 from users
Course Enquiry
Course Info
- Course Provider Management Development Institute of Singapore (MDIS)
- Course Category Business
- Course Price n/a
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