fraud prevention & corruption in procurement
TRANSCRIPT
www.rel-alliance.com
Date: 16 January 2020Venue: M HotelDuration: 9am – 5pm
Fraud Prevention & Corruption in Procurement
INTRODUCTIONIt is not difficult to run a standard Procurement Fraud seminar. Procurement fraud is dishonestly obtaining an advantage, avoiding an obligation or redirecting funds during the acquisition, sale or management of goods or services.
Procurement fraud extends across many industries, and the types of fraud vary in levels of sophistication. The purchasing function represents one of the biggest opportunities for fraud in any organization – and the potential for expensive losses.
By being alert to the various forms and schemes procurement fraud can take and identifying the risks, you will be better able to protect your organization from falling victim.
However, once in a long while a good seminar becomes a great seminar. It has absolutely nothing to do with insights or knowledge of the speaker. Having experienced and insightful participants giving feedbacks make the material difference. This is one such seminar. The entire content is designed to meet the needs of the practitioner. It is true, the most cost-effective way to deal with fraud is to prevent it. A dishonest employee will exploit any loophole in an organization. So, to prevent procurement fraud, it is important to close those loopholes. In this very fast paced seminar, we show you how.
When collusion takes place, and two or more individuals work together to systematically defraud an organization, losses will be multiplied. Collusion is often at work in procurement fraud.
Most procurement fraud took place in one of six stages in the procurement cycles. And, very often it has nothing to do with the Procurement Officer.
It is not just small businesses that are at the most risk for fraud because they are typically lacking in anti-fraud controls compared to their larger counterparts. The larger counterparts, whether MNCs or public-sector organisation are no better. It is the mind sets of the people that make it so particularly vulnerable to procurement fraud. To prevent fraud in all businesses, owners should establish an efficient system of Fraud Risks Management.
One of the best things you can do to prevent procurement corruption is to establish an ethical culture at your company. This will weed out people who might be prone to acting unethically while encouraging proper conduct. The ethical culture must start at the top — everyone in the organization from the CEO down must be seen as honest and responsible in all facets of their day-to-day.
A good place to start is by having a code of conduct that establishes ethical policies and procedures. This helps employees make good decisions and provides a framework for dealing with situations that may be questionable. Hiring individuals who are known for ethical behavior and training employees to spot red flags can encourage workers to conduct themselves appropriately. It also sends a message that your organization takes unethical behavior seriously.
Delivery sequence may not be exactly the same due to participants interests
✐ Getting the right perspectives on fraud
✐ Understanding the 6 most important concepts in FRM
✐ Understand the difference between fraud detection, deterrence, and prevention
✐ Learn how Compliance, Risk Management, and Internal Audit activities can be coordinated to better prevent fraud
✐ Understand the types of fraud and deterrence philosophy
✐ Understand how to deploy technology effectively to deter and detect fraud
✐ Understand and discuss the adequate level of fraud risk management and controls an organization should establish
✐ Enhance your organization’s fraud risk management capability by understanding the FRM Model.
Additional Pressing questions in practice
✐ How do we recognise the signs of Procurement Fraud?
✐ How do we handle Procurement Fraud Allegation?
✐ How do we approach suspicions of Procurement Fraud/Corporate Impropriety?
✐ How do we respond pro-actively and re-actively?
✐ How do we behave if approached and or invited to partake in a procurement fraud/improper activity?
✐ How do reconcile procurement fraud/corporate impropriety with corporate culture?
✐ How do we secure business when Procurement Fraud is seen as a cultural way of doing business?
✐ When encountering Procurement Fraud, how do we avoid risks to oneself and the organisation?
COURSE OUTLINE:
TRAINER’S PROFILE:
Mr. Tommy Seah
He was the elected Vice Chairman (2006/07) of The Association of Certified Fraud Examiners Board of Regents based in Texas, USA. Tommy is a person you want to meet. Not just because of his life accomplishments. At his age, it means absolutely nothing to him.
Without a doubt, to the chagrin of his detractors, he is one person who does really not lean on any awards or credentials to attract participants to his training program or advisory services. If you have known him in person, you will know that he is irresistibly unpretentious and holds strong views with a ruthlessly honest attitude in dealing with people. It is his immutable presentation style and sheer force of personality that attracts both admirers and detractors.
He is born that way. A natural. A man with a large heart. Out of consideration for others who might have need for a bigger share of the market, he has made every effort to seek out a low profile even if it means he will be out of this business all together and be actively retired.
Notwithstanding his effort to be invisible, his services in providing technical training is continually sought after by numerous banks and government bodies in the region. It would appear that without really trying he has become a household name in fraud prevention training in the region. This is something that is not planned.
For the past thirty odd years, Tommy Seah has trained some of the top banks and financial institutions in the region. In particular, his expertise in SOX 404, AML and Basel II systems implementation is much sought after by financial institutions.His prolific training career has seen him trained over many Chief Financial Officers, Compliance Officers, Auditors, Risk Managers, fraud investigators, financial analysts, FOREX managers, IT Professional, legal counsels, private bankers and accountants.
Certified Fraud ExaminerACFE Regent Emeritus
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FRAUD PREVENTION AND CORRUPTION IN PROCUREMENT
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