Fraud Risk Assessment Workshop - Wellington

This workshop is for you if you:

• Want to know more about the fraud risk assessment (FRA) process and the steps involved in carrying out a FRA; or
• Want to understand various parts of your organisation and identify what the financial (and other) fraud risks and mitigations are; or
• Are familiar with the theory of fraud risk assessment and want more practical exposure.
  

During the workshop we'll be completing a FRA based on a scenario in a public sector agency, and we’ll focus on the steps in the process:

• Risk identification. This involves identifying, describing and documenting fraud risks so that they can be effectively managed and results in informed decision-making.
• Risk analysis. This is the process of understanding the likelihood of a risk happening and the consequences if it did. The likelihood is the probability of a risk occurring, while the consequences refer to the impact or the severity of the risk if it were to happen. Estimating the consequences of fraud helps organisations to understand the potential harm, financial losses, reputational damage, and other impacts that fraud could have on its operations.
• Risk evaluation is where the analysed risks are measured against the organisation’s risk appetite and tolerance, which should be defined in an organisation’s risk management policy and framework.
• Risk treatment - the most appropriate risk treatment option is applied to the risks that were assessed as unacceptable. The 4Ts model for risk treatment is a framework used in risk management to guide organisations in deciding how to address identified risks.

Pre-reading
We will be sending out some material about a week before the workshop which will be the scenario that we’ll be working with on the day. Please take a few minutes to read this before the workshop so you’re a little familiar with the scenario when we start the activities.