Description

Until recently, a percentage of organizations discounted risk related to external fraud attempts. Most were only concerned with protecting physical assets such as inventory or fixed assets. However, because of the many highly publicized corporate hacking events, such as the ones that affected the Colonial Pipeline and JBS Meats, more attention is being paid to external fraud risk of all type. In this session, we look at what is included in a definition of external fraud and then delve into specific control issues that can give rise to increased risk. We then discuss measures that organizations can employ to help reduce exposure to external attacks.

Objective

Once participants have completed this session,they should be able to:•Define external fraud;•Identify control issues that can give rise to external fraud occurrences, and•List ways to reduce external fraud risk.

Highlights

This session is taught via the use of case studies adapted from real world examples. These studies are designed to show participants ways to identify external fraud risk scenarios and methods to reduce this risk. The topics discussed in this session include:•Types of external fraud.•Considerations as organizations work to reduce fraud risk.•External fraud and known parties/External fraud unknown perpetrators.

Who Should Attend

Accounting and other business professionals that would benefit by understanding how pervasive externalfraud can be and the wish to work to mitigate the risk associated with it.

Required Knowledge

None

Advanced Prep

None