COSO Fraud Risk Management Framework
05/17/23 • 27 min
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
Get ready to dive into the fraud risk management and prevention world with Compliance into the Weeds, hosted by Tom Fox and Matt Kelly. In this episode, they break down the recently released fraud risk framework by COSO and the Association of Certified Fraud Examiners and how it’s necessary for today’s cyber-based fraud and cryptocurrency. They stress the importance of data analytics and internal hotlines to prevent fraud and that all employees need to be trained to detect and prevent fraud in their industry. The hosts also discuss how financial reporting controls may not always detect fraud and how anti-fraud controls are essential. With the rise of new types of fraud like ESG and greenwashing, the hosts recommend the fraud risk report for audit and compliance professionals to stay informed about risks swirling around corporations today. Take advantage of this informative and fascinating podcast. Tune in to Compliance into the Weeds now.
Key Highlights:
· Fraud Risk Management: COSO Report 2nd Edition
· Effective Fraud Prevention Training for Employees
· Importance of Anti-Fraud Controls in Fighting Fraud
· COSO Fraud Risk Guidance and the Fraud Pentagon
Notable Quotes:
“But when you think about it, we have a lot of external factors, such as the rise of cryptocurrency, which is riddled with fraud and corruption risk. New methods of cyber-based fraud, which didn’t exist, say, 2016, the 2010s before that. Rise of ransomware in particular, which wasn’t quite a big thing back then that it is all over the place now.”
“Most frauds, you the risk management function, you might never catch them. By looking for them, you’ll have to depend on somebody else coming to you from the enterprise, say, I think this person over here is doing something sketchy.”
“Fraud is having a moment. And fraud risk is on the forefront of many people’s minds from many different areas.”
“We need to do better at finding ways to assess and understand your fraud risk and then implementing new controls as necessary to push that risk down to acceptable levels.”
Resources
Matt
Blog Post in Radical Compliance
Tom
Learn more about your ad choices. Visit megaphone.fm/adchoices
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
Get ready to dive into the fraud risk management and prevention world with Compliance into the Weeds, hosted by Tom Fox and Matt Kelly. In this episode, they break down the recently released fraud risk framework by COSO and the Association of Certified Fraud Examiners and how it’s necessary for today’s cyber-based fraud and cryptocurrency. They stress the importance of data analytics and internal hotlines to prevent fraud and that all employees need to be trained to detect and prevent fraud in their industry. The hosts also discuss how financial reporting controls may not always detect fraud and how anti-fraud controls are essential. With the rise of new types of fraud like ESG and greenwashing, the hosts recommend the fraud risk report for audit and compliance professionals to stay informed about risks swirling around corporations today. Take advantage of this informative and fascinating podcast. Tune in to Compliance into the Weeds now.
Key Highlights:
· Fraud Risk Management: COSO Report 2nd Edition
· Effective Fraud Prevention Training for Employees
· Importance of Anti-Fraud Controls in Fighting Fraud
· COSO Fraud Risk Guidance and the Fraud Pentagon
Notable Quotes:
“But when you think about it, we have a lot of external factors, such as the rise of cryptocurrency, which is riddled with fraud and corruption risk. New methods of cyber-based fraud, which didn’t exist, say, 2016, the 2010s before that. Rise of ransomware in particular, which wasn’t quite a big thing back then that it is all over the place now.”
“Most frauds, you the risk management function, you might never catch them. By looking for them, you’ll have to depend on somebody else coming to you from the enterprise, say, I think this person over here is doing something sketchy.”
“Fraud is having a moment. And fraud risk is on the forefront of many people’s minds from many different areas.”
“We need to do better at finding ways to assess and understand your fraud risk and then implementing new controls as necessary to push that risk down to acceptable levels.”
Resources
Matt
Blog Post in Radical Compliance
Tom
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
ComEd 2023 Compliance Report
The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking to stay updated on compliance and ethics? Look no further than Compliance into the Weeds, with co-hosts Tom Fox and Matt Kelly!
Looking to stay updated on compliance and ethics? Tune in to the Compliance into the Weeds podcast with hosts. In this episode, they tackle the corruption scandal involving ComEd and its parent Exelon, and highlight the progress made in their compliance program reforms. With the release of their second public progress report, compliance and corporate executives can learn from changing ComEd's company culture and supply chain overhaul. The podcast also dives into integrating compliance concerns into HR processes and identifying supervisory groups that may need closer monitoring. Don't miss out on this informative and insightful episode available now!
Key Highlights
· Significance of the report
· Compliance and the Supply Chain
· Compliance and Exit Interview
· Using this report going forward
Notable Quotes:
“I just have to acknowledge that state of Illinois finally convicted someone for corruption.”
“These reports provide not just simply a roadmap of how to change culture, but really a way to think through what may seem like an insurmountable problem.”
“I applaud Exelon for establishing this comprehensive supply chain risk management effort and making supply chain compliance a big part of its supply chain risk program.”
“It is compliance, which is driving overall supply chain risk management and business efficiency, which is inevitably lead will inevitably lead greater profitability if done correctly and that with a variety of other areas and companies having supply chain risk.”
Resources
Matt
Blog Post in Radical Compliance
Check out our prior podcast on ComEd’s 2022 Compliance Report here
Tom
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
A Compliance Response on Messaging Apps
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
Join Tom Fox and Matt Kelly on “Compliance into the Weeds” as they delve into the recent SEC crackdown on messaging apps and improper employee use. The hosts explore the challenges of regulating messaging app use and provide solutions emphasizing the importance of corporate culture and risk management strategies. Hear from experts like the DOJ representative who spoke at Compliance Week 2023 and a defense contractor who offers tech solutions to monitor messaging apps on employees’ phones. With GDPR and FINRA regulations to consider, the podcast presents a comprehensive plan for compliance officers that focuses on effective controls, processes, and consequences for policy infractions. Don’t miss out on this informative podcast highlighting the importance of cultivating relationships with internal audit teams, IT teams, and other control departments to ensure proper compliance measures.
Key Highlights:
- Risk management of employee messaging app usage
- Tech solution for monitoring employees’ messaging
- Corporate Culture Approach to Compliance in Financial Firms
- Compliance Challenges in Monitoring Employee Communications
- Building Relationships for Effective Compliance Management
Notable Quotes:
“Assess your risks, put a risk management strategy in place, execute that strategy, train your employees, monitor the effectiveness, and remediate as appropriate.”
“And the tech company CEO said it is in his mind, People the policies, procedures, people and processes a more culture compliance strategy could work, but you would need to convince employees.”
“If they are also violating the policy, that’s bad. And that shows you have a corporate culture problem.”
“If it’s corporate culture, how is this any different than any difficult issue we’ve seen in compliance over the past 15 years?”
Resources
Matt
Blog Post in Radical Compliance
Tom
Learn more about your ad choices. Visit megaphone.fm/adchoices
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