Managing Fraud Risk in Procurement

MANAGING FRAUD RISK
20 - 21 November 2014 Best Western Premier Dua Sentral, Kuala Lumpur
FINANCIAL STATEMENT FRAUD
ICFE Group of Companies
International Cybercrime & Forensics Examiners
SINGAPORE | MALAYSIA | HONG KONG
IN PROCUREMENT
INTRODUCTION
TRODUCTION
When n one is handed with power, the natural temptation is to continuously test and enjoy the extent
of its
influence. ence. Like Plato puts it “Access to power must be confined to those who are not in love with it””, it”, if one
is not
careful, ul, it will mark the beginning of a love affair with corruption. The emergence of cases from both publ
public and
private te sectors involving figures from senior position shows that this love affair is all, but slowing down.
What we have done so far is the same old strategies - “enhance control processes controls, increase supervision
or adding extra manpower to oversee the processes”. But experiences had taught us that if such methods
worked, we will not need to go through the vicious cycle of patching gaps over and over again. The truth
of the
matter is that this is not just a “process” or “system” problem but a human one. Anyone who manages the
processes can choose to exploit them no matter how many times you changed thus what we need are strategies
to minimise those opportunities. Thus the next question would be who is most qualified to tackle this matter.
Our recommendation is if it is about fraud, it should always be a Certified Fraud Examiner.
During the course of our work as practicing fraud examiners, ICFE has always been a voice lobbying for focus on
the procurement function as an area more prone to corruption in almost all facets of both the private and
public
sectors. Corruption and procurement fraud are like evil twins that challenges ethics and integrity. Business
productivity drop dramatically and resources are wasted and misallocated. Thus, the livelihood of many men and
women who just want to earn an honest living is threatened. If we are not careful and arrest this problem
soon,
this toxic could shake the foundation of our social ethos.
LEARNING ARNING OBJECTIVES
This seminar aims to assist participants to
identify and deter fraud. It does not deal with
the conventional topics on procurement
process and contract management. We would
like all participants to gain an understanding of
Fraud Risk Management framework in detering
fraud In Partnership with:
Follow us:
Tel: (603) 2282 5406 Fax: (603) 2282 5407 Follow us:
super
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MIA Members enjoy 16 units of CPE hours!
Website: www.icfe-cg.com
Email: enquiry@icfe-cg.com
Tel: (603) 2282 5406 Fax: (603) 2282 5407
ICFE Malaysia Sdn. Bhd. Co. Reg. No. 871789-X
*Register by
20 October 2014 for
EARLY BIRD
DISCOUNT!

MANAGING FRAUD RISK
IN PROCUREMENT
COURSE OUTLINE
DAY 1 DAY 2
PROCUREMENT FRAUD
 What is Procurement Fraud?
 Identifying the main perpetrators of
Procurement Fraud
 Myths about Procurement Fraud
 How effective are internal controls in
deterring/preventing Procurement Fraud?
UNDERSTANDING THE HUMAN FACTOR OF FRAUD
 Why does a person commit fraud?
 Fraudster profile – is there one?
 Red Flags to help you identify potential
fraudster
GET TO KNOW YOUR ORGANISATION
 Knowing your organisation’s policies, codes
and practices
 How do Internal Audit, Risk Management and
Compliance functions affect procurement?
 Fraud Risk Management and how it affects
procurement
FIGURING OUT WHERE WENT WRONG
 Weaknesses in procurement process
 How are these weaknesses being exploited
 Are victims just losing money in Procurement Fraud?
 Best practices to minimize exploitation
CASE DISCUSSION IN CORRUPTION
 Collusion between employees and external parties
 Steps in handling allegation of corruption
 Suspected Conflict of Interest:
• How would you perform the suggested
investigative tasks?
• If there is a rumour of “people close to the tender”
receiving kickbacks from vendors, what would be
your strategies to investigate this allegation?
RECAP OF DAY 1
INVESTIGATING PROCUREMENT FRAUD
 Steps taken when suspecting Procurement Fraud
 Conducting preliminary fact finding interviews
• Gathering evidences
• Selecting interviewees
• Preparing the interview
• What to do during interview
Valuable tool for investigation - Differentiating truth and lies
• How and why people lie
• Gentle profiles of liars
• Different types of liars
• How to spot a liar
Other useful resources for investigating Procurement Fraud
WHAT ARE SOME INTERNATIONAL EFFORTS IN COMBATING
PROCUREMENT FRAUD
THE FRAUD RISK MANAGEMENT FRAMEWORK (PROCUREMENT)
 Overview of the framework
 Functionality and application
 Identifying and rectifying risk
 Implementation and review
 Aims of framework:
• Preventing
• Detection
• Disruption
• Identification
• Civil Action / Criminal Prosecution
TRY OUT EXERCISE : PROPOSING A FRM FRAMEWORK FOR
PROCUREMENT
► Risk Management Professionals
► Compliance Officers
► Accountants
► Anyone who wants to gain insight on the subject
WHO SHOULD ATTEND?
► Management & Executive Staffs
► Top Management
► Human Resource Professionals
► Internal or External Auditors
► Finance Professionals
► Procurement Personnels
► Investigators
► Legal Officers
ICFE PROFILE
The ICFE Group of Companies is a think-tank group of firms dedicated to Fraud Risk Management, Investigation and Prevention. Headquartered in
Singapore with regional offices in Malaysia and Hong Kong, ICFE Group of Companies was formed with the intention of combating fraudulent activity and
maintaining good corporate governance, and consequently providing professional training and value-adding consultancy services at affordable rates. Our
principal consultants are trained by the Association of Certified Fraud Risk Examiners (ACFE).
ICFE aims to share its expertise with working professionals or organisations who wish to stay abreast of the latest developments in corporate skills and
anti-fraud measures. We do this by organising various public training programmes, seminars, and customised in-house training programmes which are
tailored to suit companies in their respective industries.
At ICFE, we focus on five areas of professional development:
1. Fraud Prevention
2. Anti-Money Laundering
3. Corporate Governance & Business Ethics
4. Digital Forensics
5. Corporate Skills & Leadership Development
Every member of ICFE is dedicated to bringing about a wholesome experience to all clients via Inspirational training, Innovative consultative work and
programmes that build Intelligent minds.
Tel: (603) 2282 5406 Fax: (603) 2282 5407
Follow us:
Tel: (603) 2282 5406 Fax: (603) 2282 5407 Follow us:
www.icfe-cg.com

MAN AGING FRAUD RISK
TRAINER
STANLEY CHIA
IN PROCUREMENT
 CerƟfied Fraud Examiner (CFE) with the AssociaƟon of CerƟfied Fraud Examiners (ACFE)
 Member, ACFE Advisory Council since 2014
 CerƟfied Member (CAMS) with AssociaƟon of CerƟfied AnƟ-Money Laundering Specialists
(ACAMS)
 CerƟfied Financial Crimes InvesƟgator (CFCI) with InternaƟonal AssociaƟon of Financial
Crimes InvesƟgator (IAFCI)
 CerƟfied AnƟ-CorrupƟon Manager (CACM) with American AnƟ-CorrupƟon InsƟtute (AACI)
 Member, AssociaƟon of CerƟfied Financial Crime Specialists (ACFCS)
 InternaƟonal Crime PrevenƟon Specialist (ICPS) with InternaƟonal Crime PrevenƟon
PracƟƟoner, Inc (ICPP)
 Member of GRC InsƟtute
 Associate Member, Singapore InsƟtute of Directors
 Associate Member, Singapore InsƟtute of Management
 PSMB CerƟfied Trainer (Malaysia Human Resource Development Fund)
As a Certified Fraud Examiner since 2007, Stanley thrives in the complexity of the fraud examination
profession as a result of his sheer passion. Endowed with an inquiring mind, eye for details and valuable
insights, he is thoroughly convinced that he has the necessary skill sets to assist organisations to mitigate
fraudulent practices.
Well versed in financial fififinancial products and compliance methodologies, Stanley specialises in investigative
interviewing & profiling techniques and has handled numerous cases for both local and foreign financial
institutions. His professional experience, helmed through his time in large institutions like AIA Insurance,
Singapore Exchange and United Overseas Bank, extends across anti-money laundering, compliance,
enforcement and fraud investigation work. In that time, he solved numerous cases that involved millions of
US dollars.
Realising he could do much more as a private practitioner, his entrepreneurial spirit got the better of him
and he founded the ICFE Group of Companies in 2008. In a three short years, he transformed the ICFE Group
of Companies into a think-tank group that has offices in Singapore, Malaysia and Hong Kong. Today,
the ICFE Group provides multi-consultancy solutions to companies world-wide. His clientele includes Listed
Companies in a host of industries like Aviation, Energy, Banking, Government Funds, REITS, and Hospitality
among many others.
Apart from field investigation work, Stanley understands the need for training and education. He is often
invited to speak at conferences and seminars in Singapore, Malaysia, Hong Kong, Shanghai, Taipei and
Thailand, where he teaches Fraud investigation & prevention, Investigative interviewing & profiling
techniques, White collar crimes, Procurement fraud, Internal control, Fraud investigation and Corporate
fraud. In 2012, Stanley was invited by Malaysia’s Ministry of Education to be a panel member to advise and
assist in the development of digital forensics curricula for its polytechnics across the country. He is also
currently developing resources for professionals in the areas of interviewing techniques and body
language.
Stanley holds a Master of Commerce, specialising in Business Law and also a Bachelor of Economics,
majoring in Money & Banking and Accounting.
ƟƟƟƟƟƟƟƟƟƟfififified ICFE Group of Companies
International Cybercrime & Forensics Examiners
SINGAPORE | MALAYSIA | HONG KONG
Tel: (603) 2282 5406 Fax: (603) 2282 5407
Follow us:
Group Managing Director &
Chief Fraud Examiner,

MANAGING FRAUD RISK IN PROCUREMENT
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*Register by
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