Financial Crime World

Strengthening Compliance: A New Training Course for Financial Institutions in Faroe Islands

In an effort to combat the growing threat of financial fraud in the Faroe Islands, a new training course has been launched specifically designed for finance and accounting professionals, internal auditors, compliance officers, senior managers, and HR professionals. The “Fraud and Internal Controls Training Course” aims to equip participants with the knowledge and skills necessary to detect, prevent, and respond to fraud within their organizations.

Course Objectives

  • Equip participants with a deeper understanding of various types of fraud and how they can impact an organization
  • Teach participants how to identify potential fraud risk areas and red flags of fraudulent activities
  • Enable participants to master the design, implementation, and monitoring of internal controls to prevent fraud
  • Provide participants with insights into fostering an ethical organizational culture that deters fraudulent behavior

Course Content

The course delves into:

  • The psychology of fraudsters
  • Mechanics of fraud schemes
  • Design and implementation of effective internal controls
  • Various types of fraud and their impact on organizations
  • Identification of potential fraud risk areas and red flags
  • Design, implementation, and monitoring of internal controls to prevent fraud

Benefits

By the end of the course, participants will be able to:

  • Conduct effective fraud investigations
  • Respond appropriately to detected frauds
  • Master the design, implementation, and monitoring of internal controls to prevent fraud
  • Foster an ethical organizational culture that deters fraudulent behavior

In addition to individual benefits, the course also offers organizational advantages, including:

  • Reduced risk of financial loss due to fraud
  • Strengthened internal control systems that support accuracy and reliability in financial reporting
  • An ethical workplace environment that deters fraudulent behavior

Organizational Tailoring

The training course is designed to provide a comprehensive understanding of fraud prevention and internal controls, with interactive lectures, group discussions, case studies, and hands-on exercises. A Training Needs Assessment will be conducted to identify the skills and knowledge gaps of each team, allowing for a personalized learning experience that addresses specific challenges and ambitions.

Why is this Course Critical?

With financial scams becoming increasingly sophisticated, it has never been more critical for financial institutions in the Faroe Islands to strengthen their compliance with fraud prevention measures. This training course is designed to provide participants with the knowledge, tools, and skills necessary to stay ahead of the game and protect their organization’s assets from fraudulent activities.

Get Your Trainingcred Certificate

Participants who successfully complete the course will receive a Trainingcred Certificate, a badge of honor showcasing their expertise in Banking, Accounting, and Financial Management.