Introduction to Fraud & Reputational Risk
Learning Objectives
By the end of this letter of credit course you will be able to:
Define what exactly “fraud” means in trade finance.
Explain the first steps to be taken after a legitimate/suspected trade finance fraud is discovered.
Understand what a “red flag” consists of in fraud and provide a broad list of what they could be.
Describe common internal communication tools used to manage suspected fraud, and the risks inherent in each one.
Understand the concept of legal privilege, and how to obtain and maintain that protection.
Be able to identify weaknesses in your own business.
Understand the common fraudulent schemes perpetrated in trade finance and the activities that support them.
Explain a variety of trade finance fraud prevention and risk mitigation strategies.
Identify resources available to assist the response, investigation, and recovery of assets.
Explain the roles of the investigation team members.
Course curriculum
Lessons
This lesson will introduce the learner to common trade transactions used to commit fraud and mask financial crime. Examples of fraud reported abroad will also be referenced for the purposes of illustrating the scope of the issues.
A banker’s ability to detect red flags is the first line of defence against fraud. In this lesson, we will introduce common red flags, indicating which suggest further investigation and which trigger the need to suspend transactions.
In this lesson, we review the process of developing a decision-making guide before a triggering event arises and will assist to map the key internal and external resources to engage. We will also review the respective responsibilities when a triggering event occurs.
In this lesson, we will examine the challenges of reporting a suspected fraud, including the risk of email communications, the importance of confidential or privileged investigations, and a few examples of internal tools used to manage suspected fraud or financial crime.
In this lesson, we will review prevention strategies used by customer relationship managers, front line staff, and hiring managers including: understanding customers and their businesses, social engineering, hiring due diligence, and careful compensation.
This section will test your knowledge on what you have learned so far and aims to equip you with the skills and context you will need in the field. Please note this is not an exam.
FAQs
Answers to your most commonly asked questions.
This course forms part of the curriculum for the Global Trade Certificate (GTC) but can also be purchased on its own.
If you just complete this course then you will earn a Letter of Completion once you finish (please note there is no exam for this individual course).
However, this course can also be put towards achieving the GTC qualification. More details can be found here.
If you complete the GTC then you will earn a Certificate of Achievement, signed by the ICC Secretary General, once you pass the final exam.
A strong interest in trade and trade finance is recommended and all candidates need to be able to read and write in English.
Your purchase includes 12 months to access all the lessons. You can access the lessons as many times as you like within the 12-month access period.
This course is accredited by the London Institute of Banking and Finance (LIBF), The Bankers Association for Finance and Trade (BAFT) and the Global Trade Professionals Alliance (GTPA).
Due to the immediate availability of our course content upon registration, ICC Academy has a strict no-refund policy for our courses and certifications. For more details, please refer to our Terms and Conditions.
This online course will take approximately 3-4 hours to complete depending on your level of experience.
Candidates will have 12 months to complete the lessons.
- One-year access to the online course and all 6 lessons
- A case study and 21 assessment questions – we’ll show you how to apply what you learn to real-world scenarios. Please note this is not an exam.
- 21 animated explainer videos
- A printable glossary containing all the key terms for you to refer to throughout the course
- Dedicated, full-time IT support
- Certificate of completion
Yes, all our courses are taken online. This means they are accessible at any time, from anywhere in the world. Learn when and where you want.
This course has been designed for general practitioners working in banks, corporates, or financial institutions in functions such as relationship management, credit and compliance, but with an interest in trade finance.
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