COSO and ACFE launch new certificate to boost fraud risk management expertise
The Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with the Association of Certified Fraud Examiners (ACFE), has launched the COSO Fraud Risk Management Certificate programme aimed at enhancing professional expertise in fraud risk management. This initiative is supported by the Institute of Internal Auditors and the Institute of Management Accountants.
The certificate programme is based on the updated Fraud Risk Management Guide, which was initially released in 2016 and expanded in 2023. This second edition outlines five essential principles designed to cultivate an effective fraud risk management approach.
Lucia Wind, executive director and chair of COSO, commented on the initiative, stating, “Managing fraud risk is a challenge for organisations of all sizes. This programme provides professionals with the knowledge and tools needed to build strong anti-fraud controls, risk assessments and programmes, ultimately strengthening organisational resilience and fostering a culture of integrity.”
Participants in the COSO Fraud Risk Management Certificate programme will have access to a series of self-paced learning modules, culminating in a certifying examination. Upon successful completion, they will receive an official COSO Fraud Risk Guide Certificate and a Digital Badge.
Highlights of the programme include practical strategies for implementing COSO's fraud risk management framework, as well as best practices for fraud deterrence, detection, and response. The curriculum also focuses on the integration of fraud risk management with internal controls and data analytics, providing a comprehensive approach to managing fraud risks.
John Gill, president of ACFE, emphasised the importance of the partnership by stating, “In continuing our partnership with COSO our organisations form a united front against fraud. The ACFE is pleased to join forces once again to develop this new certificate that will assist professionals in navigating fraud risks, as well as continue guiding organisations in establishing a comprehensive and effective fraud risk management programme.”
This certificate programme follows COSO's recent collaboration with the National Association of Corporate Directors in 2024, which resulted in PwC US being awarded a Professional Services Agreement to aid in the development of a corporate governance framework.
The development of this certificate programme reflects an ongoing commitment to equipping professionals with the skills necessary to address the complexities associated with fraud risk in various organisational contexts.