Building an effective FRM program often requires expertise that businesses may not have in-house. Rather than reinventing approaches, organizations should leverage established standards from recognized bodies like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE).
Professional Alignment:
- Proven Frameworks: Utilizing the Fraud Risk Management Guide created by COSO and the ACFE for best-practices guidance on assessing and managing fraud risks.
- Advisory Partnerships: Working with specialized advisors to identify objective assessments of fraud vulnerabilities and access proven tools and templates.
- Regulatory Compliance: Ensuring the program remains compliant with all relevant local and international regulations as they evolve.
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