COSO report offers updated fraud risk management program blueprint

A new report from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) offers a blueprint to organizations for establishing an overall fraud risk management program.

Fraudsters are ever-changeable chameleons who adjust their strategies to the times and newly available technologies. Organizations seeking to deter and detect fraud must adapt as well.

The executive summary of COSO’s “Fraud Risk Management Guide: Second Edition” noted performing periodic fraud risk assessments is an important element of good governance. The report “explains how fraud risk management relates to and supports fraud deterrence” and provides information on how previous COSO reports and frameworks are related and can support each other.