COSO Fraud Risk Management Certificate Program
Developed by the Committee of Sponsoring Organizations (COSO), in partnership with the ACFE, the COSO Fraud Risk Management Certificate Program arms you with the expertise to proactively identify, assess and mitigate fraud risks using globally recognized best practices.
Fraud is a costly and ever-evolving threat to organizations of all sizes.
Effective fraud risk management is not just about compliance — it’s about protecting your organization’s reputation, financial health and future.
Fraud is a costly and ever-evolving threat to organizations of all sizes. Effective fraud risk management is not just about compliance — it’s about protecting your organization’s reputation, financial health and future. Developed by the Committee of Sponsoring Organizations (COSO), in partnership with the ACFE, the COSO Fraud Risk Management Certificate Program arms you with the expertise to proactively identify, assess and mitigate fraud risks using globally recognized best practices.
Through seven instructor-led modules, you will gain a deep understanding of the five principles of fraud risk management and how they align with the COSO Internal Control and Enterprise Risk Management (ERM) frameworks.
You will learn how to assess fraud risks, implement effective control activities, establish a strong fraud governance structure, and leverage data analytics to detect and prevent fraud. This program will help you build practical skills to design, execute, and monitor a fraud risk management program tailored to your organization.
Upon successful completion, you will earn a certificate and digital badge, demonstrating your expertise in fraud risk management and your commitment to building stronger, fraud-resistant organizations.
This program includes:
- Seven Instructor-Led Modules: Features interactive elements, discussion, and activities to reinforce key concepts and support practical application.
- Expert Interviews: Get real-world insights from fraud risk management (FRM) experts through engaging interviews.
- Complimentary copy Fraud Risk Management Guide, Second Edition (Browser-Only PDF) (FRMG): Easily reference the underlying guidance directly.
- Online Exam: Complete the exam at a date and time that works best for you within the 365-day program window.
- Certificate and Digital Badge: Receive a printable PDF certificate and a shareable digital badge.
Learning Objectives
After completing this program, you should be able to:
- Identify the five principles of fraud risk management in the FRMG.
- Compare the principles of fraud risk management with the COSO 2013 Internal Control Framework and the COSO 2017 Enterprise Risk Management—Integrating with Strategy and Performance Framework, and identify the key relationships between these frameworks.
- Identify points of focus that characterize each of the principles of fraud risk management.
- Select appropriate points of focus to assist management in designing, implementing, and conducting fraud risk management activities and assessing whether the relevant principles are, in fact, present and functioning.
- Distinguish various fraud risk exposures and potential schemes.
- Select appropriate fraud control activities that respond to identified risks, including fraud reporting systems or hotlines.
- Apply data analytics approaches as part of comprehensive fraud risk management.
- Recognize how a comprehensive approach to fraud risk management supports fraud deterrence.
Who Will Benefit
- Organizations looking to implement a new fraud risk assessment or benchmark their current one
- Organizations seeking to establish or enhance their fraud risk management (FRM) program
- Professionals involved in fraud risk management across organizations of any size
- Consultants providing advisory services related to fraud risk management
- Internal and external auditors assessing fraud risk management and regulatory compliance programs
- Board members responsible for overseeing fraud risk management
Key Topics
- Governance
- Risk assessment
- Controls
- Investigation and corrective action
- Monitoring
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- Fraud risk management: The process of identifying, assessing, and addressing fraud risks
- Fraud risks explored:
- Occupational fraud (ACFE Fraud Tree)
- Additional risks such as ESG fraud, regulatory compliance issues, and organization‑specific risks
- Guide structure: Presents a comprehensive fraud risk management model with core
- principles and points of focus
- COSO alignment: Explains how the Guide connects to the COSO 2013 Internal Control
- Framework and the COSO 2017 ERM Framework
- Fraud deterrence: A strong, integrated program reduces opportunities for fraud
- Roles and responsibilities: Outlines organizational duties
- Business case: Provides rationale for implementing a robust fraud risk management program
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Principle 1 addresses this unit’s focus on anchoring fraud risk management across the organization, including:
- Fraud risk governance foundations.
- Leadership commitment and oversight.
- Culture, ethics, and tone.
- Risk appetite and tolerance.
- Board-level governance practices.
- Policies, roles, and accountability.
- Communication, training, and hotlines
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This unit explores a set of practical, often interconnected questions that fraud risk managers face, as addressed by Principle 2:
- How do we avoid unexpected fraud risks?
- How do we build a clear, complete view of fraud risk?
- How do we align on which fraud risks matter most?
- How do we focus resources on priority risks?
- If fraud or noncompliance occurs, how do we demonstrate due diligence?
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In practice, Principle 3 is implemented through this unit’s focus on fraud control activities that:
- Promote fraud deterrence through preventive and detective controls.
- Integrate with the organization’s fraud risk assessment.
- Reflect organization-specific factors and relevant business processes.
- Apply at different organizational levels.
- Incorporate a combination of control activities.
- Consider the risk of management override.
- Use proactive data analytics procedures.
- Deploy FRM through policies and procedures.
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Here we focus on ACFE–COSO Principle 4 discussing:
- Robust whistleblower reporting systems.
- Fraud investigation and response protocols.
- Thorough investigations.
- Data analytics to identify underlying control weaknesses and impact of potential fraud.
- Effective communication of investigation results.
- Implementing corrective action.
- Evaluating investigation performance
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Unit 6 addresses Principle 5 through the following monitoring and evaluation points of focus:
- Assess the mix of ongoing and separate evaluations
- Identify factors for setting the scope and frequency of evaluations
- Establish appropriate measurement criteria
- Coordinate with other risk- and compliance-focused functions
- Incorporate known fraud schemes and emerging fraud cases
- Evaluate, communicate, and remediate deficiencies
- Use data analytics to continuously monitor and improve
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Data analytics and other tools support each principle. This unit emphasizes practical ways to implement and sustain an effective program, including:
- Embedding analytics across the program.
- Scaling the program to fit available resources.
- Benchmarking program maturity.
- Tailoring tools for small organizations.
- Tailoring tools for government environments.
- Maintaining a shared tools and templates library