Innovation update

Keeping with the times

Preparing for the updated Fraud Risk Management Guide

Most CFEs are familiar with the Fraud Risk Management Guide (FRMG), which the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the ACFE jointly published in 2016. (See The FRMG includes more than just information on how to perform fraud risk assessments — it also provides guidance on how fraud risk management programs work.

Given its comprehensive nature, the FRMG quickly gained recognition for its best practices in preventing, detecting and deterring fraud. Global business professionals around the world continue to widely use the FRMG.

The methods and means of fraud are constantly changing and evolving, of course — as are the ways to combat them. In May, the chair of COSO, Paul Sobel, reached out to the ACFE and suggested the two organizations collaborate on an updated version of the FRMG, and the ACFE agreed. Both groups want the FRMG to be current and remain relevant in a rapidly changing fraud risk landscape. The ACFE, which has always had a lead role in determining best practices, wants to hear from CFEs and anti-fraud professionals like you to ensure the FRMG refresh will be effective.

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