ISO 37003: Fraud control management systems
There are two types of companies in the world: those that have been impacted by fraud and those that don't know they have.
Fraud can significantly impact a company’s financial position and often has flow-on financial consequences for global and local economies. It can also lead to serious legal consequences as well as enduring psychological and emotional harm for the individuals involved.
Prevent fraud by using the ISO 37003 standard and getting certified by Speeki Europe.
Benefits of ISO 37003 certification
We believe ISO 37003 is the best way to prevent and manage the risk of fraud for several reasons.
Understand where fraud risks exist
Following the guidelines and gaining certification will drive the company to create and maintain processes for fraud risk identification, assessment and monitoring. Knowing where your risks are is the first step in managing them.
Mitigating and detecting risks
Focusing on mitigating any internal and external fraud means preventing potential losses before they occur.
Reduce costs and losses through fraud controls
An effective response to fraud means damage to the company's image can be minimised, the company’s reputation can be restored and improved, and funds lost due to fraud can be recovered.
Build better governance systems
Managing fraud is part of governance. Stand out as an attractive investment target backed by a robust fraud control system that protects the company and its shareholders.
ISO 37003: Building a resilient fraud control framework with Speeki Europe
Strengthen your organisation's fraud control initiatives with ISO 37003 certification from Speeki Europe. Our comprehensive services help you build a resilient framework, prevent fraud, and efficiently and effectively manage issues when they occur.
Benefits of partnering with Speeki Europe for ISO 37003 certification
At Speeki Europe, we are dedicated to assisting organisations in elevating governance by providing certifications for key governance topics. Our comprehensive knowledge of the topics and unyielding commitment to the auditing process empower your business to not only prevent fraud but manage it when it happens.
Value-driven certification solutions
Speeki Europe excels in guiding organisations to master their fraud control management system using ISO 37003. While we are a certification and audit body, our unique approach provides additional guidance on improvement, observations and best practices.
Global expertise in managing fraud
Speeki Europe's global reach and expertise in identifying and managing fraud make us the ideal partner for your certification. We can help in (almost) any country, in any language and in any industry. Our team is globally ready for any project.
All our auditors are experts in fraud controls
Our secret weapon is our audit team. They are practical fraud experts and excellent communicators. They add significant value for clients on their certification journey. They are our main value proposition to clients selecting Speeki as their certification partner.
Meet an ISO 37003 expert
Scott Lane is the lead auditor at Speeki and a 20+ year lawyer focused on governance, risk, legal and corporate compliance. Scott worked in-house across multiple companies and countries before moving to an advisory role advising companies on these issues for the past 18 years.
Certify your fraud controls with ISO 37003
Many global companies working internationally are acutely aware of their risk of fraud. A fraud control management system is more than just a policy. ISO's new fraud control management system guidelines, released in 2024, are the ideal framework to help manage fraud.
Secure ISO 37003 certification through a four-step process with Speeki
Choose an ISO 37003 certification body
Selecting an experienced and accredited certification body is crucial. Speeki Europe, an ANAB and COFRAC* accredited certification body, boasts unrivalled expertise in ISO 37003 fraud control. Our experts have decades of experience building fraud control programmes and are leaders in the domain. Few certification bodies can match our experience.
Grasp the ISO 37003 requirements
The simplicity of ISO 37003 belies the importance of comprehending its requirements. Speeki Europe, while maintaining an impartial stance, is poised to offer training and practice audits to ensure you are well acquainted with the ISO 37003 guidelines. We have in-depth knowledge of the guidelines and are well-versed in managing audits.
Implement your fraud control management system
With insights into ISO 37003, it’s time for you to implement an FCMS that aligns with the guidelines. An FCMS incorporates policies, procedures and controls designed to prevent, detect and counteract the risk of fraud. If your organisation already possesses a fraud control programme, augmenting it to meet ISO 37003 should be a smooth transition.
Validate your ISO 37003 compliance
With an FCMS in place, you're ready to pursue ISO 37003 certification. Speeki Europe will conduct an audit to validate your organisation's compliance with the guidelines. Certification is valid for three years and involves an extensive audit in the first year and follow-up audits in subsequent years to address any changes.
Get your ISO 37003 certification
If you are successful in the audit, you will be issued a certificate of conformity to ISO 37003. This certificate will demonstrate to stakeholders that your organisation is committed to preventing and mitigating fraud risks. It is the ultimate way to prove the value of your efforts and be rewarded for all your hard work in building a fraud control programme.
Business advantages of getting ISO 37003 certified
ISO 37003 certification brings numerous benefits. It establishes a fraud control management system, mitigates risks, and reduces financial exposure. Achieving certification from a recognised certification body, such as Speeki Europe with ANAB and COFRAC* accreditation for ISO 37001, boosts your ability to manage fraud risks. Gain a competitive edge, enhance transparency, and build stakeholder trust through ISO 37003 certification.
ISO 37003 insights
Explore our articles on preparing for ISO 37003 fraud control management system certification
ISO 37003 FAQs
ISO 37003 certification signifies that an organisation has implemented a fraud control management system that meets international guidelines. It demonstrates a commitment to preventing and managing fraud.
ISO 37003 outlines requirements for establishing, implementing and maintaining an FCMS designed to help organisations prevent, detect and address fraud in companies.
The cost of ISO 37003 certification varies depending on factors such as the size of the organisation, the complexity of operations and the certification body. We can get you a quote so you can start budgeting.
ISO 37003 is applied to prevent fraud in an organisation. It helps establish policies, procedures and controls for identifying and mitigating fraud internally and externally.
Fraud is an intentionally dishonest act causing actual or potential gain or loss that creates social or economic harm. The organisation should proactively implement fraud controls to prevent internal and external fraud.
An FCMS seeks to control internal fraud against the organisation, external fraud against the organisation, internal fraud in collaboration with business associates or other third parties, external fraud in collaboration with the organisation’s personnel, and fraud by the organisation or by persons purporting to act on behalf of and in the interests of the organisation.
While there are several diverse types of fraud, most frauds for companies fall into two broad categories: internal fraud and external fraud.
An FCMS is a fraud control management system. It comprises policies, procedures and controls designed to help organisations prevent, detect and address fraud.
ISO 37003 is not mandatory but is highly recommended for organisations seeking to establish a robust fraud control framework. It's a globally recognised set of guidelines that work to manage fraud risks and the impact of fraud.
The fraud control policy is appropriate to the purpose of the organisation, provides a framework for setting fraud control objectives, includes a commitment to meet applicable recommendations, includes a commitment to continual improvement of the FCMS, and explains the consequences of non-compliance.
ISO 37003 helps reduce fraud. In today's society it is almost guaranteed that a company will be impacted by fraud at some stage. Many companies are simply not even aware of the fraud happening. An FCMS will help identify and manage fraud risks.
Absolutely! ISO 37003 is suitable for organisations of any size. Small businesses can equally benefit from enhanced reputation, compliance and stakeholder trust by adopting these fraud control guidelines.
Yes, ISO 37003 is a global standard for fraud control management systems that is recognised and respected worldwide. It helps organisations align with international best practices in managing fraud.
Choose an accredited certification body with experience in ISO 37003. Evaluate their credentials, expertise and client testimonials. Speeki Europe is a reputable certification body with vast experience.
ISO 37003 certification is maintained through continual improvement, regular internal audits and periodic surveillance audits by the certification body to ensure ongoing compliance with the guidelines.
The timeframe for ISO 37003 certification varies depending on the size and complexity of the organisation, but it typically takes several weeks from the initial steps to the final certification.
Without a fraud control management system, organisations are more vulnerable to fraud and may face legal consequences, including lawsuits from shareholders and reputational damage.
Implementing ISO 37003 involves top management, compliance officers, legal, HR, finance, procurement, information security, physical security and all employees to ensure a comprehensive approach to fraud controls.
Start your ISO 37003 journey with Speeki Europe
* COFRAC: Comité Français d’Accréditation is the French Accreditation Body (Accreditation N°4-0609. List of locations and scope available at www.cofrac.fr).