Understanding ISO 37003
ISO 37003 is a newly released standard that guides organisations in developing, implementing and maintaining a fraud control management system (FCMS). It is a comprehensive approach to tackling fraud in any company.
The pervasiveness and increasing sophistication of information technology, rapid take-up of electronic payment systems and economic globalisation have led to an increased incidence of fraudulent attacks on companies across all sectors. Managing and controlling the risk of fraud is a core governance issue.
Benefits of ISO 37003 certification
ISO 37003 offers a multitude of benefits.
- 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.
Speeki Europe strengthens its assurance portfolio with ISO 37003
Speeki Europe has strengthened its assurance portfolio with ISO 37003, helping clients worldwide prevent fraud.
Benefits of partnering with Speeki Europe for an 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 are 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. Our auditors are our main value proposition for clients selecting Speeki as their certification partner.
Other ISO certifications offered by Speeki
Speeki offers a comprehensive range of certifications to assist organisations in achieving excellence across various domains, including social responsibility, risk management, governance, anti-bribery, whistleblowing,, investigations and compliance.
- ISO 26000 social responsibility certification
- ISO 31000 risk management certification
- ISO 37000 governance certification
- ISO 37001 anti-bribery certification
- ISO 37002 whistleblowing certification
- ISO 37008 investigations certification
- ISO 37301 compliance certification
Assurance of non-financial business aspects is a must
Speeki, through its assurance subsidiary Speeki Europe, has been at the forefront of ISO standard certifications for many years. As ESG and sustainability obligations have significantly increased for companies, so too has the pressure to obtain assurance of the non-financial aspects of their business.
With greenwashing risks becoming significant for companies that must publicly report their ESG and sustainability disclosures, Speeki Europe has expanded its offerings around key ESG and sustainability areas to help companies minimise those risks.
‘If companies want to avoid risks when making ESG and sustainability disclosures, they should have their reports assured,’ says Scott Lane, CEO and President of Speeki Europe. ‘That assurance process will be significantly less expensive and complex if the company has already achieved ISO certifications on some or all underlying data and systems. Assurance bodies can rely on and should recognise the quality of ISO-accredited certification bodies regarding those matters, acknowledging interoperability of frameworks and requirements to simplify the entire assurance process.’
To help companies navigate the assurance of their non-financial data and manage their underlying risks, Speeki Europe has expanded its ISO certification solutions. The process of obtaining these certifications involves a structured system that not only improves companies’ systems but also aids in the assurance of their ESG and sustainability disclosures.
‘Areas like governance, risk, compliance, privacy, sanctions, human rights, ethics, whistleblowing, social compliance and others are now all able to be assessed or certified by a certification body,’ says Scott. ‘By expanding our solutions into this market in addition to our existing solutions around anti-bribery, Speeki Europe is providing a strong backbone to any company that takes ESG and sustainability seriously.’
Achieve ISO 37003 certification with Speeki Europe
Begin your ISO 37003 compliance journey with Speeki's practical approach. We specialise in helping organisations adopt ISO 37003 standards for robust fraud management systems. Our services strengthen fraud prevention and detection mechanisms, ensuring alignment with ISO 37003 requirements.
For more information about Speeki Europe, visit this page or our LinkedIn.