What is ISO 37003?
ISO 37003 provides guidance for organisations to develop, implement and maintain a fraud control management system (FCMS). It addresses the full lifecycle of fraud risk — from prevention and detection to response and continual improvement. The guidance applies to all types of organisations, across public, private and not-for-profit sectors, and supports leaders in managing both internal and external fraud risks.
Why is ISO 37003 important?
Fraud remains one of the most damaging and pervasive threats to organisations worldwide. Its impact extends far beyond financial losses — it can erode trust, damage reputations and create legal and emotional fallout. ISO 37003 helps organisations navigate this risk by offering a structured and proactive approach to fraud management. It promotes clear processes for identifying and assessing fraud risks, implementing controls, detecting suspicious activity and responding effectively to incidents. While it cannot guarantee that fraud will never occur, it significantly strengthens an organisation's resilience and preparedness in the face of growing complexity and digital threats.
Benefits
- Reduced exposure to financial and reputational damage from fraud
- Strengthened internal controls and fraud detection capability
- Increased stakeholder confidence through structured governance
- Better response and recovery from fraud incidents
- Ongoing improvement of fraud prevention measures
FAQ
Any organisation, regardless of size or sector, that wants to manage its fraud risk more effectively — from corporations and government bodies to charities and educational institutions.
ISO 37003 complements standards such as ISO 37001 (anti-bribery) and ISO 37301 (compliance management) by focusing specifically on fraud. Together, they provide a more holistic approach to organisational integrity and risk management.
Yes, it includes guidance on managing fraud committed by external parties as well as internal threats and collusion between the two.
