Top 10 accounting firm Grant Thornton and the Association of Certified Fraud Examiners have teamed up to help organizations build and strengthen their fraud risk management programs.
Chicago-based Grant Thornton and the ACFE have developed an Anti-Fraud Blueprint, which offers practical recommendations based on the principles detailed in the Fraud Risk Management Guide, Second Edition, published in 2023 by the ACFE and the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
A well-designed FRM program is tailored to specific aspects of the organization and acts as a safety net against fraud risks, Grant Thornton and the ACFE say. Because the impacts of fraud on an organization can be far-reaching, it must be prepared with foundational awareness and readiness before risks occur.
“Organizations today are facing increasingly complex and fast-moving fraud risks, and many are looking for a practical way to move from awareness to action,” Priya Sarjoo, national managing partner of cyber and risk advisory at Grant Thornton, said in a statement on Feb. 12. “The Anti-Fraud Blueprint helps organizations assess where they are on their fraud risk management journey and provides a clear, structured path to strengthen governance, embed accountability, and mature their anti-fraud capabilities over time.”
The Anti-Fraud Blueprint defines an FRM program as “the people, processes, and technology an organization uses to prevent, detect, and respond to fraud risk.” Together, these elements form the framework that helps organizations protect their customers, assets, and reputation, as well as sustain the trust of stakeholders.
Businesses that don’t have a proper FRM program face increased exposure to financial loss, operational disruption, regulatory penalties, and reputational damage—which can erode stakeholder confidence and hinder long-term success, Grant Thornton and the ACFE say.
“Fraud impacts organizations of all sizes every day, which sets off a chain reaction that impacts finances, stakeholders, and employees,” ACFE President John Gill, J.D., CFE, said in a statement. “By giving organizational leadership and anti-fraud experts a clear plan of action, we hope the Anti-Fraud Blueprint becomes the centerpiece around which organizations protect themselves from the potential dangers of fraud today and for years to come.”
Because artificial intelligence and machine learning continue to shape how organizations operate while also transforming how fraud risks evolve as these technologies advance at a rapid pace, the Anti-Fraud Blueprint explains how organizations can use AI to enhance fraud controls, improve detection, and respond more proactively to emerging threats. For example, advanced analytics and machine learning models can help organizations identify unusual patterns or anomalies in real time—allowing potential fraud to be flagged earlier and addressed more effectively.
“As AI continues to reshape the way organizations operate, it is also redefining how fraud risks emerge and evolve,” said Zach Snickles, a risk advisory partner at Grant Thornton. “The same technologies that introduce new risks can also be leveraged to strengthen controls, improve detection, and stay ahead of increasingly sophisticated threats.”
The Anti-Fraud Blueprint is organized around the fraud risk management principles: fraud risk governance, fraud risk assessment, fraud control activities, fraud investigation and corrective action, and fraud risk management monitoring activities.
Each section is structured around three consistent features that build on and reinforce the principles outlined in the 2023 Fraud Risk Management Guide, Second Edition, providing a cohesive and repeatable framework for managing fraud risk. Each section includes the following components to help users apply the guidance in a structured and practical way:
- Points of focus: These points bridge concepts from the blueprint and the 2023 guide, helping anti-fraud professionals build and expand their expertise.
- Key questions: A list of questions for users to consider as they work through the blueprint and relate key principles to their organization.
- Checklist: A review of concepts presented in each section to reinforce the information and detail next steps.
Additionally, the Anti-Fraud Blueprint introduces an updated version of Grant Thornton’s Enterprise Anti-Fraud Maturity Assessment Model, designed to help organizations clearly understand both their current state and their desired future state of anti-fraud capability.
“The model brings each pillar of an effective FRM program to life by illustrating a clear progression of maturity over time. It moves from an ad hoc approach, where activities are largely reactive and informal, through initial and repeatable stages marked by growing structure and consistency,” Grant Thornton and the ACFE say in a Feb. 12 media release. “From there, organizations advance to a managed state, characterized by formal governance and performance oversight, and ultimately to a leadership state, where fraud risk management is embedded, proactive, and continuously optimized. Together, these five maturity levels provide a practical roadmap for strengthening anti-fraud programs in a deliberate, measurable, and sustainable way.”
For more information and to download the Anti-Fraud Blueprint, visit www.grantthornton.com/fraudblueprint and www.ACFE.com/AntiFraudBlueprint.
Photo credit: Ron Messenger via LinkedIn
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