ISO 37003
ISO 37003 fraud control management implementation
ISO 37003 consulting helps businesses manage internal and external fraud risks. Vosurein reviews actual transactions, authority and information flows, then helps define prevention, detection and response arrangements so unusual payments, procurement activities and partner dealings have a clear handling process.
For Your Business
Who this service is for and when to start
For businesses with growing transaction volumes, payments across countries or sites, frequent supplier information changes, or previous impersonation and false requests. Before launching systems or changing internal controls, check whether the new processes create gaps.
The Challenge
Common challenges faced by businesses
A procedure may require two reviewers, yet both may simply approve the same information without an independent check. A supplier bank-detail change can still bypass controls if there is no reliable way to confirm it.
Fraud prevention needs more than staff awareness training. Define who identifies unusual activity, when to pause transactions, how to preserve records and when to seek specialist help.
Our Approach
Methods and applicable requirements
ISO 37003:2025 provides guidelines for organizational fraud control management, addressing the prevention, detection, response, and continuous improvement of internal and external fraud risks. It supports corporate internal control work but does not equate to financial statement audits or criminal investigations.
The priorities below depend on the organisation’s context. Confirm the scope and level of supporting evidence at the start.
Risk scenarios
Examine potential impersonation, fake information, or authorization abuse scenarios along the transaction steps, distinguishing between internal and external roles and existing evidence.
Preventive controls
Review whether segregation of duties, data changes, and approval of significant transactions can actually be implemented, to avoid formal approval masking issues from the same data source.
Detection and escalation
Define warning signs relevant to the business and who reviews them. Set criteria for checking, pausing and escalating a transaction when a warning is triggered.
Response and retrospective review
Plan for event data retention, permissions, and external referral, review why controls failed, and feed the handling results back into system revisions.
Process
Consulting scope and process
Review significant transactions
Select procurement, payment, or other high-attention processes, and organize roles, systems, and control points.
Test for control gaps
Discuss existing reviews in scenarios to see if problems can be detected, list weak points and improvement options.
Trial procedures for unusual activity
Arrange de-identified case drills to confirm reporting, suspension, and data retention responsibilities.
Establish improvement tracking
Organize incomplete measures and management decisions, and integrate control review into the existing internal control cycle.
Preparation
What documents do companies need to prepare?
- Transaction processes: Procurement, payment, receipt, and data change procedures.
- Permissions and review: Summary of duties, approval authorities, and system access.
- Events and signals: De-identified abnormal transactions and existing issues.
- Response arrangements: Reporting, data retention, and external professional contact.
An index or summary is enough for an initial discussion. Before sharing personal data, confidential contract information or system records, agree on access authorisation, redaction and retention.
Project Planning
Estimating time and cost
The workload depends on the number of processes and systems, transaction complexity and testing depth. Large-scale transaction analysis, digital forensics, legal work and investigations require separate scopes. Management consulting does not promise to uncover every past incident.
FAQ
Frequently asked questions
Is anti-fraud the same as anti-bribery?
The scope is different. Some authorization and reporting mechanisms can be shared, but anti-bribery procedures alone cannot cover all fraud scenarios.
Can it guarantee you won’t be deceived again?
No. Controls need to be updated as transactions and methods evolve, and results are still influenced by personnel execution and external factors.
Is it necessary to implement a detection system?
Not necessarily. First confirm the data, processes, and review requirements, then determine whether tools help in managing actual risks.
Will the consultant determine who committed the crime?
This service provides fraud control management consulting. Appropriate specialists and competent authorities handle case-specific responsibility, investigation and legal determinations.
Can you still use it if you already have internal controls?
Yes, you can check the effectiveness of controls from key transaction scenarios, eliminating the need to create parallel complete sets of forms.
What if we cannot share the underlying information?
Start with process summaries and de-identified examples. If original transaction records are needed, agree authorisation and protection arrangements before sharing them.
Related
Related services and enquiries
Tell us your industry, the activities you want to improve, your existing system and your target completion date so we can define the scope together.
Content checked: . Applicable versions and requirements depend on the company’s circumstances.
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