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Exam Information
Official specifications published by ACFE
Exam Format
7 lesson exams (one per lesson)
70%
Certificate (Intermediate)
Registration
$799 USD
Online (Self-Study)
Validity
Lifetime - does not expire
COSO-FRM Exam Topics and Domains
COSO-FRM is organized into 7 weighted domains.
1
Introduction to Fraud Risk Management
14%
The Ever-Present Risk of Fraud and Its Costs
Defining FraudCosts and Consequences of Fraud
- Understand the practical definition of fraud used in the FRMG
- Recognize the pervasive nature of fraud risk across all organizations
- Identify the tangible and intangible costs of fraud
The COSO Framework Foundations
COSO 2013 Internal Control - Integrated FrameworkCOSO 2017 Enterprise Risk Management FrameworkRelationships Among COSO Frameworks and Fraud Risk Management
- Compare the principles of fraud risk management with the COSO 2013 Internal Control Framework and the COSO 2017 Enterprise Risk Management Framework
- Identify the key relationships between these frameworks
The Five Principles of Fraud Risk Management
Overview of the Five PrinciplesFraud Deterrence
- Identify the five principles of fraud risk management in the FRMG
- Recognize how a comprehensive approach to fraud risk management supports fraud deterrence
Fraud Risk Management Roles and Responsibilities
Key Stakeholders in Fraud Risk Management
- Identify roles and responsibilities of key stakeholders in fraud risk management
- Understand the board's oversight responsibilities for fraud risk
2
Fraud Risk Governance
15%
Principle 1: Fraud Risk Governance
Establishing a Fraud Risk Management ProgramAnti-Fraud Culture and Ethical ValuesPoints of Focus for Fraud Risk Governance
- Identify points of focus that characterize the fraud risk governance principle
- Select appropriate points of focus to assist management in designing, implementing, and conducting fraud risk governance activities
Fraud Risk Governance Policy Framework
Fraud Risk Management Policy Components
- Understand the components of a comprehensive fraud risk governance policy framework
- Evaluate governance policy effectiveness
3
Fraud Risk Assessment
18%
Principle 2: Fraud Risk Assessment
Comprehensive Fraud Risk Assessment ProcessTypes of Fraud RiskAssessing Control Effectiveness Related to Fraud RiskFraud Risk Factors and the Fraud Pentagon
- Distinguish various fraud risk exposures and potential schemes
- Identify points of focus that characterize the fraud risk assessment principle
- Evaluate existing fraud control activities within the assessment process
Emerging and Evolving Fraud Risks
Cyber Fraud and Digital ThreatsThird-Party and Vendor RisksEnvironmental Changes Affecting Fraud Risk
- Recognize emerging fraud risks in the evolving business environment
- Assess the impact of technological and environmental changes on fraud risk
4
Fraud Control Activities
18%
Principle 3: Fraud Control Activities
Preventive Fraud Control ActivitiesDetective Fraud Control ActivitiesFraud Reporting Systems and HotlinesDocumenting Fraud Control Activities
- Select appropriate fraud control activities that respond to identified risks, including fraud reporting systems or hotlines
- Identify points of focus that characterize the fraud control activities principle
- Distinguish preventive from detective fraud control activities
5
Fraud Investigation and Corrective Action
14%
Principle 4: Fraud Investigation and Corrective Action
Communication Process for Potential FraudCoordinated Investigation ApproachCorrective Action and RemediationSwift Action in Response to Fraud Allegations
- Understand the organization's responsibility for prompt investigation and corrective action
- Identify the key components of a fraud investigation process
- Recognize the importance of pre-planned investigation and corrective action processes
6
Managing and Monitoring the Fraud Risk Management Program
14%
Principle 5: Fraud Risk Management Monitoring Activities
Ongoing EvaluationsSeparate (Periodic) EvaluationsCommunicating DeficienciesAssessing Whether Principles Are Present and Functioning
- Understand the role of ongoing and separate evaluations in FRM monitoring
- Identify the process for communicating FRM program deficiencies
- Select appropriate points of focus to assist management in assessing whether the monitoring principle is present and functioning
7
Leveraging Tools for Fraud Risk Management
7%
Data Analytics in Fraud Risk Management
Data Analytics Approaches and TechniquesBuilding a Data Analytics CapabilityData Analytics Applications Across FRM Principles
- Apply data analytics approaches as part of comprehensive fraud risk management
- Identify data analytics techniques applicable across all five FRM principles
- Understand the framework for building organizational data analytics capability
Additional Fraud Risk Management Tools and Resources
Fraud Risk Management ToolsSpecial Considerations
- Identify tools and resources available for implementing a Fraud Risk Management Program
- Understand how to adapt FRM approaches for different organizational sizes and types
How do I earn this certification?
Passing COSO-FRM earns the COSO Fraud Risk Management Certificate certification. It sits in the Fraud Risk Management / Internal Audit / Compliance track.
Next Level Options
- CFE - Certified Fraud Examiner ExamMost advanced anti-fraud credential; requires separate eligibility requirements and a four-part exam.
- CRMA - Certification in Risk Management Assurance Specialized certification in risk management assurance for internal auditors.
Alternative Paths
- COSO-ERM - COSO Enterprise Risk Management Certificate Program Broader ERM focus complementary to fraud-specific risk management
- COSO-IC - COSO Internal Control Certificate Program Foundational COSO internal control knowledge that supports FRM implementation
- FA-CERT - ACFE Fraud Analytics CertificateDeeper dive into data analytics for fraud detection, building on COSO FRM data analytics content
Practice with Precision
The PlanetCert Simulator mirrors the real exam environment with authentic questions and timed pressure.
How to study for this exam?
The most effective way to prepare for COSO-FRM is by using the PlanetCert Simulator to practice questions and review detailed explanations.
What's changed on this exam?
Current Status
- ACTIVE
- Last content update: April 2025
- Announcement date: 2025-04-30
Updates
- Data Analytics in Fraud Risk Management Second Edition (2023) Data analytics is now integrated into each of the five fraud risk management principles with a dedicated Point of Focus. Three comprehensive appendices on data analytics are included in the FRMG Second Edition. • Release date: 2023-05-02
- AI and Chatbots in Fraud Detection Emerging coverage The FRMG Second Edition includes AI and chatbots among data analytics techniques for fraud detection and prevention. This is part of the broader data analytics expansion. • Release date: 2023-05-02
- Blockchain and Digital Assets Fraud Risk New in Second Edition New coverage of blockchain, cryptocurrency, and digital asset fraud risks including technical stability, auditability, hacking, and financial reporting implications of tokenization. • Release date: 2023-05-02
Who should take this exam?
This exam is typically taken by Professionals involved in fraud risk management across organizations of any size and Consultants providing advisory services related to fraud risk management.
- Experience working with fraud risk management programs
- Basic level of exposure to the Fraud Risk Management Guide, Second Edition (FRMG)
Related practice tests
- AFC-CERTAnti-Fraud Controls Certificate Program
- AFFAnti-Fraud Fundamentals Certificate Program
- CFECertified Fraud Examiner
- cfe-investigationCertified Fraud Examiner - Investigation
- cfe-fraud-preventionCFE - Certified Fraud Examiner: Fraud Prevention and Deterrence Section