EFCC Seeks Integration Of Fraud Risk Assessment Into Organisational Governance

Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called connected nationalist and backstage assemblage organisations successful Nigeria to integrate fraud hazard appraisal and power into their governance structures arsenic portion of efforts to fortify transparency and accountability.

Olukoyede made the telephone successful Abuja connected Tuesday astatine the motorboat of ISO 37003:2025 Fraud Control Management System organised by the Standards Organisation of Nigeria (SON) successful collaboration with the British Standards Institution (BSI).

Delivering a keynote insubstantial titled “Integrating Fraud Risk Assessment and Control into Governance of Organisations”, Olukoyede, who was represented by the manager of Fraud Risk Assessment and Control of the anti-graft Commission, Commander of the EFCC, CE Ibrahim Shazali, described fraud arsenic “a pervasive and analyzable contented that inflicts important fiscal losses and reputational harm connected organisations,” stressing that its interaction could cripple the capableness of institutions to execute their mandate.

According to him, “Fraud Risk Assessments supply an accidental for identifying, analysing and mitigating the effects of fraud risks successful organisations. Fraud is simply a multifaceted menace that includes, but is not constricted to, plus misappropriation, corruption, and fraudulent fiscal statements. Recognizing these divers forms and their imaginable sources wrong and extracurricular the enactment is indispensable for implementing capable fraud controls.”

Speaking connected the relevance of the caller standard, the EFCC president noted that ISO 37003:2025 provides a globally recognised model for fraud power absorption systems, enabling organisations to prevent, detect, and respond to fraud systematically and sustainably.

The EFCC chairman, portion speaking connected the organisation’s committedness to the anti-fraud campaign, isclosed that successful 2024 the committee established the Department of Fraud Risk Assessment and Control (DFRAC), with a mandate to behaviour fraud hazard assessments crossed ministries, departments and agencies of authorities (MDAs).

“DFRAC’s superior nonsubjective is to place imaginable fraud risks and vulnerabilities successful MDAs and enactment successful spot morals and integrity programmes that reconstruct the efficacy of power measures successful specified organisations. We person recovered that institutionalizing controls similar segregation of roles, adherence to support limits, cybersecurity measures, transparency successful operations, confidential disclosure arrangements, and regular targeted consciousness programmes are effectual successful improving governance, hazard and compliance frameworks,” helium added.

While assuring that the committee volition widen the initiatives to sub-national levels, the EFCC president stressed the value of inter-agency collaboration successful fraud prevention.

“Fraud prevention is simply a corporate responsibility. Our concern with ISO and SON is important successful promoting planetary champion practices successful fraud prevention and control. By sharing knowledge, expertise, and resources, organisations tin fortify their defences against fraud and beforehand a civilization of integrity and transparency,” helium stated.