Maintaining a company’s success in a dynamic and complex external environment requires continuous interaction with its surroundings that are characterized by rapid changes and a high degree of unpredictability. In such an environment, companies are exposed to various types of risks, including the fraud risk. Risk management, therefore, becomes a key factor in ensuring sustainable and successful company’s operations. The subject of this final thesis focuses on highlighting the importance of well-established systems of internal controls in companies, which serve as instruments for risk management in general, as well as for fraud risks. The system of internal controls is recognized as one of the most important instruments for effective fraud risk management within the company. The COSO internal control framework provides detailed guidelines for establishing effective systems of internal controls that assist in the identification, assessment, and risk management, including fraud risks. The COSO internal control framework consists of five key components and 17 principles, which must be implemented and integrated to ensure the full effectiveness of the system of internal controls. The five components of the system of internal controls include control environment, risk assessment, control activities, information and communication, and monitoring activities. The control environment forms the foundation for the implementation of all other components of the system of internal controls and is the most important element for ensuring the effectiveness of the entire system of internal controls. In addition to the COSO internal control framework, the COSO enterprise risk management framework emphasizes the importance of considering risks during the strategy development process and its implementation. Furthermore, the IIA’s Three Lines Model offers a clear overview of the responsibilities of all key stakeholders within a company regarding risk management and controls. Particularly important in this final thesis are cases of major corporate frauds, such as those in companies Enron, WorldCom, and Societe Generale bank, which occurred in the early 2000s. These cases illustrate the importance of risk management and an effective system of internal controls in the timely prevention and elimination of corporate fraud.