The register, which will launch in 2017, will be a free resource for governments and firms looking to keep abreast of fraud risks and how to mitigate them.

CIPFA said this would be “pivotal in ensuring organisations can reduce their financial losses and reputational risks to an absolute minimum”.

“Whilst there have been numerous studies and surveys into fraud, there is little available to truly understand and benchmark where an organisation sits in comparison to others,” it added.

CIPFA and Moore Stephens are currently seeking views from public sector organisations about the risks within their sector and country.

The information collected will be compiled alongside that from Transparency International’s Corruption perceptions index in order to form the fraud register.

It will be presented via software, designed to facilitate risk management, developed by Moore Stephens and called Rhiza.

The register will help organisations keep abreast of changes in fraud trends and issues, develop new fraud prevention offerings or widen opportunities for international collaboration and awareness, CIPFA said.

Public sector organisations can take part in the survey to provide information for the register here: https://gfrr-survey.rhizanetwork.com/