Find the setf way of doing the equivalent of fset in lisp.
(symbol-function 'foo)
is a Generalized Variable in elisp, so you can use:
(setf (symbol-function 'forward-word) #'backward-word)
as an alternative to:
(fset 'forward-word #'backward-word)
(As a side-note, you can do the same thing with cl-letf
as a replacement for the deprecated flet
when you want to override a function using dynamic scope.)