Corporate crime poses a real and substantial threat to the stability of any organization, remaining one of the most problematic issues facing businesses worldwide.
According to the PwC Global Economic Crime Survey 2007, no industry is immune from the risks posed by economic crime — with rates remaining high despite the fact that many companies have invested significantly to implement fraud controls. In fact, more than half of Canadian companies surveyed reported being a victim of economic crime, with average loss increasing significantly to US$3.7 million (up from US$600,000 in 2005).
This summary provides a unique Canadian perspective on the 2007 global survey results, with insights into the perceptions, awareness and impact of economic crime across Canada and around the world. It stresses that companies need to act proactively rather than reactively to effectively minimize fraud, and must continue to be vigilant by constantly re-evaluating and strengthening their internal control measures and overall corporate culture.
The report also highlights the importance of using speed, sensitivity and discretion when dealing with fraud and financial investigations and focuses on issues including:
- The changing awareness and cost of fraud
- Recovery of stolen assets
- Means of detecting and preventing fraud
- Typical perpetrator profile
- Risks in emerging markets
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