Economic crime continues to be an obstinate threat to the Canadian marketplace. Our Global Economic Crime Survey 2016 found that more than one third (37%) of Canadian organizations (36% globally) have experienced economic crime in the past 24 months.
At the same time, we’ve seen a decrease in the detection of criminal activity by methods within management’s control (corporate controls detection is down by 14% in Canada). What’s more intriguing, one in four Canadian organizations (26%) has not carried out a single fraud risk assessment in the last 24 months.
When placed in the context of the findings in PwC’s 2016 Canadian CEO Survey — where more than three-quarters (76%) of chief executives agreed that there are more threats to their business than ever before (a sharp increase, compared to the 2015 rate of 66%) — this points to a potentially worrying trend: that too much is being left to chance and not enough is being done from a proactive stand-point. Today more than ever before, a passive approach to economic crime can lead to trouble.