Adjusting the Lens on Economic Crime:
Preparation brings opportunity back into focus
Digital technology transforms and disrupts the business ecosystem.
Economic crimes raises the profile of ethics and compliance.
Destroys value - affecting organisation's reputation & bottom line.
View the responses from the latest survey
Today more than ever before, a passive approach to detecting and preventing economic crime is a recipe for disaster. To underscore this fact, our survey uncovered a widespread lack of confidence in local law enforcement – a phenomenon that is not limited to regions or level of economic development.
The message is clear: the burden of preventing, protecting and responding to economic crime rests firmly with organisations themselves. Our survey this year focuses on three key areas – Cybercrime, Ethics and compliance programmes and Anti-Money Laundering – and explores certain common themes, including managing the risks associated with the pervasion of technology; what it means to conduct business responsibly across a widening business landscape; and integrating ethical conduct into decision-making.
In addition to highlighting specific areas of economic crime worth focusing on, we emphasise the things you can do better to tackle them – implementing more sophisticated and effective measures that can not only reduce these risks, but also bring the benefits of a more threat-aware business, confident of its defences in a changing world.
What opportunities are available for countering economic crime proactively?
What are the risks your business faces and do you actively identify vulnerable areas?
How will your cyber-response plan stand up to reality?
How is your business strategy aligned with and led by your organisational values?
How would your organisation fare in the face
of regulatory scrutiny?
"What the results tell us is that despite the millions of dollars being spent to tackle it, economic crime remains a persistent and serious issue. It may be slightly down on the last survey, but this type of crime is changing, rather than going away."
Economic crime is ever-evolving, and becoming a more complex issue for organisations and economies. The regulatory landscape, is also changing, bringing with it numerous challenges to doing business. With local law enforcement not necessarily perceived as able to make a material difference, the onus is squarely on the shoulders of the business community to protect itself, and its stakeholders, from economic crime.
As we discuss in the three upcoming sections – dedicated to the strategically crucial areas of cybercrime, ethics and compliance programmes and anti-money laundering – our survey numbers can help uncover not only potentially troublesome red flags and trends. They can also serve as vitally important indicators of areas of opportunity for forward-thinking organisations to meet the challenges of a whole new world. To be forewarned is to be forearmed for success.
Download Global Economic Crime Survey 2016 - (PDF 6.7 MB)
Global Forensic Services Leader, PwC US
Tel: +1 (415) 498-6566
EMEA Forensic Services Leader, PwC UK
Tel: +44 (0)20 7804 5090
APA Forensic Services Leader, PwC US
Tel: +1 (617) 530-6156
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