Global Economic Crime Survey 2014: Financial Services sector analysis

This year, PwC’s seventh Global Economic Crime Survey received in excess of 5,000 responses, with FS respondents accounting for over a quarter of these. Once again, to accompany the Global Report, we have released a FS sector supplement: Threats to the Financial Services sector. With responses from 79 different countries, the results reported are truly comprehensive and intriguing.

Some vital statistics…

Growing pains… Cybercrime and bribery and corruption have become more common since 2011.

Tone from the top… 1 in 5 significant economic crimes in FS over the past two years was committed by senior management.

Heads in the sand… More than half of FS respondents from risk and audit functions believe their organisation will fall victim to cybercrime in the next 2 years, yet only 25% of FS executive management agree.

Where the money’s at… Money laundering is almost five times more likely to occur in FS than any other sector.

Saving face… Nearly 30% of FS respondents believe the most severe impact of money laundering to be reputational.

Underestimating the risk… 1 in 4 FS respondents failed to conduct annual fraud risk assessments over the past two years.