Economic crime in the chemical industry is an industry-specific companion to the
2003 Global economic crime survey. The supplement examined data from 115 chemical companies in 37 countries around the world.
Key messages for the chemical industry:
- 40 percent of those surveyed have experienced some form of economic crime.
- Asset misappropriation is the most common form of economic crime detected (67 percent).
- Industrial espionage is a greater threat than in other industry sectors.
- Stated losses of US$20.9 million are probably substantially lower than real losses, as they don't include loss of value attributable to declines in brand awareness or share price.
- 40 percent of fraud is detected by internal or external audit, but nearly a third is detected “by accident” — how much is going undetected? Many companies (69 percent) already have a code of conduct, but this needs to be part of culture throughout the company — and paired with more tangible fraud risk management programmes.
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