Global Economic Crime: people, culture and controls

The survey, entitled Economic crime: People, Culture and controls, is based on months of interviews conducted with more than 5,400 companies in 40 countries. It is the largest, most comprehensive international survey of economic crime worldwide.

Highlights:

  • Despite the attention of regulators and companies' investment in controls, fraud remains one of the most problematic issues for companies around the world.
  • The actual level of economic crime and associated financial and non-financial losses has not decreased.
  • Nearly one of two companies fell victim to economic crime in the last two years.
  • The report finds that economic crime is intractable because of the many kinds of fraud and the broad range of employees, including senior executives, who commit them.
  • It concludes that companies cannot rely on fraud controls alone to detect and deter economic crime. Companies need to build loyalty to the organisation, give employees the confidence to do the right thing, and put in place clear sanctions for those who commit fraud, regardless of their position in the company.

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