Economic crime is continuing strong in 2016 - more than a third of organisations have experienced economic crime in the past 24 months, as reported by over 6,000 respondents to PwC’s Global Economic Crime Survey 2016.
This year’s report illustrates how economic crime has evolved over the last two years, morphing into different forms depending on industrial sector and region. Despite this evolving threat, we have seen a decrease in the detection of criminal activity by methods within management’s control, with detection through corporate controls down by 7%. The findings indicate that one in ten economic crimes are discovered by accident. Today more than ever before, a passive approach to detecting and preventing economic crime is a recipe for disaster.
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.
We hosted a local launch event (21 March 2016) to share the trends and leading observations from the biennial Global Economic Crime Survey, with guest speaker Mark Anderson, Partner, Forensic Services at PwC London.
The slides from the event are available to view below or please contact a member of our team who would be happy to talk to you about any of the issues highlighted in the report.