Adjusting the Lens on Economic Crime in the Arab World
In today's continuously evolving marketplace, having a strategy for aligning ethics and compliance with business risks will keep you on the path towards realising your opportunity.
Hackers have found that low risk suppliers have gaps in their security, which can be used to track the destination of these supplies.
PwC has been surveying trends in global economic crime since 2001. In that time, despite efforts to combat economic crime, there has been no clear indication that levels in the Middle East or globally have decreased. Economic crime remains as tough to tackle as it's ever been.
In the Middle East, 26% of respondents indicated that their organisation reported economic crime in the last 24 months. This is lower than the global average of 36%. While the reported number of affected organisations in the Middle East was lower, the number in the region who simply didn’t know if they’d been a victim was much higher than the global average (20% against 11%). This is a cause for alarm, and points to a serious lack of trust by executives in their systems to identify economic crime as it occurs. A concern made all the more prominent by the fact that over 50% of the organisations surveyed had not, or did not know if they had conducted a fraud risk assessment during the previous two years.
The Data Explorer is an innovative, interactive tool that allows you to customise our Global Economic Crime survey data based on your specific needs and areas of interest. We put the power of slicing the data in your hands so that you get what you need from the data when you need it.
Spotting economic crime by accident remains one of the most common ways of detecting incidents
Constantly evolving and seeking new forms, it requires constant vigilance from the Boardroom via the C-suite to middle management and the shop floor. But some Middle Eastern organisations have perhaps adopted a one-time; one solution approach to this challenge which is reactive, irregular and inconsistent. Unfortunately this is like cutting the head off a hydra. Others quickly grow back. The battle to combat economic crime is not so easily won.
Middle East investigations Leader, PwC Middle East
Tel: +971 4 304 3325
Achraf El Zaim
Partner - Forensic Services