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Prepare. Respond. Emerge stronger
PwC’s Global Economic Crime and Fraud Survey 2020 - Singapore report
of Singapore-based companies experienced fraud over the last 24 months
of frauds were committed by external perpetrators
> USD50 million
of cumulative losses each reported by close to a quarter of respondents
< 1 in 3
Singapore-based companies feel they are in a better position after remediating a fraud
The continued rise of fraud and economic crime is impacting many more Singapore-based companies in more diverse ways, posing difficult questions for organisations: is our risk management programme agile enough to meet the dynamic challenges being thrown up by a globalised business environment? Are we leveraging technology effectively? How are we responding in crisis situations? Are we prepared for the worst-case scenarios?
For over 20 years, PwC’s Global Economic Crime and Fraud Survey has analysed fraud and economic crime worldwide to enable companies to navigate the fraud risk landscape. We encourage you to take this Singapore report of PwC’s Global Economic Crime and Fraud Survey 2020 as a prompt for meaningful reflection. The survey results are a call to action for all local companies to prepare, respond and emerge stronger.
“Singapore-based entities are still reporting fewer incidents of economic crime than the global average, but this year’s results should be a warning that more needs to be done to maintain that position. While informal risk assessments may seem sufficient, this could lead to companies looking in the wrong places and only protecting against the most common crimes, bringing about a false sense of security.”
The substantial increase in external fraud brings under the spotlight risks inherent in dealing with third parties, whether it be customers, suppliers, service providers or contractors. Strikingly, 51% of Singapore-based participants indicate that they do not have a formal risk-based due diligence and ongoing monitoring process in place for third parties. Interaction with third parties brings all manner of risks ranging from Customer Fraud, one of the more prevalent forms of economic crime reported in our survey, to financial risks and the risk of breaching regulatory requirements such as sanctions.
Companies need to consider the risk of doing business with third parties, ideally through a formal risk assessment process and a measured due diligence process that addresses the perceived risks identified in the risk assessment.
A robust risk management programme, augmented by technology, can help you prepare.
Understanding the root cause of incidents is critical. This requires adequate preparation so as to be able to conduct a robust investigation.
When fraud strikes, seek opportunities for forward-looking transformation on the back of the intelligence garnered during the response.