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If you are not worried about fraud, clearly you should be.

Corporate fraud is rampant across the globe, with four out of five senior executives reporting varying levels of threats at their companies, according to Kroll Inc.'s first annual fraud survey.

By Staff Writer | Updated on October 09, 2007

Corporate fraud is rampant across the globe, with four out of five senior executives reporting varying levels of threats at their companies, according to Kroll Inc.’s first annual fraud survey. And who is most responsible for uncovering fraud? Finance managers, according to about 60% of those that responded to the survey. In most other cases, it’s the chief risk officer, chief compliance officer or the legal staff.

The survey shows that the most widespread strategies implemented to combat fraud and corruption are, not surprisingly, financial controls (used for this purpose by 79% of those polled) and information technology security (used by 70%). That means, of course, that a worrisome 21% and 30% don’t use financial controls or IT security, respectively. And that’s why international U.S. companies should be concerned, says David Hess, managing director of Kroll’s forensic accounting practice.

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