Companies' concerns about fraud are rising even though the number of incidents declined over the last year, according to a Kroll survey of more than 1,200 senior executives worldwide.
Half of the executives surveyed say their companies are highly or moderately vulnerable to information theft, up from 38% in 2010, while 47% cite a high or moderately high vulnerability to corruption and bribery, up from 38%, and 46% cite the theft of physical assets, up from 34%. The survey shows, though, that just three-quarters of the companies experienced some type of fraud over the last year, down from 88% in 2010.
Despite their concerns, just 27% say their companies are well-prepared to comply with the Foreign Corrupt Practices Act and the U.K. Bribery Act. Only 43% train their managers, agents and foreign employees on complying with those laws, and only 37% say due diligence on acquisitions should include assessing the potential acquisition's compliance.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.