The future of corporate fraud has been saved
The future of corporate fraud
Insights and learnings
The COVID-19 pandemic has caused widespread disruption and exposed vulnerabilities in the way businesses are managed across the globe. Historically, business disruptions have been followed by a rise in the discovery of fraudulent practices. The current business environment is turning out to be no different.
The Deloitte Touche Tohmatsu India LLP Corporate Fraud Perception survey, Edition IV, 2020, released recently, reveals a heightened fear amongst corporate India over the rise of corporate fraud.
- Over 80 percent of survey respondents indicated that fraud will rise in the next two years and over 70 percent felt that fraud losses will rise.
- Cybercrime, vendor favouritism, and bribery and corruption were identified as the key fraud risks to watch out for in the future.
- 43 percent of respondents felt that their existing fraud risk management efforts will be inadequate to prevent future fraud.
- 33 percent of respondents felt the risk and compliance head needed to revise key performance indicators (KPIs) for fraud risk management programmes and enforce evaluations.
- Over 50 percent of respondents said that they will take legal action on involved parties in fraud cases.
To understand the role GCs can play in enhancing fraud risk management efforts, please download a copy of our report here.
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