Despite Supply Chain Financial Crime Rates Holding Steady, Just 15 Percent Tap Blockchain to Help Mitigate Risk has been added to Bookmarks.
Despite Supply Chain Financial Crime Rates Holding Steady, Just 15 Percent Tap Blockchain to Help Mitigate Risk
NEW YORK, October 31, 2018—During the past five years, an average of 31.1 percent of respondents to annual Deloitte polls say their organizations have experienced supply chain financial crime—particularly fraud, waste or abuse—in the preceding year. Yet, in a 2018 poll, just 15.1 percent of respondents report their organizations are using (3.9 percent) or piloting (11.2 percent) blockchain to help mitigate financial crime risks in their supply chains.
“Financial crimes in supply chains are more complex than ever, but some
From an industry perspective, groups reporting higher than average rates of supply chain financial crime in the 2018 poll were: energy, resources
“We’re seeing a growing awareness among executives that blockchain could be worth exploring as it can offer a new way to mitigate the possibility of supply chain fraud, waste
Data encryption and information security led as the greatest anti-fraud benefits of
In the 2018 poll, more than one-quarter (26.5 percent) of respondents agreed that data encryption and information security resulting from a blockchain solution stood to improve their organizations’ supply chain financial crime risk management efforts the most. Others said blockchain’s creation of an immutable register (i.e., transactions can’t be manipulated in the register; 15.3 percent), proof of identity (13.5 percent) and anti-money laundering safeguards (6.3 percent) were helpful for anti-fraud efforts in supply chains.
About the online poll
More than 2,430 professionals were polled online during a Deloitte Dbriefs webcast, titled “Supply chain forensics: New insights on fraud, waste, and abuse,” on July 24, 2018. Respondents work in industries including consumer products (26.7 percent), financial services (21.4 percent), technology, media and telecoms (15.9 percent); energy, resources and industrials (13.9 percent); life sciences and
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and