To whet your appetite, here are some statistics that caught my eye just in my initial reading:
- 88% of respondents report they had been hit by at least one type of fraud in the past year - this is across small, medium and large enterprises. How are you collecting reports of suspected misconduct? I ask because I've heard many companies say "they don't have problems in their company - we don't have a need for an easy way to collect, investigate and resolve misconduct reports." Really???? You're one of the 12% of people that haven't been hit by fraud in the past year? Really? If so, Congratulations!
- Cost of fraud has risen 20% in the past year - across all size companies. This is NOT just a large enterprise problem
- Fraud/Corruption is not a victimless crime - it is hampering the economic development of all countries:
- 48% of respondents indicate that fraud has deterred them from engaging in business in at least one foreign country. (this is not just a developing country problem - 7% have not operated in North America due to the perception of fraud!)
- Corruption was named by 63% of respondents as the main reason for not doing business in Africa and 59% for avoiding Central Asia.
- Most companies are not prepared to comply with anti-corruption laws such as the US' Foreign Corrupt Practices Act (FCPA) or UK Bribery Act
- Only 36% of companies that fall under one or more of these laws believe these mandates applied to their business!