Deloitte GCC fraud survey 2011
Facing the challenge of fraud
The Deloitte 2011 GCC fraud survey was conducted amongst leading Gulf Co-operation Council (GCC) institutions across a wide range of industry sectors. This confidential web based survey canvassed the views of senior management across a spectrum of industries in both the public and private sector. Participants’ responses covered a wide variety of topics including the impact of fraud in the GCC region, the effect of the global economic crisis and measures being taken to prevent, detect and respond to fraud, waste and abuse.
Executives reported that 35% of entities had experienced at least one fraudulent incident during the last year, of which 14% valued their loss at over USD 1 million and half of these, 7%, over USD 10 million. While financial losses were reported in the millions, the majority of establishments had spent less than USD 50,000 on fraud response plans during the year.
While the results highlight an increased exposure to fraud, they also show an improvement in Corporate Governance standards applied throughout the region. Overall our results are encouraging and indicate that while organizations have experienced a recent increase in fraud related activity, they are focused on continually improving controls and implementing risk mitigation strategies.