Fraud is an ever-present danger to all businesses. The risk has now been driven signficantly higher by crisis and economic downturn. Businesses must ensure that their lines of defence remain sufficient and effective to avoid further damaging loss.
We know that times of crisis, economic hardship, and significant organisational change create the ‘perfect storm’ that can test ethical practices. History demonstrates that during economic downturns, those organisations that invest in enterprise wide resilience, especially in prevention and detection of misconduct, will minimise the impact of the crisis on their corporate wellbeing .
As governments implement COVID-19 stimulus programs and other measures to support economic survival, organisations are understandably more focused on the safety and wellbeing of their people.Unfortunately however, fraud doesn’t hibernate during a crisis. We often see an increase of reported incidents as well as the discovery of matters post-crisis, undetected at the time, that indicate significant loss has occurred.
We're working with organisations who are already seeing: