Have you considered your business’s fraud risks?
Companies in the UK are more likely to experience internal fraud than the global average. Within the last 12 months 38% of UK business experienced internal fraud, with the global average running at only 27% according to the Kroll annual global fraud and risk report.
Nearly one in four UK business leaders did not view fraud as a priority risk. The most widespread incident affecting UK businesses in the last 12 months was reputational damage due to third-Party relationships (42%) as opposed to a global average of 29%.
It was suggested that one of the reasons for the frequency of fraud in UK companies was down to the company culture, and a third of UK respondents indicated there was no clear message from their organisations that integrity, compliance and accountability were important.
Business leaders prioritised data theft (77%), despite the fact that only 32% of companies actually suffered an incident of this sort, and many businesses have increased investment to help mitigate cyber risk.
A slightly scary thought, but perhaps the biggest threats to business still come from within!
If you have concerns about your own business controls and assurance, please contact our Audit and Assurance team on Rugby 01788 539000 or Leicester 0116 261 0061.