Nobody wants to believe that their company is losing significant revenue to fraud. And, understandably, organizations don’t want to spend scarce resources managing risks they don’t consider legitimate. With regulators and prosecutors increasingly holding executives accountable for fraud prevention, however, there’s a strong incentive to replace the old refrain of “no fraud here” with the more proactive “not on my watch.”
That’s the conclusion of a new study
from Protiviti and the Economic Crime and Justice Studies Department at Utica College, released yesterday. The study, titled “Taking the Best Route to Managing Fraud and Corruption Risk,” is based on a 2015 survey of board members, C-suite executives, general counsel and chief audit executives.