| UK companies face increased fraud risk |
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A poll of 70 managers and senior finance professionals across a range of UK public and private sector organisations found that 41% thought it would be possible for them to divert some of their company’s funds into their own pockets if they so desired, with 17% saying that this would be ‘very easy. A similar number (40%) said they had previously witnessed or suspected fraudulent activity among their colleagues. Just 10% of respondents said their organisations lacked measure to help detect staff fraud, casting doubt on the effectiveness of organisations’ fraud prevention processes and tools. The findings were released as the Ernst & Young 11th Global Fraud Survey revealed a doubling in the rate of fraud globally, with the UK figures showing no improvement over the past two years (up from 13% to 14%). Mark Thompson, managing director of COA Solutions, said: ‘Many organisations are leaving themselves wide open to staff fraud and the associated cost and reputational damage. Top of an organisation’s spending list should be spend analysis software, which creates a comprehensive and single view of an organisation’s expenditure, enabling the quick detection of any spending anomalies.’ |
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