IN TOUCH : Cross border fraud – Are you prepared?

International boundaries no longer deter fraudsters who can digitally flash stolen money and intellectual property across the globe in an instant.
That’s warning from KPMG Forensic whose recently released survey, Cross Border Investigation: effectively meeting the challenge shows that companies are ill-prepared to investigate fraud if it occurs in country other than where they’re headquartered – and they know it. While the bulk of survey respondents didn’t expect any drop in the number of international investigations over the coming year, more than half admitted they hadn’t implemented comprehensive investigation procedures.
The risks they face are not just financial, warns KPMG director of forensic, Mark Leishman. “An ineffective investigative process will adversely reflect on an organisation’s reputation, its risk management abilities and its commitment to good corporate governance.”
Steps executives can take to improve international fraud investigations include assessing their processes against global best practice, educating investigation teams, ensuring single global point of accountability for reporting fraud or misconduct and involving external expertise.

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