UK Bribery Act: the British act against corruption is not something that Belgian business can just ignore.
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22Sep
Tags: Corruption, Fraud, Fraud prevention, Risk, UK Bribery Act
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22Sep
Suspected rogue trader held at UBS – Business News, Business – The Independent
An unfortunate example of what could go wrong when risk management procedures are inadequate. And not the first one either, like the article says:
- Jerome Kerviel at Soc Gen (£3.7 billion),
- Nick Leeson at Barings (£800 million),
- Yasuo Hamanaka as a copper trader (£2.4 billion).
Besides the financial cost to the organisations, reputations are at stake and they can take a long time to repair.
Let’s not forget, someone has to figure out exactly what happened here and how it was possible that it happened.
Tags: DA&I, Dispute Analysis & Investigations, Forensics, Investigations
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22Sep
The Bribery Act 2010 received Royal Assent on 8 April 2010 and came into force on 1 July 2011. In addition to the two offences of active and passive bribery (paying and receiving bribes respectively), two specific offences are covered:
- Bribery of an overseas public official; and
- A corporate offence of ‘failure to prevent’ bribery.
With the Bribery Act the UK has one of the strictest anti-bribery regimes in the world and its reach is even broader than the US Foreign Corrupt Practices Act.
What do you need to do?
As the Bribery Act will have implication for all businesses that are incorporated in the UK and for the businesses that carry on all or part of their business in the UK, it is of utmost importance to have a fully integrated and effective anti-corruption program.
In many ways the introduction of the Bribery Act could require a fundamental reassessment of the risks that a company is running and how those risks are addressed.
Tags: Corruption, Fraud, Fraud prevention, Risk, UK Bribery Act
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08Sep
Participate in the Global Economic Crime Survey 2011: www.pwc.com/crimesurvey/questionnaire
A worldwide study into the impact of fraud on business to help industry leaders understand and confront these issues.
More info on www.pwc.com/gx/en/economic-crime-survey
Tags: DA&I, Dispute Analysis & Investigations, Forensics, GECS2011, Global Economic Crime Survey
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18May
When fraud appears, the culprit identified is usually always the same: CONFIDENCE!
Most companies have developed internal control mechanisms but weaknesses are unfortunately often considered only after the onset of a suspicion or a fraud. Once on the field, the Forensic Auditor repeatedly remarks that most fraud’s cases are related to the following issues:
- The non-compliance with the fundamental principle of segregation of duties,
- The non-compliance with controls in place,
- The absence of control below certain thresholds and/or
- Conflicts of interest.
No matter that the fraud is perpetrated within or outside the organization, the only real way to protect an organisation from fraud is to implement efficient and effective controls with regular monitoring / controls testing.
Create or Challenge the control environment
The only way for an organization to effectively fight against fraud is to create an environment that’s discouraging it. Prevent fraud through the creation and implementation of processes and controls, codes of conduct and ethics along with management and staff training. A key element that is too often neglected is “communication”. A good fraud prevention plan involves the setting up of a “communication plan” tailored to both management and staff on the available tools to prevent and detect fraud as well as an action plan in case of a fraud case (suspicion).
Tags: Fraud prevention, Risk, Risk Management
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27Apr
Not a week or a day passed by without a reference to fraud in the media. No matter the country, the size or the sector of the organisation, fraud unfortunately does not only happen to others.
The Forensic Auditor in the fight against economic crime, a full-time job!
A little-known job and often misunderstood by the public is the one of “Forensic Auditor”. Although this profession is much more developed in the Anglo-Saxon countries, it also exists in Belgium and requires combining legal, IT, financial and economic expertise.
There is no standardised approach; each project must be tailored to the needs of the organization and to its industry. When fraud is uncovered, the first concerns have a legal, social and financial character. The Forensic Auditor assists companies in managing their fraud risks (through prevention, detection or investigation).
“Zero risk” does not exist but it is key to prevent and detect potential fraud. The key behaviour is to anticipate and act proactively to fraud risks.
Tags: DA&I, Dispute Analysis & Investigations, Economic Crime, Forensics, Investigations
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27Apr
We have created this blog as a forum to share views and knowledge and also to stimulate debate.
You will see a range of views expressed from different experts in PwC about various fraud related topics such as fraud, corruption, software license infringements, or business ethics issues. Some of the blog entries will be about providing information to you, in others we may be asking for your views. You will be able to respond directly to the author if you wish to do so. Please note that members’ responses will be published on the blog.
Tags: DA&I, Dispute Analysis & Investigations, Forensics, Fraud
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