In the two years since we published our last GECS report in 2022, the global fraud landscape has continued to evolve, as threats have escalated hand-in-hand with rising regulation. These shifts have been taking place against a backdrop of increasing global connectivity combined with intensifying geopolitical tensions. The result? Economic crime is now more complex than ever before – and, for organisations worldwide, it has become far more challenging both to create value and protect it.
The UK is not immune to any of these developments, and neither are the organisations based here. Like their global counterparts, they’re having to defend their businesses against an expanding array of increasingly sophisticated criminal adversaries. But while the forces at play are global, a drill-down into our findings reveals some significant nuances that differentiate the fraud risks and dynamics facing UK organisations.
Some examples? Take the UK’s higher prevalence of supply chain and procurement fraud – with twice as many UK businesses having suffered this type of fraud compared to the global average, and experiencing more disruptive impacts from it. Or corruption, where UK organisations are generally more optimistic than companies globally, but more likely to feel corruption is on the rise within their own respective industries. Or mapping of supply chains beyond Tier 1 suppliers for ESG risks, where UK companies are taking a more rigorous approach than the global average, largely driven by regulation.
To learn more, please read our UK analysis of the GECS 2024 findings. The overall message? In common with organisations elsewhere, UK businesses should consider three actions to improve their fraud risk management and compliance. First, strengthening risk assessments. Second, improving the management of risks related to third-parties. Third, leveraging AI, data and analytics more effectively to support compliance, detection and investigations.
The reality today is that fraud risks are ever-present and inevitable. It’s how intelligently your business detects and addresses them that will set you apart as a leader. Our GECS 2024 can help.
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