Corporate Fraud & Corruption 2024

Corporate Fraud and corruption continue to blight the business world, costing economies billions every year. From global conglomerates to small and medium-sized enterprises, every company is at risk.  

There are many tools available to companies to help combat malfeasance but the most valuable is robust corporate governance. Responsibility, accountability, awareness, impartiality, and transparency should form the backbone of a robust corporate governance framework. Companies should clearly outline roles and maintain vigilant oversight. Good practices can help detect suspicious or irregular activity before it takes hold. 

Fraud and corruption are subjecting companies to significant financial loss and reputational damage. 

We invite you to read this in-depth Q&A feature published by Financier Worldwide highlighting BDO US and global professionals providing an overview on current trends in corporate fraud and corruption in Canada, Columbia, Republic of Ireland, Switzerland, and India. 

Each feature highlights – 

• The extent to which boards and senior executives are taking proactive steps to reduce incidents of fraud and corruption from surfacing within their company.
• Significant legal and regulatory developments relevant to corporate fraud and corruption over the past 12-18 months.
• Steps companies should take to evaluate and resolve potential problems when suspicious fraud or corruption arise.
• Employee awareness and training staff programs to help identify and report potential fraud and misconduct. 
• The renewed focus on encouraging and protecting whistleblowers and how many companies manage and respond to reports of potential wrongdoing. 
• Fraud and corruption risks that can emerge from third-party relationships and if firms are paying sufficient attention to due diligence at the outset of a new business relationship.
• How companies and can implement and maintain a robust fraud and corruption risk management process with appropriate internal controls.  

The article originally appeared in the March 2024 issue of Financier Worldwide 

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