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Companies are missing opportunities to mine big data to reduce fraud risk and improve anti-bribery compliance

March 28, 2014 Comments off

Companies are missing opportunities to mine big data to reduce fraud risk and improve anti-bribery compliance
Source: Ernst & Young

EY’s 2014 global forensic data analytics survey, Big risks require big data thinking, highlights that 63% of senior executives surveyed at leading companies around the world, agree that they need to do more to improve their anti-fraud and anti-bribery procedures, including the use of forensic data analytics (FDA). The survey polled over 450 executives in 11 countries, including finance professionals, heads of internal audit, compliance and legal, about their use of FDA in anti-fraud and anti-bribery compliance programs.

The survey also finds that 87% of respondents indicate that regulatory requirements, including anti-corruption laws and recent enforcement trends, are a driving force behind the design and use of FDA, with almost half indicating that these regulatory developments are a top five factor. Bribery and corruption is reported as the top perceived risk at 65%, which aligns well with the finding that 74% report using FDA to combat bribery and corruption. Other perceived significant fraud risk areas, such as asset misappropriation and financial misstatement, are also priority areas for FDA attention.

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Navigating today’s complex business risks” Europe, Middle East, India and Africa Fraud Survey 2013

May 23, 2013 Comments off

Navigating today’s complex business risks" Europe, Middle East, India and Africa Fraud Survey 2013 (PDF)

Source: Ernst & Young

Our survey of over 3,000 board members, managers and their teams delivers three clear messages:

Executives and their teams are under increased personal pressure to produce growth in extremely challenging conditions.

Unethical conduct — including fraud, bribery and corruption — in response to this pressure is not just a just a hypothetical risk. One in five respondents have seen financial manipulation occurring in their companies. Fifth-seven percent believe that bribery and corruption are widespread in their country.

Compliance programs work, but not well enough. Companies that do not keep asking the right questions — and demanding answers — are exposing themselves to significant risk.

Transacting in emerging markets: Critical success factors for consumer products companies

July 11, 2011 Comments off

Transacting in emerging markets: Critical success factors for consumer products companies (PDF)
Source: Ernst & Young

Six steps to transacting successfully in emerging markets

  1. Market presence alone is not enough; a clearly defined strategy for each targeted emerging market is crucial
  2. Think laterally about partner and target selection; there are many routes into emerging markets
  3. Develop a strategy to overcome the lack of reliable information
  4. Shift your mindset to a different pricing paradigm
  5. Allow for lengthy negotiation with a wide group of shareholders
  6. Preserve and nurture value in the integration process; motivate key people
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