A recent study by the consulting firm KPMG India put India at risk of white collar crimes in corporate sectors in the next three years.
During the survey over 75% respondents believes that undetected crime followed by anti fraud measures and unethical behaviour of employees remain major concern of corporate India.
The report suggests that the above concerns lead to an atmosphere where inclination and opportunity co-exist, thus in a way it held unreceptive organisation in India to be breeding ground of fraud.
Deepankar Sanwalka, head, forensic services, KPMG India, said, “With the increase in the number of business transactions combined with the lack of effective monitoring, frauds are real time threats for most corporates in India. It comes as a surprise that even the larger companies operating in India do not have adequate risk management strategies. Soon, companies operating in the Indian marketplace shall be under greater pressure to implement better practices in corporate governance, corporate disclosure and risk management.”
The survey points a 54 % rise in the number of fraud victims from the last survey in 2006(39%). This time more than 80% respondents accepted that fraud is a crisis and 70% of respondents believe that it will increase in coming two year.
Interestingly the survey finds that threats of deception erupt mainly within the organisation and senior officials or employee are more likely to pose a threat to organisation.
The report alleged that it is because accessibility to the confidential data, internal knowledge, the senior employees get involved in the crime and next to them comes the suppliers and service providers.
The respondents find the kickbacks by the suppliers as the most established crime countered by the organisations.
Respondents put theft of intellectual property or frauds related to e-commerce and IT at maximum threat.
KPMG the global consultancy firm in “India fraud survey report 2008” has indicated India’s unpreparedness to counter the crime. This report should be an eye opener for the corporate sectors to tighten the loose threads.
|
|
Comments:
