Fraud and financial crimes have grown in volume and complexity over the years, with the magnitude of damage attracting more attention among top executives, with the level of fraud particularly extensive in data-intensive industries such as financial services, government and health care, according to a new report.
The study, from the IBM Institute for Business Value, found that fraud and enterprise risk have soared to the top of the agenda among CFOs and other top executives. However, only 64 percent of the 576 CFOs surveyed believe they are doing an effective job managing these new and emerging threats. The impact of fraud and financial crime isn’t limited to business brands or bottom lines, according to IBM. The collateral damage also hits consumers, citizens and employees through higher insurance premiums, slower medical claims processing and increased municipal tax rates.
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