Increased enforcement action, changing regulations and adoption of new technologies has transformed the risk landscape, leading to increased vulnerabilities. EY’s 15th Global Fraud Survey 2018, Integrity in the spotlight – The future of compliance stated that despite rising global enforcement, fraud and corruption continue to be one of the greatest threats to businesses worldwide. While anti-corruption enforcement by regulators and agencies continues to accelerate, there is often a lag between the introduction of laws and real change being made by organizations.
In such trying times, management needs to boost the integrity agenda, redefine compliance programs and adopt a technology-centric approach driven by data analytics to minimize ethical lapses, business losses and reputational damage.
Key India highlights of the survey include –