Financial Services Ireland

EY’s 14th Global Fraud Survey

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EY’s 14th Global Fraud Survey

EY’s 14th Global Fraud Survey, ‘Corporate misconduct – individual consequences’, provides new insights on the perception of fraud, bribery and corruption amongst senior executives.  Our global survey is produced every two years and we are delighted to be able to give a global view specifically tailored to the financial services sector.

The survey, which is our largest yet, represents the views of nearly 3,000 senior decision-makers in 62 countries and territories, and provides compelling insight into perceptions of fraud, bribery and corruption across the globe. It includes interviews with over 250 executives from the financial services sector.

The survey reveals overwhelming support for increased transparency as regulators cooperate across borders to hold individual executives to account, with respondents both globally and in the UK&I agreeing that prosecuting individuals will help deter fraud, bribery and corruption. Our research finds that boards could do significantly more to protect both themselves and their companies.

Key findings:

  • 91% of executives agree that it is important to understand the beneficial ownership of the entities with which they do business, 97% of FS respondents agreed which is the highest sector response.
  • Government and regulators are enforcing anti-corruption legislation with vigour – increasingly focused on individual misconduct
  • 42% of FS respondents consider bribery and corrupt practices to happen widely in their country
  • 42% of all respondents and 41% of FS respondents, could justify unethical behaviour to meet financial targets, 8% of FS respondents willing to misstate financial statements.
  • Executives cite loyalty to their company and colleagues as a deterrent to whistleblowing
  • Urgent need for boards to step up to the challenge and respond proactively to fraud, bribery and corruption risk

We hope you find the report interesting and should you have any queries in relation to our findings, please do not hesitate to contact me.

Julie Fenton

Fraud Investigations, Solution Leader
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