The Covid-19 pandemic is a major event that is continuing to impact global businesses and economies in many ways. The risk of internal fraud has heightened due to an abrupt change in working practices, as well as increasing pressure on organisations and employees. These increased opportunities and pressures may lead to individuals making poor decisions and justifying these behaviours.
Download our latest paper, which focuses on the heightened internal fraud risks associated with the Covid-19 pandemic crisis and provides guidance on the challenges arising from the current environment and the red flags that companies should be looking out for now.
When it comes to internal fraud risk assessment, organisations should consider the changes that the Covid-19 pandemic has created in their operations and re-perform fraud risk assessments in light of these changes. For example, what measures exist to deal with the concerns regarding falling incentives or contingent compensation? This will help organisations identify whether existing controls are still operating effectively, as well as identifying areas where new controls need to be introduced.
Look out for more EY Financial Services Covid-19 implication papers relating to these Financial Crime and Forensics topics:
You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.