On a worldwide basis, criminal activity in the workplace – detected or undetected – is at an all-time high. Fraud, corruption and other forms of economic crimes are rife, and perceptions of increasing illicit behaviour are backed by reputable subject matter experts and research agencies, with alarming statistics.
Research conducted by the Association of Certified Fraud Examiners (ACFE) show that workplace fraud has steadily increased between 2012 and 2016.
In South Africa, the Institute of Risk Management (IRMSA) identified increasing corruption as the country’s number one risk on the list of the top ten country-level risks. IRMSA’s surveys show that corruption moved from the second-highest national risk in August 2016 to the highest risk just five months later in January 2017.
The PricewaterhouseCoopers (PwC) Global Economic Crime Survey: South Africa 2016 found that economic crime remains a serious challenge in South Africa. The trend has not changed from 2014, with 69% of respondents indicating they had experienced some form of economic crime in the 24 months preceding the survey.
Asset misappropriation, financial mismanagement, procurement fraud, bribery and corruption are typically the most commonly experienced forms of economic crimes; both in SA and internationally.
Organisations are continuously considering ways to prevent and address economic crimes perpetuated in the workplace, and – if used correctly – polygraph testing could pose a legitimate solution to…
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Read this article by Terrance M. Booysen, Chief Executive Officer, CGF Research Institute and Osborne Molatudi, Partner, Hogan Lovell’s Attorneys as well as a host of other topical management articles written by professionals, consultants and academics in the August/September 2017 edition of BusinessBrief.
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