Australian insights

Global Economic Crime Survey 2024

Insight
3 minute read
September 26, 2024

Meeting tomorrow's challenges, embracing risk intelligently

Risks are inevitable. It’s whether a company takes and mitigates risks intelligently to grow and thrive that sets them apart.

PwC’s Global Economic Crime Survey (GECS) 2024 provides a unique lens on how today’s boards and business leaders are responding to and addressing the economic crime risks their organisations are navigating daily.

Economic crime risk is more complex than ever before—and it is far more challenging to both create value and protect it. Based on this year’s insights, cybercrime and customer fraud rank among the top four most commonly encountered types of fraud by companies across the nation in the past 24 months, following closely behind asset misappropriation and procurement fraud.

Australian key findings

47%

of companies experienced a fraud in the past two years

32%

organisations have not conducted an enterprise-wide risk assessment within the last 12 months

Over 45%

respondents have not prioritised, have no plans to or don’t know their organisation’s priority to assess forced labour risk in the supply chain

1 in 4

organisations fail to quantify their losses through procurement fraud

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Third party fraud is a persistent problem, here’s how to address it

Third-party fraud is a growing concern for businesses, often resulting in severe financial and reputational damage. This article outlines essential strategies to help organisations effectively mitigate risks and strengthen procurement processes.

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Minimising sanctions risk: Four actions leaders should consider

As sanctions compliance becomes increasingly complex for Australian businesses, it’s crucial to adopt effective strategies. This article outlines four key actions to help mitigate sanctions risks effectively.

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About the data

PwC’s 2024 Global Economic Crime Survey is the latest in a series of studies dating back more than 20 years. In our research, conducted between January and March 2024, PwC surveyed nearly 2,500 companies across 63 territories. Two-thirds of respondents were C-suite executives—including 450 General Counsel, Chief Compliance Officers and Chief Audit Executives—and 40% were from companies with revenues greater than $1 billion. We also conducted over 45 interviews with senior executives from major corporations around the world to discuss their leading practices. This body of research gave us a unique lens on how today’s boards and business leaders are addressing the economic crime risks their organisations are navigating daily. PwC Research, PwC’s global Centre of Excellence for market research and insight, conducted this survey.

The Australian data from our 2024 survey represents feedback from:

< 50

Respondents - 60% were C-suite executives, and 64% were from companies with revenues greater than 1 billion US dollars

industries mainly operating within retail and consumer; telecommunications, media & technology; energy, utilities & resources; industrial manufacturing; financial services; government & public service; health