4 in 10 managers could commit a fraud at their company

The findings of a new survey from COA Solutions, the business management and information systems provider, revealed that 41% of all UK managers believe that they could commit fraud at their organizations if they wanted to.

The research included 70 senior finance professionals and managers across the UK.  The results match the Ernst & Young Global Fraud Survey which shows that fraud is now increasing within the businesses.  Given the two sets of data, COA Solutions is asking that organizations spend more in terms of security by investing in software such as analytics to offer another layer of prevention and fraud detection.

The survey by COA also found that 41% of those surveyed thought they could take some of the company funds with 17% of those stating that it would be ‘very easy’ to do so.  58% reported that it would be ‘very difficult’ or ‘difficult.’

Perhaps more stunning, 40% of the surveyed reported that they already suspected or had actually seen a colleague commit fraud within their organization.

Encouragingly however, only 10% of those surveyed felt that it was outside of their organization’s tools to actually detect and stop staff from committing fraud.

Managing Director of COA Solutions, Mark Thompson, stated the results from the survey show that organizations do not have the proper fraud prevention and detection solutions in place which leaves their businesses open to fraud from within.  Given that the UK Bribery Act holds companies liable if they are unable to stop bribery, Thompson commented that this should be a large worry.