Post by account_disabled on Oct 18, 2023 7:16:51 GMT
Have you ever heard of financial crimes? Did you know that these crimes are one of the most common risks for your company?
According to the Thompson Reuters Survey, the average of financial crimes in Brazilian companies is 67% and the global average is 57%, we can highlight fraud, money laundering, corruption, bribery and corruption as one of the main crimes, but the reporting channel can prevent and combat these irregularities.
In today's article, we will address the costs of Financial Crimes and how to prevent this practice through the Reporting Channel.
Stay with us.
The costs of financial crime
With the advent of the Anti-Corruption Law and the various cell phone number list scandals involving institutions in acts of corruption, Brazil began to combat financial crimes more incisively, making ethics and transparency in companies increasingly important.
Currently, it is completely unforgivable for a company's image and reputation to be caught in any fraudulent act.
The importance of combating financial crimes goes beyond being in Compliance, as corruption and fraud in companies have extremely high costs, reaching losses of 5% of their annual revenues. The average loss in a single case of fraud in institutions in Latin America is US$193,000, according to Report of the Nations.
Read also: Reporting Channel – 6 Great Benefits
It is important to point out that there is an even greater risk when fraud involves senior executives, with the damage being 10 times greater than that perpetrated by employees.
In addition to the losses arising from fraud, the business is exposed to the penalties of the Anti-Corruption Law, where the legal entity can respond administratively and civilly for acts of corruption, in addition to a fine worth up to 20% of the company's gross revenue.
Society as a whole is also harmed, according to the UN report found that the country loses around R$200 billion to corruption schemes per year.
How can the Reporting Channel help prevent financial crimes?
The reporting channel is the ideal tool for preventing and combating financial crimes in your company.
According to Arnold Shilder, every dollar invested in compliance means savings of US$5.00 spent on lawsuits, damage to reputation and loss of productivity.
Since by gaining knowledge about the occurrence of these irregularities, institutions that use anonymous reporting channels are able to reduce the incidence of these crimes by up to half, according to the Report of the Nations.
Wide dissemination of the channel, aligned with a code of conduct and policy guaranteeing the whistleblower's anonymity and non-retaliation are essential for the full functioning of combating these situations.
According to the Thompson Reuters Survey, the average of financial crimes in Brazilian companies is 67% and the global average is 57%, we can highlight fraud, money laundering, corruption, bribery and corruption as one of the main crimes, but the reporting channel can prevent and combat these irregularities.
In today's article, we will address the costs of Financial Crimes and how to prevent this practice through the Reporting Channel.
Stay with us.
The costs of financial crime
With the advent of the Anti-Corruption Law and the various cell phone number list scandals involving institutions in acts of corruption, Brazil began to combat financial crimes more incisively, making ethics and transparency in companies increasingly important.
Currently, it is completely unforgivable for a company's image and reputation to be caught in any fraudulent act.
The importance of combating financial crimes goes beyond being in Compliance, as corruption and fraud in companies have extremely high costs, reaching losses of 5% of their annual revenues. The average loss in a single case of fraud in institutions in Latin America is US$193,000, according to Report of the Nations.
Read also: Reporting Channel – 6 Great Benefits
It is important to point out that there is an even greater risk when fraud involves senior executives, with the damage being 10 times greater than that perpetrated by employees.
In addition to the losses arising from fraud, the business is exposed to the penalties of the Anti-Corruption Law, where the legal entity can respond administratively and civilly for acts of corruption, in addition to a fine worth up to 20% of the company's gross revenue.
Society as a whole is also harmed, according to the UN report found that the country loses around R$200 billion to corruption schemes per year.
How can the Reporting Channel help prevent financial crimes?
The reporting channel is the ideal tool for preventing and combating financial crimes in your company.
According to Arnold Shilder, every dollar invested in compliance means savings of US$5.00 spent on lawsuits, damage to reputation and loss of productivity.
Since by gaining knowledge about the occurrence of these irregularities, institutions that use anonymous reporting channels are able to reduce the incidence of these crimes by up to half, according to the Report of the Nations.
Wide dissemination of the channel, aligned with a code of conduct and policy guaranteeing the whistleblower's anonymity and non-retaliation are essential for the full functioning of combating these situations.