NCJ Number
229122
Journal
International Journal of Police Science & Management Volume: 11 Issue: 4 Dated: Winter 2009 Pages: 493-504
Date Published
2009
Length
12 pages
Annotation
This paper presents findings from a survey of the United Kingdom's FTSE 100 companies (the 100 largest capitalized companies trading on the London Stock Exchange) regarding the strategies they are using to counter fraud.
Abstract
As measured by benchmark strategies for countering fraud in private companies, there are significant gaps in counter-fraud efforts by large private companies. Of the responses received from 32 companies, 18 reported having a counter-fraud strategy; 10 had no strategy; 1 reported not knowing whether it had a strategy; and 3 did not answer this question. Twenty-six of the 32 companies had a designated person responsible for countering fraud, and 6 had no designated person. Twenty-seven companies indicated they had some type of fraud risk assessment. Seventeen companies have employed full-time counter-fraud staff; 13 had no specialist staff. The survey responses indicate that cooperation with other companies during a counter-fraud investigation is limited. Nineteen of the 32 respondents claimed that they had worked with or had recourse to cooperating with another agency in the course of an investigation. Nine out of the 23 companies that responded to the question about reporting fraud to the police stated that all cases of detected fraud were sent to the police. Other companies reported varying percentages of cases that have been reported to the police, with two companies reporting that they involved police less than 50 percent of the time. This survey and future research should be used to inform further developments in the promotion of best practices in countering fraud in the private sector of the United Kingdom. 1 table and 29 references