- The UK is the second highest nation in the world for reports of fraudulent behaviour
- A huge 90% of businesses have experienced fraudulent behaviour of some kind
- Theft of physical assets and misappropriation of funds rank top of the list
- Industry experts publish in-depth guide on implementing whistle-blowing strategies within the workplace
Corporate fraud solicitors, Rahman Ravelli is advising British companies to protect themselves against dishonest behaviour, following reports that 90% of businesses have suffered from fraudulent behaviour.
The latest Global Fraud & Risk Report reveals that the UK is not only in the top 10 nations most affected by corporate fraud – they are in fact second from top, with a clear majority of businesses having reported fraudulent activity. This places the UK second, below Colombia.
Without having definite numbers of those cases which may slip through the cracks, these statistics indicate a corporate fraud epidemic happening across numerous sectors.
However, by taking right steps from an early stage, employers can begin to root out incidents within their business and prevent them from causing irreparable damage. To aid senior managers, Rahman Ravelli has produced an in-depth guide* on how businesses can establish whistleblowing processes, and ensure it is done correctly.
Aziz Rahman, Senior Partner of Rahman Ravelli, says that staying ahead of corporate fraud comes down to communication and educated staff:
“Where many businesses fail is the reinforcement of policies they already have in place. No employer likes to consider the likelihood of criminal, fraudulent activity within their workplace, and for such reasons, regular training on whistle-blowing is neglected.
“It works on two levels; the encouragement of a positive and transparent whistle-blowing policy reassures those who may, at some point, witness wrongdoing. It also makes those tempted by fraudulent activity aware that you enforce a zero-tolerance policy.”
About Rahman Ravelli: Founded in 2001, Rahman Ravelli has become one of the fastest-growing and highly-respected legal practices specialising in the defence of serious fraud, complex crime, regulatory matters and commercial litigation in the UK. The firm has represented a host of high-profile clients both nationally and internationally.
* You can read the guide in its entirety here.