A socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 132 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 70 countries worldwide.

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Research
13.11.2020

Global Economic Crime and Fraud Survey

PwC’s bi-annual survey of business crime reports that fraud committed by customers tops the list of all crimes experienced. Businesses report that customer fraud and cybercrime are the most disruptive of all the crimes.

With nearly half of the more than 5,000 respondents reporting a fraud in the past 24 months.

Are we assessing threats well enough...or are gaps leaving us dangerously exposed? Are the fraud-fighting technologies we’ve deployed providing the value we expected? When an incident occurs, are we taking the right action?

These are some of the provocative questions that lie at the heart of the findings in this year’s Global Economic Crime and Fraud Survey. With fraud a greater — and more costly — threat than ever, it’s essential to assess your readiness, deploy effective fraud-fighting measures, and act quickly once its uncovered.

The Roscongress Foundation presents the salient points of the publication accompanied by fragments of broadcasts of relevant panel discussions from the business programme of international events held by the Roscongress Foundation.

With nearly half of the more than 5,000 respondents reporting a fraud in the past 24 months. US$42B losses reported due to fraud in the last 24 months.

Most disruptive fraud events — by industry:

· Consumer Markets (Customer Fraud 18%)

· Energy Utilities & Resources (Bribery and Corruption 17%)

· Financial Services (Customer Fraud 27%)

· Government & Public Sector (Cybercrime 17%)

47% told us they had experienced fraud in the past 24 months. This is the second highest reported level of incidents in the past 20 years. On average, companies reportedly experienced 6 incidents in the last 24 months. Top 4 types of fraud:

1. Customer Fraud

2. Cybercrime

3. Asset Misappropriation

4. Bribery and Corruption

Fraud losses are complex. Some costs can be tallied: direct financial loss or costs due to fines, penalties, responses and remediation. But some costs are not easily quantified — including brand damage, loss of market position, employee morale, and lost future opportunities.

US$42B losses reported due to fraud in the last 24 months.

Antitrust, insider trading, tax fraud, money laundering, and bribery and corruption are reported as being the top five costliest frauds in terms of direct losses — sometimes compounded by the significant cost of remediation.

Video: https://roscongress.org/sessions/gilotina-dlya-korruptsii-antikorruptsionnaya-initsiativa-biznesa/search/#00:03:55.776

Fraud hits companies from all angles — the perpetrator could be internal, external or in many instances there is collusion.

Бизнес сталкивается с мошенническими действиями во всех областях.png

In the last two years, 39% of respondents said external perpetrators were the main source of their economic crime incidents.

Сustomer fraud is especially prominent in the Financial Services and consumer markets sectors. This could be significant, as more industries shift to direct-to-consumer strategies.

Of those who reported experiencing fraud nearly 3 in 10 were also accused of committing a fraud, corruption, or other economic crime:

• In almost equal numbers, competitors, regulators, employees, and customers were most likely to point the finger.

• Enhanced regulatory focus, and in some territories, whistleblower incentives may contribute to this trend.

Video: https://roscongress.org/sessions/iif-2019-mind-the-gap-pokolencheskiy-razryv-na-rynke-truda-kak-prepyatstvie-na-puti-razvitiya-rossiyskoy-ekon/search/#00:31:04.448

The benefit in using technology to fight fraud is undeniable but organisations must recognise that using tools or technology alone does not amount to an anti-fraud programme.

Nobody wants to fall victim to (or worse, stand accused of) fraud. But there’s another way to look at a major disruptive event: as an inflection point, a possible trigger to organisational transformation. Whether that transformation is negative or positive — a full-blown crisis, or an improved market position for example — depends on how well the business was prepared and how it was managed.

The data shows that there’s a significant upside to taking stock when an incident strikes. Large companies are even more likely (52%) to say they emerged better off — citing adoption of new technology and fewer repeat incidents, in addition to a better environment and streamlined operations.

While technology is just part of the answer in fighting fraud, the report finds that more than 60% of organisations are beginning to employ advanced technologies such as artificial intelligence and machine learning to combat fraud, corruption or other economic crime. However, concerns about deploying technology are linked to cost, insufficient expertise and limited resources. 28% say it’s because they struggle to see its value.

Video: https://roscongress.org/sessions/vyzovy-tsifrovoy-ekonomiki-rol-sotsiokulturnoy-sredy-i-infrastruktury-dlya-razvitiya-biznesa/search/#00:32:14.112

For more information about construction as a sector with a sizeable share in many economies, rising level of digitalization, and shifts in consumer sentiment in real estate, please see the Supervision and controls, Legal regulation, Cybersecurity and Entrepreneurship.