Welcome!

News Feed Item

Merrill Brink News Reviews and Opinion on Aug 15, 2014: Trends in Global Economic Crime: What You Need to Know When Doing Business Internationally

NEW YORK, Aug. 15, 2014 /PRNewswire-iReach/ -- Economic crime is an unfortunate reality in business, making it essential for companies to maintain thorough records and detailed corporate compliance programs for protection against significant financial loss. In international business, it is even more crucial to establish these measures and translate them into local languages to minimize the risk as much as possible.

Photo - http://photos.prnewswire.com/prnh/20140815/136458  

Equally important, a company cannot take a "one size fits all" approach to localizing its compliance program, as certain kinds of crime are more prevalent in some countries than in others. To help companies make informed decisions about their localization priorities and processes, PricewaterhouseCoopers (PwC) periodically surveys industry leaders across the globe regarding the types of economic crime they've experienced and the impact of the crimes. PwC's most recent survey, the 2014 Global Economic Crime Survey, covered the period of August 2013 through February 2014, and included responses from more than 5,000 respondents in 99 countries and territories.

A summary of the survey's key findings is provided below.

Countries most affected — Economic crime is definitely a global phenomenon, with 37 percent of all respondents reporting at least one incident during the survey period. South Africa reported the highest rate of economic crime with 69 percent of its respondents directly affected by it. The Ukraine and Russia were not far behind with 63 percent and 60 percent of their representatives, respectively, reporting economic crime. One disturbing finding in the survey is that while the global economic crime rate rose from 2011's 34 percent, Ukraine reported a rate of only 36 percent in 2011, and Russia had an even lower rate of 30 percent, which suggests increasingly lax law enforcement in those countries.

Industries most prone to economic crime — Economic crime rates vary across industries. The retail and consumer sector and the financial services sector were most likely to have experienced economic crime, with 49 percent of respondents from both sectors saying that their companies had experienced at least one incident during the survey period. The communication industry ranked second highest with 48 percent of its respondents indicating that economic crime had occurred at their organization. Companies in these industries should take extra care in translating their corporate policies so that overseas employees and associates can clearly understand and uphold them.

White-collar crime — Regardless of the industry, white-collar crime—particularly money laundering, bribery and corruption, and anti-competition law violations—tends to attract more attention from federal law enforcement agencies than other types of economic crime. These white-collar crimes are especially dangerous because they are usually systemic rather than episodic in nature, and may potentially affect all areas of an organization. Hence it is not surprising that PwC devoted a section entirely to the three categories of white-collar crime.

Bribery and corruptionEastern Europe and Africa reported the highest bribery and corruption rates with 39 percent of respondents in each region reporting incidents during the survey period. The Middle East followed with a 35 percent occurrence rate, well above the global average of 27 percent. It is worth noting that the economies of the Middle East and Africa rely heavily on the resource extraction, infrastructure and construction industries, which typically have higher than average bribery and corruption rates.

Money laundering — Bribery and corruption incidents do occur in the financial industry, but they are not as frequent as incidents of money laundering. The survey found that 27 percent of finance company respondents reported occurrences of money laundering during the survey period. The insurance industry followed with the next highest rate of this type of crime, with 11 percent of respondents feeling its effects.

Anti-competition law violations — The effects of bribery, corruption and money laundering can be observed all over the world. However, for one in four respondents in Eastern and Western Europe, they pose less cause for concern than violations of anti-competition laws. This relatively high percentage may be due in part to the EU Commission's campaign against market abuse, including cartels and price fixing.

PwC's findings can be very helpful in prioritizing and tailoring your corporate policies and compliance programs to address specific economic crime issues for each country in which you do business. These policies and programs, in turn, must be clearly translated so international associates can readily understand and abide by them. A language services provider with legal translation experience can help ensure that your translated compliance materials accurately reflect the content and intent of your company's rules.

References:

PricewaterhouseCoopers, 2014 Global Economic Crime Survey, accessed July 2, 2014, http://www.pwc.com/crimesurvey.

Full article: http://www.merrillbrink.com/trends-in-global-economic-crime-08112014.htm

About Merrill Brink International

Merrill Brink International (www.merrillbrink.com) is a leading provider of complete translation and language solutions for global companies and law firms, with special expertise in serving the legal, financial, life sciences, software, heavy machinery and corporate markets. A proven leader with more than 30 years of experience, Merrill Brink offers a wide range of language solutions including translation, localization, desktop publishing and globalization services.

Merrill Brink is recognized in the industry for its commitment to quality and its pioneering approach of leveraging technology to reduce costs, eliminate redundant processes and accelerate translation life cycles. Merrill Brink is certified to ISO 9001:2008; ISO/IEC 27001:2005 and ISO 13485:2003, and compliant to EN 15038:2006 and ISO 14971:2007.Together, these standards provide assurance that the most stringent process and quality standards for translation are followed. Merrill Brink International is a wholly owned subsidiary of Merrill Corporation.

Media Contact: Vanessa Lontoc, Merrill Brink International, 212-229-6532, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Merrill Brink International

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...