|By PR Newswire||
|August 15, 2014 10:48 AM EDT||
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.
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 corruption — Eastern 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.
PricewaterhouseCoopers, 2014 Global Economic Crime Survey, accessed July 2, 2014, http://www.pwc.com/crimesurvey.
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
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 26, 2016 08:30 PM EDT Reads: 2,325
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 26, 2016 08:00 PM EDT Reads: 1,220
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 26, 2016 08:00 PM EDT Reads: 2,261
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 26, 2016 08:00 PM EDT Reads: 2,090
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 26, 2016 08:00 PM EDT Reads: 2,055
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 26, 2016 08:00 PM EDT Reads: 2,284
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 26, 2016 08:00 PM EDT Reads: 1,868
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 07:45 PM EDT Reads: 2,506
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 26, 2016 07:30 PM EDT Reads: 2,015
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 26, 2016 07:15 PM EDT Reads: 989
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 26, 2016 07:15 PM EDT Reads: 2,984
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 26, 2016 07:00 PM EDT Reads: 1,923
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 26, 2016 07:00 PM EDT Reads: 1,334
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, 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 enterprises are using some...
May. 26, 2016 06:45 PM EDT Reads: 3,059
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 26, 2016 06:30 PM EDT Reads: 2,020