How will we be able to combat Financial Economic Crime in 2023? Which types of crime are at the horizon? Which strategies are already deployed in the public and private sector? How destabilising will criminal organisations be to society in five years from now? Which types of solutions are desirable and necessary? Are we combatting Financial Economic Crime in a concerted manner?
Criminal organisations are increasingly present in the upper-world, undermining governance in both the public sector and the private sector. Systemic frauds and infiltration pose a real threat to the systems designed to protect us against corruption, money laundering, cybercrime, human trafficking and occupational fraud and abuse. Some sectors of society are more vulnerable than others, and thus have an urgent need to further strengthen their fraud risk governance. The public sector is clearly one of these sectors. Are they focusing enough on the serious crimes that destabilises public functions, rather than on petty crime?
Further, privatisation of public functions implies a huge responsibility for protecting these functions. In the private sector, several industries are becoming increasingly aware that financial economic crime can pose a serious risk to company objectives. But are all of the players sufficiently aware of this? Are they adequately funded and empowered to respond to this risk, and are they responding in a concerted manner? We can only find out by listening to organisations that are currently spearheading against Financial Economic Crime.
More information can be found on the website of the Risk Congress.