ICASL and 'White Collar Crimes'

A program titled 'White Collar Crime and Forensic Risk Management' organised by The Institute of Chartered Accountants of Sri Lanka was held recently at the Galadari Hotel. The keynote speaker at the program was Partner, Forensic Services-Risk and Control Solutions, PricewaterhouseCoopers (PwC), Australia Ms. Cassendra Michie.

The objective of the program was to educate and assist risk managers in being more proactive and vigilant towards safeguarding their organisations against this growing hazard. The program attracted over 160 participants.The presentation took participants through areas that often go un-noticed making organisations vulnerable to fraud and mismanagement.

Statistics shared at the presentation revealed that nearly 30 percent of over 3000 participants at a PwC worldwide fraud survey responded that they experienced fraud during the last 12 months; the top most figure being 71 percent in Russia. Respondents have consistently underestimated their future fraud exposure, signifying the magnitude of the issue at organisation level.