Embedding Resilience

Cybercrime, money laundering, bribery and corruption remain persistent threats to Australian organisations.

Economic crime continuing strong in 2016

The Global Economic Crime Survey has been conducted every two years since 1999. It is one of the largest and most comprehensive surveys of its kind. It provides valuable insight and practical ideas on how organisations can continue their efforts to combat fraud and other economic crimes.

Economic crime remains a persistent threat to organisations in Australia, with an increasing focus on the digital and cyber landscapes. The digital environment has resulted in the evolution of economic crime, but the types of economic crime most commonly experienced by Australian organisations remains consistent with previous years: asset misappropriation, bribery and corruption, procurement fraud, cybercrime and accounting fraud. The landscape has changed but the threat remains. Organisations in Australia need to adjust by moving away from traditionally reactive detection methods to more sophisticated, proactive and embedded preventative and detective tools and techniques, such as we are seeing globally.

Resilience, while a fashionable buzzword, needs to become a part of the operational model for Australian organisations. Our consistently higher than the global average rate of incidence and cost of losses from economic crime reflects our reliance on doing what we have always done and a lack of increased investment in people, systems and tools.

Participation by region

Exceeding the global average

Although a slight reduction since the last survey (57%), more than half (52%) of Australian respondents have experienced economic crime in the last 24 months. This is significantly higher than the global rate (36%).

A heightened cyber threat

Australian respondents have experienced cybercrime in the last 24 months at a much higher rate than the rest of the globe, overtaking asset misappropriation as the top economic crime experienced by organisations for the first time.

Anti-bribery and corruption

Are you doing enough to protect your organisation?

Answer 5 questions to see if your organisation meets the gold standard of managing bribery and corruption.

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Thinking about the most serious economic crime your organisation experienced in the last 24 months, how was the crime initially detected?





30% of Australian respondents experienced more than 100 incidents of economic crime, compared to only 9% of global respondents experiencing the same amount





Forewarned, forearmed, forward​

Economic crime is ever-evolving, and becoming a more complex issue for organisations and economies. The regulatory landscape, is also changing, bringing with it numerous challenges to doing business. With local law enforcement not necessarily perceived as able to make a material difference, the onus is squarely on the shoulders of the business community to protect itself, and its stakeholders, from economic crime. As we discuss in the three upcoming sections – dedicated to the strategically crucial areas of cybercrime, ethics and compliance programmes and anti-money laundering – our survey numbers can help uncover not only potentially troublesome red flags and trends. They can also serve as vitally important indicators of areas of opportunity for forward-thinking organisations to meet the challenges of a whole new world. To be forewarned is to be forearmed for success.​

Contact us

Malcolm Shackell

Malcolm Shackell

Partner, PwC Australia

Tel: +61 2 8266 2993

Cassandra Michie

Cassandra Michie

Partner, PwC Australia

Tel: +61 2 8266 2774

Mike Cerny

Mike Cerny

Partner, Digital Identity, PwC Australia

Tel: +61 3 8603 6866

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