A new report from KPMG urges companies to bolster their safeguards against potential corporate losses resulting from fraud, compliance breaches and cyberattacks.
Two-thirds of U.S. executives surveyed in the report said their companies experienced external fraud in the past 12 months, but only 35% of them have a program to prevent, detect and respond to fraud.
More than half of those companies have no plans to increase their anti-fraud budgets, leaving them vulnerable to the triple threat of external fraud, compliance breaches and cyberattacks. The report recommends this five-step process for mitigating the risks.