Webinar: China Today: Navigating the Risks
According to PwC's Global Economic Crime Survey 2020, 60% of China-based respondents said that they had experienced fraud or economic crime in the last two years. This is significantly higher than the global average of 47% and other countries in the region, such as Indonesia (50%), Malaysia (43%), the Philippines (42%), and Thailand (33%). The most common issues in China continue to include bribery & corruption, asset misappropriation and accounting fraud, with companies suffering from economic losses, operational disruption and reputational damage as a result of falling victim. Unfortunately, it is to be expected that any impending downturn in the Chinese and global economies could result in more frauds occurring and being exposed.
Fraud hits companies from all angles, but collusion is particularly common in China. The survey results indicate that 40% of the most disruptive frauds experienced by companies involved collusion between internal and external parties. A further 41% involved internal perpetrators acting alone.
Foreign companies are particularly at risk of being victims of fraud, especially if greater emphasis is placed on trust rather than effective controls. For instance, it is common for companies doing business in China to rely heavily on third parties (such as suppliers, dealers, agents, distributors and consultants). However, is there sufficient oversight and clarity into business partners? Other common issues in China include fictitious expense claims by employees and off-book income diverted for improper use.
In light of the challenges faced by foreign companies in the current environment, a forensic specialist from PwC will hold a webinar to share China highlights from PwC's recent Global Economic Crime Survey, and to discuss typical issues observed in recent times, as well as practical insights for navigating the risks.
Please notice that there is no registration via this web page. Please find the registration instructions here below.
TIME: Friday, April 24, 2020, at 16:00 - 17:00
About PwC Forensic Services
PwC Forensic Services assists clients to prepare for, respond to and emerge stronger from incidents that may cause loss of economic value. In China, our team has extensive experience in assisting multinational companies to address potential fraud and compliance issues, in performing risk assessments, and in managing third party risks. We have approximately 100 professionals located in mainland China and Hong Kong and we work closely together with other PwC colleagues around the globe, as well as clients' legal counsels. We leverage technology, analytics and digitisation to solve client issues more efficiently and effectively.
PRICE: This event is free for FBCS Members.
REGISTRATION: Registration is required to confirm a spot in the Webinar. You may register by replying to email@example.com until Thursday, April 23, 2020 or as long as there are spots available. Once registered, an email will be sent a few days in advance of the event with instructions how to login to the Webinar.
ELIGIBILITY: All of the employees of FBCS member companies can participate at our events with Membership privileges (discounted price, access to member only events). Please do not hesitate to forward this event invitation to your colleagues.