Economic Crime Survey: Chemicals Supplement

The Chemicals Industry Supplement highlights:

•          While the reported incidence of economic crime is notably lower than across all industries, the rate of detection by chance is considerably higher, and up substantially from the 2005 survey.

•          Intellectual Property ("IP") infringement stands out by far as the most pressing area of economic crime, with an extremely high average cost and higher managing costs.

•          Fewer perpetrators faced dismissal or criminal charges than in 2005 and more executives reported that their response to serious incidents of economic crime was to do nothing

•          A greater percentage of serious incidents of economic crime in the chemicals industry was perpetrated by senior/top management than in 2005.

•          Companies need to avoid unintended complacency, ensure that fraud prevention processes receive on-going review, and continue to maintain "tone at the top" in conveying a strong, consistent message around economic crime.