PwC’s Global Economic Crime and Fraud Survey 2020 - Malaysia Report
Fraud in Malaysian organisations remains at worrying levels, affecting businesses in more diverse ways than ever before.
43% of Malaysian respondents have experienced fraud or corruption within the last 24 months (vs 41% in 2018). Trust continues to be fragile as organisations in this part of the world continue to grapple with bribery and corruption, asset misappropriation and cybercrime among other disruptive frauds.
Organisations are also not doing enough to report their most serious incidences, which indicate that they do not fully understand the root causes of the crisis impacting them. These findings signal an urgent call for Malaysian companies to be proactive in combating fraud without fear or favour.
The survey is based on insights from 114 respondents in Malaysia.
It’s not enough to invest in an anti-fraud and corruption programme and expect it to deliver results.
A strong tone from the top is critical in building a speak up culture.
Organisations will need to be compliant with the section 17A requirements of the MACC Act.
“I encourage organisations to be proactive, carry out regular risk assessments to continually test and refine your defences, and invest in upskilling your organisation on what Adequate Procedures mean in practice so that you can prepare yourselves for the corporate liability provision. Build a strong corporate culture that advocates zero tolerance for corruption and other unethical behaviour.”
Nicholas Lim
Director, Risk & Regulatory Transformation Leader, PwC Malaysia
Tel: +60 (3) 2173 1558
