PwC Global Economic Crime Survey 2024

In today's Ukrainian reality, economic crime risks are becoming increasingly complex and can pose significant threats to organisations both in terms of their operations and reputation and overall existence. 

This year’s Global Economic Crime Survey - PwC GECS 2024 - highlights how the responding organisations are addressing such risks as corruption, procurement and supply chain fraud, export controls and sanctions.

Among the key approaches to preventing and counteracting these risks, the survey highlights the following: 

• improving risk assessment approaches and practices;

• enhancing of mechanisms for managing risks of interactions with counterparties;

• using enhanced data analytics more effectively for compliance and internal investigation functions.

• Bribery and corruption cause significant damage to organisations' reputation and threaten their existence on the market. Governments around the world are signalling their rising expectations as to corporate compliance and anti-fraud programmes to become more sophisticated. 

• One of the most important components of an effective anti-corruption compliance programme is about assessment of risks related to interaction with counterparties and conducting regular checks on compliance of those with anti-corruption laws and regulations.

• In Ukraine, 84% of respondents state they are confident that their compliance program can mitigate emerging corruption risks. Meanwhile 25% of the surveyed organizations either don’t have a third-party risk management program at all or, if they do, assessment of such risks is not performed.

_{Question. In your opinion, are risks associated with corrupt or improper payments to government officials/and or commercial customers in the last 12 months? 
Question. How are government efforts to enforce anti-corruption laws changing in the last 12 months?
Source: PwC Global Economic Crime Survey 2024: Report on Ukraine}

Procurement fraud erodes profitability, destroys value and undermines the corporate culture. Therefore, countering procurement fraud should be an integral part of the Organisation's risk management program.

• Respondents form Ukraine state that export controls have become more complex in the last 24 months and at the same time the enforcement efforts are on the rise.
• According to Ukrainian respondents, sanctions play an important role in the global fight against financial crime, terrorism or other unethical activities, which can pose threats to international peace. The main goal of sanctions compliance is to protect businesses. In Ukraine, more than half of respondents state that they consider sanctions risk compliance as a significant priority for their organizations.
• 35% of respondents from Ukraine state that they believe new technologies, such as AI, will dramatically increase the effectiveness of sanctions program and may lead to reduction of the related costs.