Global Fraud Risk Register

A new tool to help you understand your organisation's fraud risks.

The CIPFA Counter Fraud Centre has worked with the top ten accountancy firm Moore Stephens to create the Global Fraud Risk Register.

The Register is based on a global survey of over 150 accountancy and fraud risk professionals across 37 countries to gauge the most serious at-risk areas across the globe.

Respondents considered 18 different types of fraud and bribery risk, scoring them from 1 (lowest risk) to 5 (highest risk).

The Register is an important indicator of where public sector fraud teams should be focusing their efforts. 

It is also a valuable source of information for those conducting fraud risk assessments, updating risk registers and governance statements.

What are the top fraud risk areas?

The Register shows that grants, money laundering and payroll are high risk areas for fraud across the world.

Almost half (48%) of all respondents surveyed said that grant fraud poses a high or very high risk, putting it at number one on the Register.

In developed countries, grant fraud comes top of the list of concerns with 53% of respondents rating it as high or very high risk, followed by bribery (47% of respondents) and payroll fraud (46%).

For the UK specifically, grant fraud and payroll fraud are the top two risks, with 44% and 41% of respondents rating it as high or very high risk respectively.

Grant fraud is where individuals, businesses or charities apply for and receive money they are either not eligible for, or when eligible funds are then spent on activities that were not included in the conditions of the grant.

These grants can include EU or UN funding for activities such as research or humanitarian projects.

Money laundering is seen as the second highest risk, with 42% of respondents rating it as a high or very high risk, followed by payroll fraud third, with 41% giving it the highest risk ratings.

Interestingly, these fraud areas have been ranked as higher risk than ‘hot topics’ such as cyber crime and bribery.

Go to the Register

To view the Register, visit the Moore Stephens website.