Welcome to the MGC Global Fraud Risk Survey | March 2022

As we see the concentrated phases of the pandemic ebbing away, awareness regarding the challenges that have sprung up has spread amongst businesses unequivocally, along with the increasing severity of the same in the times to come.

Through the medium of this survey, MGC Global Risk Advisory LLP invites your views on specific current and emerging fraud risks with best practices to mitigate the same effectively. 

We have insured that this survey does not solicit any revelations meant to be kept confidential and hence have made it specific to industries.
Please select only one option per row.
1.Please insert your full name
2.Company name
3.Industry
4.Please rate the severity of the following frauds in your industry.
Very Low
Low
Medium 
High
Very High
Cyber fraud
Procurement fraud
Asset misappropriation
Accounting fraud
Expense claim fraud
Embezzlement of cash
Diversion of funds
Intellectual property fraud
Social media fraud
Cloud computing fraud
Crypto currency fraud
Others
5.Please rate the following in terms of the relevance of potential fraud risks in your industry.
Very Low
Low
Medium
High
Very High
Employees
Vendors
Customers
Management
Shareholders/promoters
6.Please rate the exposure of the following departments in your industry to fraud risks.
Vey Low
Low
Medium
High
Very high
Marketing
Sales
Finance & accounts
Supply chain
Research & development
Operations
IT
Human resources
Administration
Other support functions
7.According to you, what should the focus in your industry be for the following fraud detection & mitigating measures? (scale of 1 to 5, with 5 being the highest).
1
2
3
4
5
Usage of whistle-blower hotline
Development of a fraud risk management framework (policies, procedures, risk registers & training)
Usage of fraud vulnerability diagnostic and data analytic tools
Enhanced monitoring controls over budget v/s actual variations  
Enhanced scope of the internal audit function
Cyber risk assessment
Vendor and customer account reconciliations
Vendor due diligence
Others
8.The risk of fraud has increased during the Covid pandemic. Rate the following in terms of their role in heightening fraud risks in your industry.
Low
Medium
High
Remote working environment
Pressures on sales and management of costs
Job insecurity
Business mail compromise
Standard operating processes and controls not re-engineered for the current environment
9.How do you view the risk of fraud in your industry in the financial year ending March 31, 2023 vis a vis the financial year March 31, 2022?
10.Please rate the likely impact of the following fraud schemes in your industry.
Very low
Low
Medium
High 
Very high
Creation of quasi-legitimate entities by fraudsters seeking to do business
Usage of obscure ownership structures that conceal beneficial ownerships
Round tripping of transactions
Skimming of cash
Intercompany manipulations
Ghost employees
Dummy vendors
Insider trading
Redirection of payments to fraudulent accounts for purchase of goods
Fictitious invoicing
Identity theft and impersonation
11.How is suspected fraud investigated in your organization?
Current Progress,
0 of 11 answered