The survey was derived from the responses to a questionnaire sent in August 2008 to 2,018 of Australia’s and New Zealand’s largest organisations across the public and private sectors. The questionnaire sought information about fraud incidents within the respondents’ business operations during the period February 2006 to January 2008.1 Usable responses were received from 420 organisations, representing just over 20 percent of the surveys distributed.
The total value of fraud reported was $301.1 million with an average value for each organisation of $1.5 million. Twenty-six respondents reported single frauds with a value of greater than $200 000 each and there were seven organisations where the value of fraud exceeded $3 million.
The most significant initiative taken to reduce the risk of fraud was reviewing and/or improving internal controls (99 percent) and developing a code of conduct/ethics (92 percent). Overall, there was an increase in fraud risk management strategies in place compared to the 2006 survey.
The most significant increases were in performing data analytics (76 percent compared to 19 percent in 2006), developing a fraud control strategy (78 percent compared to 49 percent in 2006), conducting fraud risk assessments (82 percent compared to 50 percent in 2006) and conducting fraud awareness training (64 percent compared to 38 percent in 2006). These results indicate organisations are increasingly following leading practice in fraud risk management.