|By PR Newswire||
|August 15, 2014 10:48 AM EDT||
NEW YORK, Aug. 15, 2014 /PRNewswire-iReach/ -- Economic crime is an unfortunate reality in business, making it essential for companies to maintain thorough records and detailed corporate compliance programs for protection against significant financial loss. In international business, it is even more crucial to establish these measures and translate them into local languages to minimize the risk as much as possible.
Equally important, a company cannot take a "one size fits all" approach to localizing its compliance program, as certain kinds of crime are more prevalent in some countries than in others. To help companies make informed decisions about their localization priorities and processes, PricewaterhouseCoopers (PwC) periodically surveys industry leaders across the globe regarding the types of economic crime they've experienced and the impact of the crimes. PwC's most recent survey, the 2014 Global Economic Crime Survey, covered the period of August 2013 through February 2014, and included responses from more than 5,000 respondents in 99 countries and territories.
A summary of the survey's key findings is provided below.
Countries most affected — Economic crime is definitely a global phenomenon, with 37 percent of all respondents reporting at least one incident during the survey period. South Africa reported the highest rate of economic crime with 69 percent of its respondents directly affected by it. The Ukraine and Russia were not far behind with 63 percent and 60 percent of their representatives, respectively, reporting economic crime. One disturbing finding in the survey is that while the global economic crime rate rose from 2011's 34 percent, Ukraine reported a rate of only 36 percent in 2011, and Russia had an even lower rate of 30 percent, which suggests increasingly lax law enforcement in those countries.
Industries most prone to economic crime — Economic crime rates vary across industries. The retail and consumer sector and the financial services sector were most likely to have experienced economic crime, with 49 percent of respondents from both sectors saying that their companies had experienced at least one incident during the survey period. The communication industry ranked second highest with 48 percent of its respondents indicating that economic crime had occurred at their organization. Companies in these industries should take extra care in translating their corporate policies so that overseas employees and associates can clearly understand and uphold them.
White-collar crime — Regardless of the industry, white-collar crime—particularly money laundering, bribery and corruption, and anti-competition law violations—tends to attract more attention from federal law enforcement agencies than other types of economic crime. These white-collar crimes are especially dangerous because they are usually systemic rather than episodic in nature, and may potentially affect all areas of an organization. Hence it is not surprising that PwC devoted a section entirely to the three categories of white-collar crime.
Bribery and corruption — Eastern Europe and Africa reported the highest bribery and corruption rates with 39 percent of respondents in each region reporting incidents during the survey period. The Middle East followed with a 35 percent occurrence rate, well above the global average of 27 percent. It is worth noting that the economies of the Middle East and Africa rely heavily on the resource extraction, infrastructure and construction industries, which typically have higher than average bribery and corruption rates.
Money laundering — Bribery and corruption incidents do occur in the financial industry, but they are not as frequent as incidents of money laundering. The survey found that 27 percent of finance company respondents reported occurrences of money laundering during the survey period. The insurance industry followed with the next highest rate of this type of crime, with 11 percent of respondents feeling its effects.
Anti-competition law violations — The effects of bribery, corruption and money laundering can be observed all over the world. However, for one in four respondents in Eastern and Western Europe, they pose less cause for concern than violations of anti-competition laws. This relatively high percentage may be due in part to the EU Commission's campaign against market abuse, including cartels and price fixing.
PwC's findings can be very helpful in prioritizing and tailoring your corporate policies and compliance programs to address specific economic crime issues for each country in which you do business. These policies and programs, in turn, must be clearly translated so international associates can readily understand and abide by them. A language services provider with legal translation experience can help ensure that your translated compliance materials accurately reflect the content and intent of your company's rules.
PricewaterhouseCoopers, 2014 Global Economic Crime Survey, accessed July 2, 2014, http://www.pwc.com/crimesurvey.
About Merrill Brink International
Merrill Brink International (www.merrillbrink.com) is a leading provider of complete translation and language solutions for global companies and law firms, with special expertise in serving the legal, financial, life sciences, software, heavy machinery and corporate markets. A proven leader with more than 30 years of experience, Merrill Brink offers a wide range of language solutions including translation, localization, desktop publishing and globalization services.
Merrill Brink is recognized in the industry for its commitment to quality and its pioneering approach of leveraging technology to reduce costs, eliminate redundant processes and accelerate translation life cycles. Merrill Brink is certified to ISO 9001:2008; ISO/IEC 27001:2005 and ISO 13485:2003, and compliant to EN 15038:2006 and ISO 14971:2007.Together, these standards provide assurance that the most stringent process and quality standards for translation are followed. Merrill Brink International is a wholly owned subsidiary of Merrill Corporation.
Media Contact: Vanessa Lontoc, Merrill Brink International, 212-229-6532, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Merrill Brink International
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 31, 2015 02:00 AM EST Reads: 8,078
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Jan. 31, 2015 02:00 AM EST Reads: 3,074
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Jan. 31, 2015 01:00 AM EST Reads: 2,943
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 31, 2015 01:00 AM EST Reads: 2,835
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Jan. 31, 2015 12:30 AM EST Reads: 3,088
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 11:45 PM EST Reads: 2,651
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Jan. 30, 2015 11:00 PM EST Reads: 3,756
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Jan. 30, 2015 10:00 PM EST Reads: 2,880
Over the past year, Datical has had amazing success with our flagship product, Datical DB. We’ve seen multiple visionary, sector-leading companies select Datical DB to drive their Application Schema changes. Now that the number has grown rapidly over the past year, we can begin to see patterns in why customers choose Datical DB. One of them turns out to be pretty emblematic of our other customers. So, let's examine the reasons why they chose to adopt Datical DB.
Jan. 30, 2015 10:00 PM EST Reads: 699
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 09:30 PM EST Reads: 2,811
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 06:30 PM EST Reads: 2,595
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
Jan. 30, 2015 05:45 PM EST Reads: 1,657
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Jan. 30, 2015 05:15 PM EST Reads: 2,660
Log data provides the most granular view into what is happening across your systems, applications, and end users. Logs can show you where the issues are in real-time, and provide a historical trending view over time. Logs give you the whole picture. Logentries, a log management and analytics service built for the cloud, has announced a new integration with Slack, the team communication platform, to enable real-time system and application monitoring. Users of both services can now receive real-...
Jan. 30, 2015 05:00 PM EST Reads: 929
Entuity®, a provider of enterprise-class network management solutions, today announced that it solidifies its position as a market leader through global enterprise customer acquisitions and a refined channel strategy. In 2014, Entuity increased new license revenues in EMEA by over 75 percent, and LATAM by over 125 percent as customers embraced Entuity for its highly automated solution and unified architecture. Entuity’s refined channel strategy focuses on even deeper strategic alignment with ke...
Jan. 30, 2015 05:00 PM EST Reads: 695