Economic crime costs the world $3.5 trillion per year and often sees countless people lose savings, jobs and sometimes much more, said ACCA recently.
Jason Piper, head of Tax and Business Law at ACCA, believes technological advances and criminal activity can often go hand in hand.
“Economic growth flourishes on technological advances while criminal activity also responds and reacts and the opportunity that criminals exploit creates challenges for regulators, legitimate businesses and their customers, auditors and advisers alike,” he said.
This lag will be exacerbated by the skills and knowledge deficits within the regulatory and law enforcement community, he noted, adding that criminals have benefited from operating internationally in a way regulators can’t in recent years.
Rogue actors are increasingly abusing emerging technologies and innovation to compromise data integrity, according to ACCA.
In order to effectively mitigate this risk, companies need to carefully review and assess areas such as AI, RPA, and cyber security linked to their critical processes and data, the accountancy body advised.
“Embedding a culture of integrity is critical for organizations. Achieving this through a combination of data insights, governance, culture, controls and procedures will help organizations protect themselves in the constantly transforming risk landscape,” said Andrew Gordon, EY Global Forensic & Integrity Services Leader.