How do Quebec business owners and senior executives perceive their fraud risk?
MNP survey shows significant gaps between fraud risk perceptions and reality may be leaving many businesses dangerously vulnerable.
Fraud poses many risks to a business — including reputational damage, operational disruptions, and financial losses. However, a recent MNP survey revealed that many Quebec business leaders continue to underestimate the risk of financial fraud and are largely unprepared to handle instances of fraud within their organization.
Our analysis uncovers several surprising trends, including:
- Nearly four in five (78%) business leaders perceive the risk of financial fraud as very low to moderate.
- More than four in five (84%) businesses do not have an alert hotline in place.
- Two out of five (40%) businesses did not perform external reviews of fraud risks or fraud controls in the last year.
- Three in five (60%) believe the current economic climate did not change the risk of fraud, or even decreased the risk of fraud.
- Of organizations that had experienced fraud, 15% were victimized five or more times.
This whitepaper examines the gap between fraud risk perceptions and reality in Quebec, which may also reflect the perspectives of business leaders across Canada. MNP’s Quebec Forensic leaders provide commentary on the results and several practical steps to help you protect your business from threats.
Does your business have the right measures and mindset in place to detect and respond to fraud? These results may surprise you.
Our Forensics & Litigation Support team
Corey Bloom FCPA, CPA•IFA, CFF, CFE, ACFE Regent Emeritus
Partner, Eastern Canada Leader (Quebec, NCR and Atlantic Canada), Forensics, Investigations and Disputes
Corey Anne is a Partner and Eastern Canada Leader (Québec, NCR and Atlantic Canada) with MNP’s Forensics and Litigation Support (Investigations and Disputes) Services team in Montréal. An expert in forensic accounting, investigations, digital forensics, anti-money laundering and white-collar crime, Corey Anne works closely with both public and private sector clients in a wide range of industries. She specializes in fraud detection, investigations and risk assessment; forensic accounting; dispute resolution; workplace forensics; shareholder and multi-party disputes, including estates; fund tracing, risk management; anti-money laundering; forensic technology; and litigation support and auditing. She also provides forensic accounting and anti-fraud training.
Corey Anne is a Regent Emeritus and a past Chair of the Board of Regents of the Association of Certified Fraud Examiners (ACFE). An international speaker, she is a recipient of the Governor General’s Award of Excellence. Corey Anne is a Chartered Professional Accountant (CPA) and has received the title of Fellow (FCPA) from the CPA Order, the highest distinction awarded by the Order. She is a CPA-designated specialist in Investigative and Forensic Accounting (CPA•IFA), Certified in Financial Forensics (CFF), a Certified Fraud Examiner (CFE), Certified User of forensic software (International), and a Regent Emeritus with the Association of Certified Fraud Examiners (ACFE).
Corey Anne holds Federal Secret Level Security Clearance. She is a past board member, past audit and finance committee chair, and a past member of Telefilm Canada’s strategic planning committee. She is currently a member of the Québec CPA Order Arbitration Committee. Corey Anne is fluently bilingual in English and French.