IT execs believe UK open to Enron-style fraud
| Date: 14th March 2008 More than three-quarters of senior IT execs believe the UK is vulnerable to an Enron scale fraud scandal. "Greed, panic, lax systems and apathy" could easily cause the same chain reaction in a UK firm, according to 77% of the 70 IT directors and managers surveyed by Version One. Almost a third of respondents claimed that they had already come across activity that could be thought of as fraudulent use of business documents, some of them more than once. "Organizations need to carefully consider whether their current systems and processes allow unscrupulous employees to easily commit fraud by doctoring or 'losing' documents, creating a false audit trail. Organizations without solid processes and systems in place need to act before it's too late," said Lynne Munns, general manager of Version One. The survey found little confidence in regulations to counter fraud. Only 6% of respondents felt that UK financial regulations were enough to prevent a UK Enron. More than four in five said that employing electronic document management would provide a strong audit trail and reduce the chance for fraud to go undetected. TRG International has developed a range of solutions to assist companies monitor, detect and prevent fraud. Our SOXBOX Sarbanes-Oxley solution is currently deployed at customers in 25 countries. For more information on SOXBOX and our other solutions please contact us at sales@trginternational.com |
