“This makes it an outlier within bank operations and reduced visibility to the board and risk committees who make key budget,resourcing and investment decisions,” KPMG Malaysia head of forensics Tan Kim Chuan said
KUALA LUMPUR: KPMG’s Global Banking Fraud Survey finds that banks are still reactive towards fraud and not investing enough on fraud risk management.
According to the survey,which was conducted by the multinational accounting firm between November 2018 and February 2019,the total cost of fraud risk management was not monitored by 52% of banks surveyed.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
