K2 Intelligence organized a business meeting on Fraud and Compliance at the CEOE headquarters attended by representatives of 14 companies. The meeting was introduced by José María Campos Gorriño, director of the legal advice of CEOE, and with the intervention as speakers of Bruce Goslin, general director in Spain of K2, Steve Holt, responsible for Fraud in K2 UK, and Murray Grangier, CEO of Impact on Integrity, a consultancy on integrity and compliance.

The participants were senior representatives, including chief compliance officers, partners of law firms, CEOs and financial directors of different companies, including financial institutions, the automotive sector, export credit agencies, telecommunications and investment fund managers. The format was well received by the representatives and at the meeting important interventions of the assistants took place.

Every business is exposed to fraud activities and it has many faces. On average, Companies lose between 5% of revenues and 7% of costs per fraud and error each year. According to this data, in 2017 the 500 largest companies in the US would have suffered fraud of up to US $ 605 billion, at scale it would be equivalent to the 20th largest economy in the world.

There was a lot of emphasis on the need for effective compliance in organizations, for which a good design of the same and an adequate follow-up is needed, and there was a lot of discussion about the human factor as the main element of fraud and above all the conflict between compliance and the objectives and metrics established for employees. But there was a clear consensus that Compliance is a practical tool for companies, but it has to be made to measure.



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