MOST CANADIAN BUSINESSES DO NOT TAKE PRECAUTIONS TO MITIGATE SUPPLY-CHAIN FRAUD: BDO/SCMA REPORT

CBJ Newsmakers

Toronto, Jan. 30, 2019 (GLOBE NEWSWIRE) — Fraud is big business—it cost Canadian businesses $30.4 million in 2017.

Developed by BDO Canada in collaboration with SCMA, Supply Chain Fraud: The impact on organizations and mitigating exposure is a comprehensive guide to the most significant fraud-related issues—and strategies to manage them.

Alan Mak, BDO National Forensics Practice leader, notes, “Clients continually ask me to speak to their board to highlight the importance of implementing and maintaining robust systems and controls to prevent fraud.”

BDO case studies included in the guide illustrate strategies to deal with common supply-chain fraud schemes:

FCPA/CFPOA violations

  • Bid rigging
  • Fraudulent billing
  • Counterfeit goods
  • Misappropriation of assets
  • Cyber-security attacks

“It is imperative that organizations of all sizes protect themselves from fraud. Companies do little to protect themselves,” said Christian Alan Buhagiar, SCMA president.

In the era of Industry 4.0, ultra-high efficiency production, and borderless commerce, supply-chain management is a vital strategic function.

The BDO/SCMA report can be downloaded for free.

About BDO

BDO is a leading provider of professional services to clients of all sizes in virtually all business sectors. Our team delivers a comprehensive range of assurance, accounting, tax, and advisory services, complemented by a deep industry knowledge gained from nearly 100 years working within local communities. As part of the international BDO network, we’re able to provide seamless and consistent cross-border services to clients with global needs.

About SCMA

SCMA is Canada’s largest association for supply-chain management professionals and represents 6,000 members as well as the wider profession working in roles that cover sourcing, procurement, logistics, inventory, demand planning, operations, transportation, and contract management. SCMA sets the standards for excellence and ethics, and is the principal source of professional development and accreditation in supply-chain management in Canada.

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CONTACT: ALAN MAK, Partner - National Forensics Practice Leader
BDO Canada LLP
416-914-6387
amak@bdo.ca

CHETAN SEHGAL, Partner - Forensics & Litigation Support
BDO Canada LLP
416-775-7812
csehgal@bdo.ca
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