Construction

The most common types of fraud affecting the construction and engineering sector relate to a company’s physical assets either by way of theft of assets or stock, misappropriation of company funds, or manipulation of company accounts.

This sector is also susceptible to corruption and bribery, as well as procurement fraud (a problem that affects a broad spectrum of industries in the UK).

However, according to the Kroll Report, incidents of fraud across the industry were 5% lower than in 2015 with just 70% of respondents reporting at least one incident of fraud in the previous 12 months1. Anti-fraud measures have been aimed at tackling the internal threat from employees, as junior employees are the most common perpetrators of fraud within the construction and engineering industries.

We have delivered training on current threats of financial crime in this sector to those running multi-billion pound projects in the UK, through to advising housing assocciations where contractors have misled them on property maintenance contracts.

We have experience in advising clients in this sector on identifying and reducing their risks to fraud through assisting on investigations and in litigation.

1 Kroll Global Fraud and Risk Report 2016, page 69

Case Studies

Financial Crime Compliance & Governance

The one with the best practice we have seen for governance initiatives…

Client Type - company

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Provided training to one of the largest UK publicly funded construction project’s finance team and their tier-one contractors in relation to latest trends and developments relating to the Bribery Act 2010.  Provided detailed advice as to best practice in relation to latest case developments, evolving areas of risk as well as providing detailed options for […]

Key to our work is developing a knowledge of our client’s working practices

And how, as with many organisations, they may differ from prescribed policies and procedures. That is a reality for many organisations so management of supply chain risk and the threat of bribery requires a key understanding of the higher risk areas for any client.

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