Professional Services

The professional services industry saw an increase of 12% in incidents of fraud between 2015 and 20161. The types of fraud suffered by this industry are most commonly bribery and corruption, internal financial fraud and theft of information.

1 Kroll Global Fraud and Risk Report 2016, page 83

The industry also suffers from higher than average instances of management conflict of interest.

It is clear that the greatest threat to this sector comes from its internal workforce; from junior employees, through to management.

On the whole, the sector has good risk management systems in place, particularly in relation to external threats with partner, client and vendor due diligence processes being commonplace.

A significant threat to this industry is the risk of cyber-attack.

The professional services industry reported a higher number of instances of denial of service type attacks than in other industries. Cyber-attacks on professional services businesses were more likely to target customer records, employee identities and physical assets rather than IP, trade secrets and R&D.

Being a professional services provider, we recognize our duties and obligation to our regulator and outcomes focused regulation within the context of financial crime threats. Issues typically of concern around AML or an understanding of sanctions are all materials Tenet are well placed to advise upon.

Case Studies

Freezing Injunctions, Misrepresentation, Non-Party Disclosure

The one where the great investment due to a fraudulent tenant…

Client Type - individual

View case study

Advised investors who were misled into purchasing a commercial property that was said to be a sale and lease back by its owner.  The decision to make the acquisition, for approximately £1m, was founded on a fraudulent misrepresentation. The vendors made assurances that it was selling the property to lease it back from the client […]

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