London, UK: A recent survey by EuroFinance has revealed that over a third of finance professionals have witnessed serious financial wrongdoing in organisations they have worked in. Respondents who worked in banks or financial institutions were more likely to have witnessed this type of activity (41%). Respondents went on to reveal that in 38% of cases where financial wrongdoing is detected, the culprits were sacked but the issue was hushed up. Interestingly, banks or financial institutions were most likely to prosecute wrong doers (76%) compared to corporations (58%).

When asked about the perceived risks of being a whistleblower, 57% of respondents agreed with the statement "Whistleblowers risk damaging their career". This went up to 66% in organisations that either had no formal reporting procedures, or employees were unaware of formal procedures.

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Formal fraud reporting procedures and support from senior management are essential to minimise fraud. Corporate treasurer, what is your answer to this question: If there was/is fraud happening inside your department, how sure are you that your staff would feel safe that they could report it and be applauded for doing so?