Companies 'worry' over financial risks, says accountancy firm

News Article - 10 September 2007
Category: Business

Companies are becoming increasingly concerned about financial risks and crime, according to a new report by an accountancy firm.

Research conducted by Ernst & Young and based on interviews with 32 non-executive directors found that health and safety and concerns over organised crime were also significant worries.

Phillip Hilling, senior partner at the firm's Yorkshire office, said: "The kinds of risks non-executive directors and audit committees are concerned about are increasingly global and increasingly difficult to predict and control."

Organised crime and changes to health and safety laws are now viewed as more relevant risks than the kind of problems that resulted in the collapse of Enron, such as internal control and fraud, he added.

In related news, online identity firm Garlik recently reported that 300 cyber-crimes an hour are committed in the UK, which includes financial fraud, Computer active reports.

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