According to the Singapore Fraud Survey 2014 by SMU and KPMG, the quantum of losses suffered by companies due to fraud has more than tripled since three years ago to about S$22 million. The survey also found that internal parties were involved in 75 per cent of reported fraud. SMU Associate Professor of Accounting and CPA Australia Singapore divisional president Themin Suwardy described internal fraud as one committed by a “knowledgeable insider”. More than a third of respondents were also concerned about interacting with foreign government officials and overseas-based third parties. On the finding that organisations are adopting a variety of approaches to mitigate cross-border risks, Associate Prof Suwardy opined that much more needs to be done to check on potential fraud when operating in foreign markets, because of higher risks with new people and regulations. He added that implementing control procedures was not enough, and that it was important to “make sure they cover your risk areas and are carried out effectively”.