Respondents to our new PPB Not-for-Profit Risk Survey were asked if their organisation takes into account a number of different risks, including fraud. Where did fraud rank?
58% of organisations stated that they considered fraud was a risk to their organisation. However, fraud ranked 7th. The order of risks was as follows:
Financial Risk - 89%
Compliance Risk - 77%
Public Liability Risk - 71%
Human Risks - 69%
Security Risk - 65%
Project Risk - 64%
Fraud Risk - 58%
Technological Risk - 56%
Financial literacy of key staff - 46%
Natural hazard / disaster risks - 46%
Risk of Insolvency - 43%
While 58% of respondents take into account fraud as a risk, it was interesting to note that while 89% of organisations consider financial risk, just under half (43%) consider the risk of insolvency.