VICTORIA — British Columbia's auditor general is calling on public sector organizations to improve their fraud risk assessment measures.
Michael Pickup says a survey of 140 public sector organizations, including ministries, Crown corporations and post-secondary institutions, found that more than half are not doing enough to protect against fraud.
In a statement, he says the findings are troubling.
Pickup says fraud experts estimate that organizations lose up to five per cent of their revenue every year to fraud and thorough approaches to risk management are effective in preventing the crime.
He says the survey found 52 per cent of public sector organizations do not have fraud risk management policies in place, while among the organizations with anti-fraud policies, only 12 per cent have focused programs.
The report recommends implementing formal fraud risk management policies and providing training for staff, among other things.
A B.C. government spokesperson was not immediately available to comment on the survey's findings.
This report by The Canadian Press was first published Nov. 2, 2021.
The Canadian Press