A blog by Martin Williams, external affairs spokesman of Graydon UK, focusing on business risks - from fraud to late payment. Martin has has spent the last 35 years in the credit information industry, and has been with Graydon UK, one of the top five commercial credit agencies in the UK, for the last 20. Apart from his PR duties, he teaches credit analysis to risk professionals and helps educate SMEs on the importance of maintaining a good credit rating. Martin is a Fellow of the Institute of Credit Management and is a sitting member of the Institute's Think Tank. He was also honoured by Credit Today, after being included on their Credit 100 list of people who have had the greatest impact in the credit industry during 2008, 2009 and 2010.
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16 Jan 2008
The BDO Stoy Hayward Annual report on Fraud released recently predicts that the credit crunch will force many business people, out of sheer desperation, into fraud. Well, individuals "cooking the books" to improve results or hoodwink suppliers etc may be one outcome from the economic slowdown caused by the credit crisis, but I wonder just how many of us would be prepared to resort to crime in these circumstances? The credit crunch may well result in growing numbers of company failures, slower trade payments, reduced sales turnover.............but I'm not sure about it being ultimately responsible for filling up our overcrowded jails still further with white collar criminals.Mind you, with the police generally showing little interest in corporate fraud, maybe that will never be a issue!!
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