Croatia’s Fight Against Economic Crime: A Mixed Bag of Progress and Challenges

Zagreb, Croatia - A recent survey has revealed that while many Croatian companies are taking steps to combat economic crime, there is still much work to be done.

Survey Findings

According to the survey, 50% of companies in Croatia notify relevant regulatory authorities when they suspect external fraud, a higher percentage than the global average. However, only 27% of respondents expressed confidence in law enforcement agencies’ ability to investigate and prosecute economic crimes, while just 18% believed they were adequately trained to deal with cybercrime.

Compliance Programs

The survey also found that many companies have formal compliance programs in place. While 80% of Croatian respondents reported having such programs, only 48% thought their organizations had confidential channels for raising concerns about ethical issues.

Risk Assessments and Whistleblowing Policies

The survey highlighted the importance of regular risk assessments and whistleblowing policies. Only 18% of respondents said they did not perform regular risk assessments, while only 48% of Croatian respondents thought that whistleblowing policies and procedures existed in their organizations.

Expert Insights

“Companies can play a crucial role in preventing economic crime by acting proactively and being aware of the risks they face,” said [name], an expert on economic crime. “However, it appears that some companies may not be doing enough to prevent fraud and other forms of economic crime.”

“To combat economic crime effectively, organizations must be aware of the risks they face and take steps to mitigate them,” said [name]. “This includes investing in internal processes and training staff on their legal and ethical obligations. The lack of specific legislation protecting whistleblowers in Croatia may be contributing to this problem. However, it is imperative that companies develop mechanisms to minimize external threats and ensure that employees feel comfortable reporting ethical issues.”

Recommendations

Companies should take a proactive approach to preventing economic crime by investing in internal processes and training staff on legal and ethical obligations.
Organizations should conduct regular risk assessments and develop mechanisms to minimize external threats.
Companies should prioritize the development of confidential channels for raising concerns about ethical issues, including whistleblowing policies and procedures.
Law enforcement agencies should receive additional resources and training to effectively investigate and prosecute economic crimes.

Survey Highlights

50% of companies in Croatia notify relevant regulatory authorities when they suspect external fraud
Only 27% of respondents express confidence in law enforcement agencies’ ability to investigate and prosecute economic crimes
80% of Croatian respondents have formal compliance programs in place, but only 48% think their organizations have confidential channels for raising concerns about ethical issues
18% of respondents do not perform regular risk assessments
Only 48% of Croatian respondents think whistleblowing policies and procedures exist in their organizations