[Webinar] China Today: Navigating the Risks, with PwC

According to PwC's Global Economic Crime Survey 2020, 60% of China-based respondents said that they had experienced fraud or economic crime in the last two years. This is significantly higher than the global average of 47% and other countries in the region, such as Indonesia (50%), Malaysia (43%), the Philippines (42%), and Thailand (33%). The most common issues in China continue to include bribery & corruption, asset misappropriation and accounting fraud, with companies suffering from economic losses, operational disruption and reputation damage as a result of falling victim. Unfortunately, it is to be expected that any impending downturn in the Chinese and global economies could result in more frauds occurring and being exposed.

Fraud hits companies from all angles, but collusion is particularly common in China. The survey results indicate that 40% of the most disruptive frauds experienced by companies involved collusion between internal and external parties. A further 41% involved internal perpetrators acting alone.

Foreign companies are particularly at risk of being victims of fraud, especially if greater emphasis is placed on trust rather than effective controls. For instance, it is common for companies doing business in China to rely heavily on third parties (such as suppliers, dealers, agents, distributors and consultants). However, is there sufficient oversight and clarity into business partners? Other common issues in China include fictitious expense claims by employees and off-book income diverted for improper use.

In light of the challenges faced by foreign companies in the current environment, a forensic specialist from PwC will hold a webinar to share China highlights from PwC's recent Global Economic Crime Survey, and to discuss typical issues observed in recent times, as well as practical insights for navigating the risks.

Cancellation of RSVP

In case you need to cancel your attendance to the event, please write an email to: events@sha.swisscham.org at least 24 hours prior to the event. Failure to cancel your RSVP timely will require the payment of a "no show bill" of the full amount stated in this invitation. You can contact Nini Qi by telephone: 021 5368 1245. For third-party events, the event terms and conditions of the event organizer apply.

如果您要取消出席活动,请在活动开始前24小时写邮件给 events@sha.swisscham.org。如未能及时取消,我们视同默认付款. 若非瑞士商会主办的活动，取消规则请参照活动主办发布的条款。

Please notice that Swiss Chinese Chamber of Commerce Shanghai (as the host of the event) will take photographs from the event and might post these on its public webpage and or social media platforms in order to create awareness of its events. By attending this event you consent to the Swiss Chinese Chamber of Commerce Shanghai taking and using photographs of you as described above. Please contact [events@sha.swisscham.org] if you have any inquiries related to this matter.

作为活动主（承）办方中国瑞士商会将在活动现场进行拍照，并可能在公共网页及社交媒体平台上公布照片用于活动后期宣传。参加中国瑞士商会的活动，我们将视同您默认我们有权因上述原因及以上述方式使用您的照片。如有异议，请联系events@sha.swisscham.org。

Questions raised to our speakers during the Q&A session are welcome to be submitted through Email to Ms. Nini Qi: nini.qi@sha.swisscham.org by April 22, 2020.