Insight

Energy and Natural Resources: KPMG 2022 Fraud Outlook

A triple threat across the Americas

Brent McDaniel

Brent McDaniel

Ethical Business Leader, KPMG US

+1 214-840-2979

David Nides

David Nides

Principal, Cyber Security Services, KPMG US

+1 312-665-3760

Travis Canova

Travis Canova

Advisory Managing Director, Forensic, KPMG US

+1 713-319-2731

Five things energy and natural resources executives need to know

Our recent report, A triple threat across the Americas highlighted the overlapping fraud, non-compliance, and cyber attack challenges that confront businesses across all sectors today. This follow-up piece reviews the dangers facing energy and natural resources (ENR) companies, and outlines five things that sector executives need to know:

  1. Energy and natural resources businesses are less likely to report experiencing fraud than those in other sectors, but they may simply be missing more perpetrators.
  2. Complacency surrounding fraud is a danger among energy and natural resources companies.
  3. Specific fraud risks for the sector appear to come, literally, with the territory.
  4. Environmental compliance, a high-profile and growing concern for energy and natural resources businesses, is receiving attention.
  5. Cyber-security is another field where apparent over-confidence is a danger.

 

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Energy and Natural Resources: KPMG 2022 Fraud Outlook
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A triple threat across the Americas: KPMG 2022 Fraud Outlook

KPMG is pleased to present its 2022 outlook on fraud, cyber attacks and compliance concerns across the Americas. Our survey of more than 600 executives across multiple industries confirms anecdotal evidence about the effects of the pandemic on these three interconnected threats: it reveals that fraud, compliance concerns and cyber attacks are common, have increased in severity — and are expected to become more frequent.