What are some rudimentary effects of the global financial crisis in Australia and New Zealand, and other regions?
In understanding the ways in which the global financial crisis [GFC] has affected all developed nations, it is possible to identify aspects that might promote risk of fraud, as well as factors that would impede fraud from occurring. My colleague, Professor Michael Levi, of Cardiff University, reminded me recently of Warren Buffett’s observation in 2001 that “in assessing the soundness of their reinsurance protection, insurers must apply a stress test to all participants in the chain, and must contemplate a catastrophe loss occurring during a very unfavorable economic environment. After all, you only find out who is swimming naked when the tide goes out.” It has certainly been the case that the GFC has led to a number of serious frauds being uncovered as businesses undertake scrutiny of their accounts in order to secure savings. The GFC may also mean that individuals engage in dishonest practices in order to maintain their existing lifestyle. By the same token, however, the fact that ma
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