Dow Jones Survey on Corruption
Dow Jones has published their State of Anti-Corruption Compliance Survey 2011, with responses from over 300 company executives from more than 40 countries.
- Fearing noncompliance, more than 55% of companies delay or avoid working with global business partners.
- Less than a third of companies monitor business-partner integrity.
- More than 40% of companies have lost business to competitors that won contracts unethically.
- Nearly two thirds of executives believe businesses should always report suspected bribery by a competitor to the appropriate authorities.
- Almost three quarters of respondents have anti-corruption programs in place, with consistent rates of implementation across all regions and industries.
- Nearly half the companies’ lack confidence in their due diligence processes.
What does all this mean?
- The risk of doing business with unethical companies is real, but companies don’t have a lot of confidence that they have the processes in place to identify them before entering into business relationships.
- Internal audit and risk functions should have this on their radar.
Posted on Apr 4, 2011 by Norman Marks
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