Global bribery and corruption fraud risks
2. Why now
A full 40% of executives admit that they rarely perform bribery or corruption due diligence.
As regulators step up their pace and determination in pursuing bribery and corruption, senior executives, audit committees and boards of multinational corporations need to be prepared.
Yet, in Ernst & Young's 11th Global Fraud Survey, a majority of business leaders indicate that they are still not making it standard practice to implement measures that mitigate bribery and corruption.
A full 40% of executives admit that they rarely perform bribery or corruption due diligence, even though more than half are seeking growth opportunities in regions where the corruption risk is high.
Disastrous consequences:
A violation of anti-corruption legislation in the US or abroad can have disastrous consequences:
- The offending organization could face substantial punitive fines, and individuals charged within the organization could face jail time.
- An accusation of bribery or a conviction on bribery charges could cause irreparable damage to the organization's reputation and its brand.
- An implication of corruption could discourage investment and erode shareholder value.
- The organization could experience greater scrutiny by regulators for years to come.
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- Steve Singer - Partner
Global Internal Audit Leader
+1 513 612 1856
- Daniel Torpey - Partner
Fraud Investigation & Dispute Services
+1 214 969 8373
- Vincent M. Walden - Partner
Fraud Investigation & Dispute Services
+1 214 754 3941
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