Ernst & Young LLP offers anti-corruption advice for global companies in new book
Fraud Investigation and Dispute Services Highlights Key Bribery and Corruption Regulatory Trends including Consideration for Regions and Industries
New York, 23 January 2012 – As market volatility persists, the demands by regulators and investors for proper governance, compliance, and transparency are reaching new heights. Boards, CEOs and their executive leadership are setting the course for aggressive growth in a global business climate with uncertain boundaries – and this requires a company to have heightened sensitivity to potential risks, such as bribery and corruption. In order to help executives better understand the relevant regulatory environment and effectively manage the associated risks, EY's Fraud Investigation & Dispute Services (FIDS) today released the book Bribery and Corruption – Navigating the Global Risks, published by John Wiley & Sons, Inc.
The book is written from an accountant’s perspective on how bribery and corruption can affect global business, offers readers a perspective on these issues in specific regions of the globe, and details on industry and case studies drawn from real-world experiences from EY forensic investigations teams around the world.
“With the continued expansion into emerging markets, exposure to bribery and corruption risks is becoming more commonplace and, therefore, companies must strengthen their corporate culture by expanding communication, compliance education and training, and establishing proper internal controls to avoid such risks,” says Brian Loughman, Americas FIDS Leader and co-author. “The current environment demands attention, so we’re offering a practical guide to help business executives better understand what’s happening and how best to respond.”
According to the World Economic Forum, “estimates show that the cost of corruption equals more than 5% of global GDP (US$2.6 trillion) with over US$1 trillion paid in bribes each year.” As the impact of bribery and corruption risks reaches industries and countries across the globe, this book also describes specific risk trends and considerations, including “red flags” unique to particular industries, as well as practical concerns and guidance to assist corporate executives as they refine or establish effective corporate compliance programs to address bribery and corruption. The book also provides insight on such issues as:
- The U.K. Bribery Act & international enforcement trends
- Merger, acquisition, and joint venture anti-corruption due diligence
- How to efficiently and effectively identify and investigate potential “red flags”
- Use of forensic data analytics to detect potential bribery and corruption
- Updating internal controls to incorporate an anti-corruption compliance program focused on bribery, corruption, and fraud prevention policies
“We have drawn from the breadth of knowledge within the global FIDS practice to share our views and experiences in a way that we hope will provide practical guidance on the real issues facing companies,” adds Richard Sibery, Partner, EY, LLP, FIDS Fraud & Investigations Leader and co-author.
For more information about Bribery and Corruption –Navigating the Global Risks, please visit www.ey.com/bcrisk or purchase a copy here.
About EY’s Fraud Investigation and Dispute Services
Dealing with complex issues of fraud prevention, regulatory compliance and business disputes can detract from efforts to achieve your company’s potential success. Better management of fraud risks and regulatory compliance is a critical business priority that is relevant in every industry sector and corner of the globe. Our more than 1,000 fraud investigation and dispute professionals around the world bring the analytical and technical skills needed to quickly and effectively conduct financial investigations and fraud risk assessments, quantify economic damages, and gather and analyze electronic evidence.
Working closely with you and your legal advisors, we assemble the right multidisciplinary and culturally aligned team, and bring an objective approach and fresh perspective to these sensitive and contentious situations – wherever you are in the world. And because we understand that, to achieve your potential, you need a tailored service as much as consistent methodologies, we work to give you the benefit of our broad industry experience, our deep subject matter knowledge and the latest insights from our work worldwide. It’s how EY makes a difference.
EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit www.ey.com.
EY refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
This news release has been issued by Ernst & Young LLP, a member firm of Ernst & Young Global Limited serving clients in the U.S.
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1 World Economic Forum - Global Agenda Council on Anti-Corruption 2010 ( http://www.weforum.org/content/global-agenda-council-anti-corruption-2010)