Today Big 4 Accounting Firm KPMG launched the results of it 2015 Anti-Bribery and Corruption Survey. With World Bank estimates of bribery payments topping $1 trillion a year bribery is no small problem and the survey makes interesting reading. The main findings of the survey are as follows;
- There is a sharp increase in the proportion of respondents who say they are highly challenged by the issue of Anti-Bribery and Corruption compared with a survey KPMG conducted four years earlier.
- As companies continue to globalize, management of third parties poses the greatest challenge in executing Anti-Bribery and Corruption programs.
- Despite the difficulty of monitoring their business dealings with third parties, more than one third of the respondents do not formally identify high-risk third parties. More than half of those respondents with right-to-audit clauses over third parties have not exercised the right.
- Anti-Bribery and Corruption considerations are accorded too low a priority by companies preparing to acquire, or merge with, other corporations across borders.
- Respondents complain they lack the resources to manage Anti-Bribery and Corruption risk.
- A top-down risk assessment would help companies set priorities, but executives admit that an Anti-Bribery and Corruption risk assessment is one of their companies’ top challenges.
- Data analytics is an increasingly important and cost-effective tool to assess Anti-Bribery and Corruption controls. Yet only a quarter of respondents use data analysis to identify violations and, of those that do so, less than half continuously monitor data to spot potential violations.
The full report is available to download on the KPMG website at https://www.kpmg.com/abc