In today’s world, due to tightened anti-corruption legislation and regulations, anti-corruption compliance’ has become a regular part of our lexicon. Combating corruption and bribery is no longer ‘new’ to businesses, as stricter enforcement and prosecutions force companies to rethink their compliance policies and procedures.
According to Transparency International UK, there are signs of improvement in anti-corruption acts as many businesses around the world are increasingly addressing corruption risks in the recent years.
Despite this positive outlook, their survey revealed that out of all our world’s major defence companies, two-thirds are failing in their endeavour to combat corruption in their business operations. Out of 163 companies surveyed from 47 countries, an alarming 107 were found to have limited, or no evidence of ethics and anti-corruption programms.
It shows that even though companies appear to be more receptive towards anti-bribery and corruption practices, a large portion are not demonstrating a genuine commitment to stamping out corruption and improving transparency.
Are companies doing enough to combat corruption?
Setting policies and ensuring the code of conduct is adhered to
Employee & third party training for effective implementation
Ensuring whistleblowing procedures are in place
Importance of due diligence practices
The importance of positive investor & regulatory perception