Although four out of five companies have taken measures toaddress bribery and corruption risks, they're not making muchprogress in eliminating these dangers to their business. That's thekey takeaway from the “13thGlobal Fraud Survey” that EY released last week. The poll wasconducted from November 2013 to February 2014; it entailedinterviews by a global research firm with 2,719 seniordecision-makers in large companies across 59 countries andterritories. Respondents were primarily CFOs, chief complianceofficers (CCOs), general counsel, and heads of internal audit.

Among these respondents, 82 percent said their company has ananti-bribery and corruption (ABAC) policy and code of conduct. Evenmore (83 percent) said senior management has “stronglycommunicated” its commitment to ABAC policies. Almostthree-quarters (73 percent) said there are clear penalties forviolating their company's ABAC policies, and 35 percent said peoplehave been penalized for breaching the company's policies.

Nevertheless, 39 percent of all respondents—and 54 percent ofthose who work in emerging markets—said bribery and/or corruptpractices happen widely in business in their country. Thisperception is virtually unchanged from the 2012 EY survey, in which38 percent of all respondents, and 56 percent in emerging markets,said bribery and corruption are widespread in their country.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.