Corruption & Business: Report Says Compliance Works, More Can Be Done

Sustainability
25/10/2015 10:15

Control Risks, a private risk consultancy company, published a report on the global anti-corruption and compliance landscape, surveying legal and compliance professionals across the globe. Key take-aways in the report say corruption is still a major cost to international business: 30% of businesses globally reported losing out on deals to corrupt competitors. Secondly fraud risks continue to deter investors: 30% of respondents did not conduct business due to perceived corruption risks. The report further notes tough anti-corruption laws are working, as companies from countries with tight enforcement report fewer losses than before from corrupt competitors. But still, corruption is killing deals: 41% pulled out of a deal in which they had invested time and money. The report concludes compliance is working but more can be done and the global compliance landscape is characterized by a wide variation in the maturity of company programs.

You can download the full report here