Are bribery and corruption slipping down the corporate agenda?

There seems to be a lack of urgency and concern over bribery and corruption reveals
recent DNV survey. Few take a structured approach to implement tangible measures to
manage risks. Most companies are content with implementing an anti-bribery policy
only. There seems to be a notion that “bribery and corruption happens elsewhere and
not here.”
A popular estimate is that more than 2.6 trillion USD or 5% of global GDP is lost to
corruption annually around the world (1). DNV’s survey indicates a large commitment to anti-
bribery among most companies, but fewer seem to know and be in control of their actual
risks. Concern circles primarily around compliance, reputation and ethical risks, but most stop
at implementing an anti-bribery policy. Only 33.5% do risk assessments and 37.4% due
diligence on sales agents.   
A study by the Association of Certified Fraud Examiners (ACFE) reported that 85% of
fraudsters displayed behavioral red flags of fraud (2). Nearly half of the cases studied occurred
due to lack of internal controls or override of existing controls. Moreover, 81% of victim
organizations modified their anti-fraud controls following the fraud, most likely a recognition
that a structured approach is needed. 
DNV’s survey does show that companies recognize the benefits of an anti-bribery
management system. Companies adopting an anti-bribery approach based on the
internationally recognized ISO 37001 standard take more active steps to map their risks and
ensure that they are better equipped to manage these to prevent incidents rather than
mitigating them.  However, few seem to adopt a structured approach until forced to make
changes due to an incident. 
Read the full report and learn more about how companies view and approach anti-bribery
measures to protect their businesses and reputations.