Dow Jones has published their State of Anti-Corruption Compliance Survey 2011, with responses from over 300 company executives from more than 40 countries.
Here are some of the overall results:
- Fearing noncompliance, more than 55 percent of companies delay or avoid working with global business partners.
Less than a third of companies monitor business-partner integrity.
- More than 40 percent of companies have lost business to competitors that won contracts unethically.
- Nearly two-thirds of executives believe businesses should always report suspected bribery by a competitor to the appropriate authorities.
- Almost three-quarters of respondents have anti-corruption programs in place, with consistent rates of implementation across all regions and industries.
Nearly half the companies lack confidence in their due diligence processes.
What does all this mean?
- The risk of doing business with unethical companies is real, but companies don't have a lot of confidence that they have the processes in place to identify them before entering into business relationships.
- Internal audit and risk functions should have this on their radar.