Anti-Corruption Practices Survey 2011
Achieving compliance with the Foreign Corrupt Practices Act (FCPA) and similar anti-corruption legislative requirements has become an increasing concern for companies that operate globally. The number of FCPA-related enforcement actions and the size of penalties have increased dramatically over the last several years, affecting companies from all around the world.
The July 1, 2011 start of enforcement of the UK Bribery Act of 2010 is also leading many companies to re-evaluate their anti-corruption efforts, even if they have extensive policies and procedures to comply with legislation such as the FCPA.
The Deloitte Forensic Center conducted a survey to assess how companies are managing their efforts to prevent corrupt practices in their operations around the world and ensure compliance with legislative requirements.
The findings revealed that while almost 90 percent of respondents said their company had an anti-corruption policy, only 29 percent were very confident that their company’s anti-corruption program would prevent or detect corrupt activities.
This low level of confidence indicates that many companies may need to evaluate and upgrade their anti-corruption efforts. The survey results suggest that despite having policies that seek to address the common forms of corrupt activities, there are several areas where many companies may have deficiencies in their anti-corruption programs, including:
- Lack of stand-alone anti-corruption policies
- Infrequent anti-corruption audits
- Lack of consistent due diligence and monitoring of third parties
- Increased corruption risk in emerging markets
Download the attached report to learn more.