Disconnect between policies and practice exposes Asia-Pacific companies to greater fraud and corruption risks 2013
Disparity between policy, enforcement and execution is hampering efforts to tackle fraud and bribery in Asia-Pacific. Nearly half (48%) of the executives polled for EY’s first Asia-Pacific Fraud Survey titled “Building a more ethical business environment,” said their companies’ anti-bribery and anti-corruption policies are good in principle but do not work well in practice.
The survey results provide interesting insights and highlight improvements that have been achieved over the last few years. It is clear that the majority of businesses surveyed have created or are in the process of creating policies and procedures to deal with fraud, bribery and corruption. However, too often we see a disconnect in the local application of these policies and tools.
The Asia-Pacific Fraud Survey is commissioned by EY and carried out by Asia Risk who polled over 600 working level staff and senior executives from March to May 2013 across the Asia-Pacific area comprises Australia, China, Indonesia, Malaysia, New Zealand, Singapore South Korea and Vietnam. The polling sample was designed to elicit the views of staff with responsibility for tackling fraud, bribery and compliance matters at multinational corporations, domestic companies and state owned enterprises across sectors, including Oil and Gas, Financial Services, Technology, Private Equity, Retail, Hospitality, and Mining and Minerals.