Dow Jones Risk & Compliance conducted an online survey in February, asking 383 compliance professionals around the world to evaluate their anti-corruption compliance programs and name their top risk concerns.
Eighty of the respondents were in North America, 145 in Western Europe, 119 in Asia-Pacific, and 39 in other countries.
Key findings included:
- 82% of companies have anti-corruption programs in place at their companies, with 72% of them having one for more than two years.
- Fewer than 20% of companies monitor business partners at least quarterly.
- Use of Transparency International’s Index decreased, but it remains the most-used information source about other country’s risks (currently 75%).
A third of compliance professionals reported having lost any business to unethical competitors, which was a decrease from previous years. Among those that reported losses to unethical competitors, almost 60% said it was due to the other company not having to comply with anti-bribery regulations.A
About 30% of the respondents said they spend $1 million or more a year on their anti-corruption compliance program.
Joel Lange of Dow Jones Risk & Compliance said: “With fines by the SEC related to the Foreign Corrupt Practices Act exceeding $1.5 billion since 2010, Anti-Bribery Corruption legislation is in the front of minds for global corporations.”
The complete survey can be found here.
Julie DiMauro is the executive editor of FCPA Blog and can be reached here.