Managing the risks associated with bribery and corruption is harder than ever: KPMG report

December 14, 2015 | 17:25

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A recent report by KPMG International, one of the largest professional services companies in the world, reveals that companies find managing corruption risks and complying with anti-bribery and corruption (ABC) regulations more challenging than ever.

The report- Anti-Bribery and Corruption: Rising to the challenge in the age of globalisation- polled 659 respondents around the world, gathering insights into the challenges they face in complying with the increasing - and necessary - trend of ABC regulation, as well the pressures of looking the other way when a third party acts as an intermediary or agent.

The report found that as globalisation enters a new phase, this poses greater challenges for ABC compliance than ever before.

Two key factors are creating new issues for companies, according to the report. First, a growing number of governments around the world are strengthening ABC regulations or introducing new rules. Second, as companies globalise their operations, they rely more heavily on third-parties than before to do business in far-flung parts of the world, often in areas where there is a higher risk of corruption.

"The survey confirms our belief that, while many companies are indeed rising to the challenge, much more needs to be done in order for organisations to mitigate their risks and work towards building a strong ABC compliance framework,” says John Ditty, managing partner - Advisory, for KPMG Vietnam and Cambodia.

By By Mai Thuy

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