Illegal business practices, such as bribery, are still being used by organisations to secure or retain business, despite the rise in international anti-corruption legislation and law enforcement, according to the findings of the tenth global fraud survey from Ernst & Young – Corruption or compliance: weighing the costs.
The survey, which interviewed 1186 business leaders in large organisations across 33 countries, showed that almost a quarter of respondents (23%) admitted their organisation had been approached to pay a bribe in order to retain or win business in the last two years. While 18% said they had lost business to a competitor as a result of them paying a bribe.
UK businesses still not doing enough to understand the risks
Although the UK experiences of illegal business practices are lower than the global average, bribery and corruption still plays a role in the conduct of business.
13% of all UK respondents said that their organisation had experienced at least one incident of bribery or corruption in the last two years, compared to 6% in Germany and 6% in France. The global average was 24% – highlighting the increased risks of doing business outside Western Europe.
See full Press Release.
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