As Siemens, knows all too well, bribery scandals are bad for business. For the German manufacturing giant, institutionalized corruption - systematically paying millions in kickbacks and bribes to win contracts - ultimately cost it some EUR 2 billion ($2.6 bn), including $1.6 bn in fines paid to the US and German authorities, the largest fines for bribery in modern corporate history.
Given the potential for such huge financial and reputational damage, you might expect that large corporations - particularly those operating in sectors and territories at highest risk from bribery - would have put in place robust measures to tackle bribery.
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