13% of executives 'not confident' in bribery policy

A survey of 276 executives from global firms has revealed that 13% were ‘not confident’ in their company’s anti-corruption policies and procedures.

The survey was carried out by Deloitte in response to the increase in the number of prosecutions in the US under the Foreign Corrupt Practices Act, and the introduction of the Bribery Act in the UK.  Of those surveyed, 29% said they were ‘very confident’ in their company’s procedures, while 58% claimed they were somewhat confident.

The survey reported that many directors feel that there are so many sources of risk for large companies that although they may have stringent policies and procedures in place, there are unlikely to catch every risk.  The top five cited risks were: use of third parties (52%); entertainment related to government business/relations (30%); bribes (27%); gifts offered to government officials (24 %); and travel and lodging expenses for foreign government officials (21%) ... READ MORE Presented by ICSA Newswire 6 October 2011.