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Indian companies are concerned about operational bribes and third party risks as well as lags behind their global peers in providing anti-corruption training to their employees, having whistleblowing mechanisms and budget dedicated to anti-corruption initiatives.
A survey conducted by Control Risks, a risk consulting firm, noticed that many companies are risking their reputations by not implementing internal procedures to prevent the use of bribery by employees. Only 40% of global respondents currently have whistleblowing lines and this figure is much lower (24%) for Indian respondents.
The report reveals that Indian companies surveyed, like many of their international counterparts, are unprepared to meet the challenges of adhering to international anti-corruption legislation, not to mention a tightening domestic regulatory framework.
Commenting on the survey’s findings, Toby Latta, CEO of Control Risks in Asia Pacific, said: “Corruption is one of the most significant challenges adversely affecting the Indian economy. Bribery is neither a cost-effective nor a sustainable business strategy. Through this report, we set out to highlight the greatest concerns of the corporate world when assessing corruption and bribery risks.
