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What are the corruption survey 2011 results?

 

 

 

 

KPMG released the results of their corruption survey 2011 late last week which indicated that a large percentage of companies in the US and UK are struggling to address anti-bribery and corruption legislation requirements.

The survey shows that:

• Only 33% of participating companies performed anti-bribery and corruption risk assessments.

• < 25 % of the firms gave their employees communication and training.

Companies seem to be struggling mainly with addressing third party risks:

• < 15% of the firms trained their employees in anti-bribery and corruption and also did so for third parties, such as agents, distributors, vendors, brokers, joint venture partners, or suppliers.
• > 50% didn’t get periodic compliance certificates from these outside partners.
• 60 % of firms who have the right to audit their third parties, did not do so.

Important percentages are also still struggling with assessing different international requirements:

• Only 43 % of participating U.S. companies said their anti-bribery and corruption program was compliant with the U.K. Bribery Act. 46 percent of U.K. participants said that their programs were FCPA-compliant.

While every company should look at anti-corruption and bribery as an important business issue and make an informed decision based on a risk assessment, in the real world, that doesn’t always get done, says Jay Martin

Jay Martin is vice president, chief compliance officer, and senior deputy counsel at the oilfield services firm Baker Hughes Inc. “It takes a while to turn a big ship,” says Martin. “You’re not going to take a country like the US, even though we’re leading edge in the compliance area relative to other countries, and change every company of any size, any industry, and any geographical area, and have them all be in synch with the exactly the same progress on a particular trend.”

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