For the treasury and finance functions of companies that do business around the world, bribery and corruption are a serious concern.

In an Ernst & Young study released last month, 57 percent of respondents in the developing world said that bribery and/or corruption is widespread in their country. Another survey, conducted by Kroll Advisory Solutions and Compliance Week, provides further support for the idea that these risks are growing—and suggests that companies' efforts to battle bribery and corruption are not extremely effective.

Nearly 300 executives from around the world responded to the Kroll/Compliance Week survey; the median company represented by the survey has $3.5 billion in annual revenue and more than 9,600 employees. Among these respondents, 43 percent said their bribery and corruption risks have increased in the past two years, while only 7.7 said those risks have fallen. Fifty percent of respondents expect their bribery and corruption risks to rise again in the next year.