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No Ground Gained in Fraud Fight

This year's EY fraud survey reveals that bribery is widespread globally, and that many CFOs are willing to cook the books to meet financial goals.

By Treasury & Risk Staff | Updated on June 19, 2014
Although four out of five companies have taken measures to address bribery and corruption risks, they’re not making much progress in eliminating these dangers to their business. That’s the key takeaway from the “13th Global Fraud Survey” that EY released last week. The poll was conducted from November 2013 to February 2014; it entailed interviews by a global research firm with 2,719 senior decision-makers in large companies across 59 countries and territories. Respondents were primarily CFOs, chief compliance officers (CCOs), general counsel, and heads of internal audit.

Among these respondents, 82 percent said their company has an anti-bribery and corruption (ABAC) policy and code of conduct. Even more (83 percent) said senior management has “strongly communicated” its commitment to ABAC policies. Almost three-quarters (73 percent) said there are clear penalties for violating their company’s ABAC policies, and 35 percent said people have been penalized for breaching the company’s policies.

Nevertheless, 39 percent of all respondents—and 54 percent of those who work in emerging markets—said bribery and/or corrupt practices happen widely in business in their country. This perception is virtually unchanged from the 2012 EY survey, in which 38 percent of all respondents, and 56 percent in emerging markets, said bribery and corruption are widespread in their country.

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