A new report from Dow Jones and MetricStream Research analyzes anti-corruption monitoring and management across 330 companies, and will be released at the MetricStream GRC Summit 2016
PALO ALTO, Calif., April 26, 2016 /PRNewswire/ — The 2016 Anti-Corruption Survey Report from Dow Jones Risk and Compliance, in association with MetricStream Research, provides an exclusive look at the anti-corruption monitoring and management efforts of 330 companies across North America, Western Europe, Asia Pacific, and other countries. The report, based on an online survey conducted in March 2016, features the insights of compliance professionals on a range of anti-corruption aspects, including the current usage of anti-corruption programs, due diligence processes, anti-corruption capabilities and their effect on business decisions, the extent of business losses to less ethical competitors, and the impact of anti-corruption legislation and rules.
"Across the world, anti-corruption enforcement is reaching unprecedented levels, driven by regulations such as the FCPA, FATCA, and most recently the UK Bribery Act," said Joel Lange, Managing Director of Dow Jones Risk and Compliance. He continued, "We're seeing large-scale anti-corruption investigations and record fines targeted not only at companies, but also at individual executives. In this heighted regulatory climate, a company's success, reputation, and very survival are largely dependent on the effectiveness of their anti-corruption programs."
Key findings from the 2016 Anti-Corruption Survey Report include:
- 60% of respondents report that senior level executives and board members, and 66% of M&A targets require due diligence
- Only 27% of respondents monitor business partners quarterly or more often
- 89% report that government sanctions are the most likely trigger for a business partner review, an increase of 12% over last year
- 65% report delaying or stopping work with a business partner due to concerns over anti-corruption regulation violations
- Respondents listed Iran, China, Russia, Iraq, and the Ukraine as the countries where business endeavors are most likely to be interrupted due to corruption concerns
- 27% of respondents said that banning all facilitation payments is unrealistic, vs. 32% who said that it is realistic
- Good news – there is clear evidence of improvement in the business environment, with just 26% reporting lost business to an unethical competitor, vs. 28% in 2015 and 33% in 2014
The 2016 Anti-Corruption Survey Report will be released during the MetricStream GRC Summit, taking place from April 25-27, 2016 in Washington DC. The findings of the report were also discussed during a summit panel discussion on anti-corruption on April 25 at 3:45 PM ET. The panel featured leading compliance and anti-corruption experts, including Heather Morgan, Director of Products, Risk and Compliance at Dow Jones; Hector Bladuell, Trial Attorney, U.S. Department of Justice, Criminal Division, Asset Forfeiture & Money Laundering Section, International Unit; Colleen Lyons, Senior Ethics Advisor at a Fortune 100 Aerospace Company; French Caldwell, Chief Evangelist at MetricStream; and Maria Devassy, Director of Product Management at MetricStream (moderator).
"The Dow Jones and MetricStream Research report reveals that while more companies are getting serious about anti-corruption monitoring, many continue to rely on manual tools, spreadsheets, and siloed applications that often don't provide the required level of efficiency and risk visibility," said French Caldwell, Chief Evangelist, MetricStream. He continued, "Today, risks and regulations – including those related to anti-corruption — are more complex and intertwined than ever before. Therefore, companies that manage their anti-corruption risks and compliance requirements in an integrated and automated manner, as part of their larger enterprise risk management and GRC framework, are better positioned to preserve their integrity, protect their brands and reputations, and perform exceptionally."
To read the full 2016 Anti-Corruption Survey Report, please click here.
To watch the MetricStream GRC Summit 2016 livestream, please click here.
To find out more about Dow Jones Risk and Compliance, please click here.
About MetricStream
MetricStream is the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).
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