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As market volatility persists, the demands by regulators and investors for proper governance, compliance, and transparency are reaching new heights. Boards, CEOs and their executive leadership are setting the course for aggressive growth in a global business climate with uncertain boundaries – and this requires a company to have heightened sensitivity to potential risks, such as bribery and corruption.
In order to help executives better understand the relevant regulatory environment and effectively manage the associated risks, Ernst & Young’s Fraud Investigation & Dispute Services (FIDS) recently released the book “Bribery and Corruption – Navigating the Global Risks”, published by John Wiley & Sons.
The book is written from an accountant’s perspective on how bribery and corruption can affect global business, offers readers a perspective on these issues in specific regions of the globe, and provides details on industry and case studies drawn from real-world experiences from Ernst & Young forensic investigations teams around the world.
“With the continued expansion into emerging markets, exposure to bribery and corruption risks is becoming more commonplace and, therefore, companies must strengthen their corporate culture by expanding communication, compliance education and training, and establishing proper internal controls to avoid such risks,” says Brian Loughman, Americas FIDS Leader and co-author.
“The current environment demands attention, so we’re offering a practical guide to help business executives better understand what’s happening and how best to respond.”
According to the World Economic Forum, “estimates show that the cost of corruption equals more than 5% of global GDP (US$2.6 trillion) with over US$1 trillion paid in bribes each year.”
As the impact of bribery and corruption risks reaches industries and countries across the globe, this book also describes specific risk trends and considerations, including “red flags” unique to particular industries, as well as practical concerns and guidance to assist corporate executives as they refine or establish effective corporate compliance programs to address bribery and corruption. The book also provides insight on such issues as:
“We have drawn from the breadth of knowledge within the global FIDS practice to share our views and experiences in a way that we hope will provide practical guidance on the real issues facing companies,” adds Richard Sibery, Partner, Ernst & Young, LLP, FIDS Fraud & Investigations Leader and co-author.