India is one of the most self-aware countries when it comes to identifying bribery and corruption risk, reveals a Kroll report. Four out of 10 respondents in India have ranked their own region of Asia Pacific (APAC) as being the most vulnerable to incidents of bribery and corruption. Kroll had conducted an online survey and received 1,336 responses from 17 countries.
Companies in India have strengthened their position against bribery and corruption risk, the report said. Nearly 81 percent of the respondents in India believe sufficient board-level attention and investment is given to bribery and corruption risk compared to the global average of 72 percent.
An impressive 92 percent of the respondents in India also confirmed their organisations used data analytics to proactively identify bribery and corruption risk, which is once again higher than the global average of 86 percent.
The survey revealed that when it comes to bribery and corruption, 47 percent of the respondents are concerned about the lack of visibility over third parties such as vendors, suppliers and distributors. This is in line with the global average of 46 percent.
A third of the respondents mentioned poor record-keeping as the greatest threat related to bribery and corruption, while a fifth of the respondents in India stated employees’ actions as the top risk.
The report says India is in line with the global average (82 percent) when it comes to carrying out enterprise-wide risk assessments, with 83 percent of the respondents confirming an assessment has taken place in the last five years.
Tarun Bhatia, Managing Director and Head of South Asia, Forensic Investigations and Intelligence, said though many companies are firm when it comes to bribery and corruption deploying proactive measures, data shows that nearly 83 percent of the respondents in India still feel corruption and unlawful activity have a significant impact on their organisation.
(Edited by : Shoma Bhattacharjee)