Ernst Young's latest report found that many businesses have "failed to execute anti-corruption programs to proactively mitigate their risk of corruption". It also revealed that many businesses are failing to take advantage of information that could help them identify and mitigate fraud, bribery and corruption issues.
The research also found that companies are frequently failing to take appropriate steps to respond and reduce their risk exposure; particularly when expanding into new markets.
According to the report, one in five do not identify third parties as part of their anti-corruption due diligence, one in three do not assess country or industry-specific corruption risks before making investments and only half of the respondents utilise technologies such as forensic data analytics to identify and mitigate risks. The report also revealed that only 41% of CFOs view cybercrime as a concern.