In an effort to understand the effectiveness of current anti-bribery and corruption efforts, a recent survey conducted by Compliance Week and law firm Morgan Lewis has revealed some notable findings. The majority of compliance professionals participating in the survey pointed to evident resource support deficiencies, particularly in staffing and technology.
This comprehensive survey was carried out between May and June and managed to gather responses from 154 practitioners across various sectors. A detailed report of the survey is available.
Survey results showed that the financial services industries had the largest cohort of respondents, accounting for 21%, followed by the technology sector at 9%. This highlights the awareness and increasing need for rigorous ABAC measures in these sectors .
Interestingly, the respondents suggested the two biggest threats to their anti-bribery and corruption efforts to be technologic gaps and issues related to third parties. This could mean a lack of adequate software solutions for monitoring and preventing bribery and corruption incidents, or problems arising from collaborations with non-compliant third parties.
Equipped with these insights, companies and legal professionals can direct their resources towards improving the identified deficient areas. This in turn can lead to a stronger and more effective anti-bribery and corruption framework within their organizations.