According to PwC’s 2016 Global Economic Crime Survey, a quarter of all global organizations believe they will be victimized by bribery and corruption over the next 24 months. Regulators seem to be on the same page: most are stepping up their anti-corruption enforcement efforts — and scrutinizing companies’ internal controls.
So how do you raise your Compliance IQ and detect and prevent corruption… before it begins?
Anti-corruption internal controls may be the least understood area of compliance. There’s still some confusion about how they differ from, say, internal controls over financial reporting. In a world where both bribery and enforcement are intensifying, this lack of clarity can put a company in a dangerous situation.
Corruption can take root where business processes are weak. But you can plug those leaks by setting up robust internal controls in three strategic areas — vendor selection, due diligence and contracting; vetting new customers and cash practices; and employee, payroll and expense reimbursements.
Director, Forensics, PwC US