Anti-Corruption Compliance Plateaus Despite Aggressive Enforcement
By Andrew Crawford, Marketing –
Anti-corruption measures can prevent bribery and other forms of corporate corruption and save billions of dollars each year.
Anti-corruption compliance appears be at a standstill lately, even though enforcement has been increased in the last few years.
Ernst and Young, a multinational professional services firm headquartered in the U.K., recently conducted a survey and reported that the percentage of companies that have anti-corruption policies has increased only 1 percent over the past two years, and a persistent minority has yet to take even the basic steps toward an effective compliance program.
The survey goes on to say that although 80 percent of companies report having anti-corruption policies in place, compliance efforts have plateaued at that level.
Anti-Corruption Measures Ignored in Mergers and Acquisitions
Also, less than a third of companies surveyed were reviewed as always or very frequently conducting anti-corruption due diligence as part of their mergers and acquisitions process.
You would think that companies would want to do some sort of extensive research into the employees they are about to take on when they merge with or acquire another business, but this does not seem to be the case.
Why We Hesitate
Some possible explanations include the difficulty of conducting tests for an entire firm, the financial cost (polygraph tests or other measures of lie detection are generally expensive), and perhaps that the company does not care enough to take action.
Knowing that fraud creates a worldwide loss of over $5 billion for organizations, would you change your company’s policies to fight it? What if there was an inexpensive, non-intrusive way to conduct an anti-corruption review of employees?
Enter EyeDetect™, a lie detection system that tracks and scans subtle eye movements while a subject is tested on true/false questions by a computer. With an 85 percent accuracy rate, a non-intrusive format and consumer affordability, it is the panacea the anti-corruption market has been waiting for.
This breakthrough technology could potentially save businesses from employee dishonesty in things like hours worked, bribes taken and possible accounting fraud, among other possible scenarios.
EyeDetect is the most disruptive technology to corrupt parties to enter the market in years, with the potential to save worldwide businesses billions of dollars each year.
