Concerns about breaking anti-corruption regulations are increasingly impacting companies' business decisions, according to this year's Dow Jones State of Anti-Corruption Compliance Survey.
This year's survey interviewed compliance professionals from more than 350 companies worldwide.
Of the companies represented, 71% stopped or delayed working with a business partner due to concerns about breaking anti-corruption regulations, an increase of nearly 20% from four years ago. More than 55% of respondents said they had stopped or delayed a push into emerging markets for the same reason; up nearly 15% since 2009. Of the companies surveyed, non-finance companies felt the greatest impact on their business activities, to an increasing degree.
"Dow Jones has been monitoring trends in the anti-corruption marketplace for the past five years, and the analysis our surveys produce provides a unique barometer on the changing face of the compliance industry," said Rupert de Ruig, managing director of Risk & Compliance, Dow Jones & Company. "This year we've found an unprecedented awareness of anti-corruption regulation, and this is reflected in the survey results, with business practices becoming cleaner, more accountable and more process-driven."
Losing Business to Unethical Companies
Nearly half the compliance professionals surveyed report losing business to unethical competitors in the last month; however for the first year the trend is slightly downward. This is despite an unprecedented awareness of corruption in business globally, and is perhaps a positive sign that firms are carrying out more ethical business.
As awareness of anti-corruption regulation increases, so too are the business benefits more keenly felt. An increasing number of respondents believe regulation has created greater fairness (72%), and improved business-partner relationships due to scrutiny (56%), while the number who believe it saves them money (54%) and improves their operational efficiency (42%) has gone down.