Deloitte issues bribery and corruption warning

Deloitte says managing bribery and corruption risk is set to become an increasingly important issue for New Zealand organisations, particularly those with offshore operations.

Key findings from the responses of nearly 400 organisations and individuals (almost half from New Zealand) include:

• 34 percent of organisations have operations in high risk offshore jurisdictions, but 48 percent of these have never conducted corruption risk assessment, and 21 percent do not discuss corruption risk at management or board level

• Only 25 percent of organisations with offshore operations have comprehensive understanding of relevant anti-bribery and corruption legislation, while 40 percent said they are not concerned with risks arising from non-compliance

• 14 percent of organisations that have never undertaken risk assessment have experienced foreign bribery and corruption incident in the last five years

• 80 percent of organisations with offshore operations either do not regard foreign bribery and corruption as high level risk to their business in the next five years, or said the risk was not applicable to their organisation.

Download the full survey from www.deloitte.com/nz/corruptionsurvey.

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