Survey Report: Tech gaps, third parties pose biggest ABAC threats
Provided by 
Morgan Lewis2023-09-19T20:46:00
Compliance professionals surveyed regarding their anti-bribery and corruption efforts (ABAC) indicated resource support deficiencies in areas including staffing and technology.
The survey, conducted online by Compliance Week and law firm Morgan Lewis between May and June, gathered responses from 154 practitioners. Nearly half the respondents (48 percent) said they expected bribery and corruption risks to increase over the next 2-3 years, while 39 percent felt it would remain the same over that period.
Insights shared from respondents included:
- How companies assess their greatest bribery risks
- Where ABAC resource gaps exist
- Third-party audit frequency
Related articles
-
PremiumQ&A with former FCPA unit chief Charles Duross on the DOJ’s monitorship policy
Compliance Week recently interviewed Charles Duross, former Chief of the Fraud Section’s FCPA Unit, to talk about the Department of Justice’s recently revised monitorship policy.
-
ArticleCompliance officers accused of helping criminals run $346 million international payment fraud network
Four U.S. citizens were arrested in California Wednesday in connection with a massive, $346 million international credit card fraud scheme based in Germany, in which compliance officers were allegedly complicit, according to the DOJ.
-
ArticleCompliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
More from Survey Reports
-
PremiumCompliance survey shows clawback policies and cooperation tools largely unused
Many companies have strong compliance policies to encourage cooperation with regulators and hold staff accountable, but these policies are rarely used, and cooperation often depends on cost and business benefit, according to a new survey of compliance professionals.
-
News BriefNasdaq: A majority of financial firms plan to use AI in compliance this year
About 36 percent of financial firms are using artificial intelligence in compliance, and most firms intend to ramp up their reliance on AI in compliance in the next 12 months, according to a new survey by Nasdaq.
-
Article3M tops U.S. corporate penalties list with $18.7B in fines over four years, survey says
The 3M Company paid more than $18.7 billion in penalties over four years, more than any other major U.S. company tracked in a new survey.