Globally, 97% of executives of the companies ensures that operating with integrity is important to your organization; however, on closer examination of this issue, it is found that important gaps still exist.
According to the study “Global Integrity Report: emerging markets perspective 2022” by the firm HEYhe 36% of executives of emerging markets surveyed revealed that their organizations have received sanctions related to non-integrous behaviorsa slight increase compared to 2020 (32%).
The study of HEY, which collected the responses of more than 2,000 members of the Board, senior managers, managers and collaborators from emerging markets in South America, Europe, Asia and Africa; It also revealed that 62% of respondents find it more challenging for organizations to maintain their integrity standards in periods of rapid change or difficult market conditions.
“Organizations are facing new challenges in decision making; and in this context, the compliance areas play a fundamental role to prevent the materialization of risks and strengthen control mechanisms”, commented Alfonso Crespo, Partner Forensic & Integrity Services, of EY Dominican Republic, who added that corporate integrity is important for organizations to obtain the trust of their different interest groups, “this will allow them to differentiate themselves, as well as ensure their value and long-term sustainability”.
Regarding actions for the prevention of non-integrity activities, 45% of respondents indicated having regular training on legal, regulatory or professional requirements related to integrity. And nearly a third (31%) said their company provides incentives to encourage behavior that demonstrates integrity.
According to the results of the study, Fraud, bribery and corruption (37%) ranked as the top long-term integrity risks for organizations, followed by the pandemic (36%) and cyberattacks (27%). Regarding the last point, 19% of respondents indicated that their organization had a major cybersecurity breach in the last 12 months.
Crespo pointed out the importance of new technologies as support and support of the compliance areas.
“The use of technology makes it possible to increase efficiency in compliance management, monitoring, and decision-making based on accurate information. In working with our clients, we have witnessed how the use of a flexible solution that facilitates the coordination and effective monitoring of their compliance program can save operational work time by more than 30% and the preparation time for audit processes by 50%”, he concluded.
know more
- According to the study “Global Integrity Report: emerging markets perspective 2022” by the firm EY, 36% of emerging market executives surveyed indicated that their organizations have received sanctions related to non-integrity behaviors
- 97% of global respondents believe that operating with integrity is important to their organization.
- 62% of respondents in emerging markets find it more challenging for organizations to maintain their integrity standards in periods of rapid change or difficult market conditions.
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