Gulf firms aware of corruption issues

Date

12/30/2015 3:05:00 AM

(MENAFN- The Peninsula)

DOHA: More than 80 percent of business leaders across the Gulf Region identify corruption as a problem demonstrating a growing awareness of corruption issues.

However implementation of solid anti-corruption good practices remains a challenge with only 45 percent of companies saying they have an anti-corruption policy in place. This is according to a new report released yesterday by Pearl Initiative an independent private sector-led not-for-profit organisation working across the Gulf Region to influence and improve corporate accountability and transparency.

The report titled “At a Glance: Anti-Corruption Good Practice” offers a practical guide for regional companies to incorporate anti-corruption measures into their operations and demonstrates that tackling corruption can boost job creation and profits and promote international expansion of companies across the region.

Speaking about the report Imelda Dunlop (pictured) Executive Director of the Pearl Initiative said: “We recognise that regional business leaders are increasingly aware of the strong business case for tackling corruption. Companies that have a strong set of anti-corruption good practices in place perform better and are able to grow sustainably. Our latest report provides a step by step programme to successfully implement a strong set of anti-corruption guidelines.”

The report includes six practical steps to establish an anti-corruption programme for businesses operating in the Gulf Region.

Companies should start with understanding their environment becoming familiar with the accepted standards and guidance and conducting a corruption risk assessment.

This should then be followed by the design and implementation of an anti-corruption compliance programme.

The final two steps in any effective anti-corruption programme as outlined in the report are monitoring and auditing the programme and periodically re-assessing risk and modifying the programme accordingly.

The report also inidcates that globally corruption adds up to 10 percent to the cost of doing business and up to 25 percent to the cost of public procurement based on figures published by the World Bank.

It also highlights that 21 percent of regional companies have been the victims of an economic crime and of these 12 percent have suffered losses of $5m due to corporate corruption over the past two years according to data from PwC (PricewaterhouseCoopers).

THE PENINSULA

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.