In a recent webinar, speakers from Kroll and the Institute of Internal Auditors (IIA) India Chapter discussed the findings from the Kroll’s Global Fraud and Risk Report 2021 – Volume 1: Bribery and Corruption Risk. Over 170 internal audit professionals affiliated with the IIA India Chapter attended this webinar.
The speakers shared insights on the best practices adopted by firms across APAC to mitigate bribery and corruption risk. In our survey, 4 in 10 (39%) respondents in India ranked their own region of APAC as the most vulnerable to incidents of bribery and corruption. The purpose of this webinar was to share insights on how internal audit teams can strengthen internal processes and put checks in place to mitigate these risks. Kroll’s speakers also shared findings from the Global Fraud and Risk Report 2021. Some of the key findings of this report include:
- 57% of the respondents from companies with over $15 billion turnover reported “very significant” impacts of corruption and illicit activity
- Proactive data analytics to mitigate risks have been employed by nearly all respondents (86%)
- Nearly half (46%) of respondents put lack of visibility over third parties as their top vulnerability related to bribery and corruption risk
