News: E&Y survey reveals deplorable state of ethics in India

C-Suite

E&Y survey reveals deplorable state of ethics in India

A May 2013 Ernst & Young’s (E&Y) global fraud survey highlights the acceptance of unethical business practices in India. Hinting towards the existence of bribes and manipulation in companies, the survey reported that Indian respondents were willing to make cash payments to win and retain business. At least 33 per cent respondents didn’t see any fault in following corrupt business practices if it were for the betterment of business.

A May 2013 Ernst & Young’s (E&Y) global fraud survey highlights the acceptance of unethical business practices in India. Hinting towards the existence of bribes and manipulation in companies, the survey reported that Indian respondents were willing to make cash payments to win and retain business. At least 33 per cent respondents didn’t see any fault in following corrupt business practices if it were for the betterment of business.
About 69 per cent of the respondents accepted that bribery and corruption were prevalent in the country, but only 44 per cent accepted the existence of bribery in their sectors.
The survey clearly says that even though India has robust ABAC (anti-bribery or anti-corruption) policy, it lacks in compliance. Majority of the respondents, though aware of existence of ABAC policies in their companies, seem to be in denial about it.
 

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Topics: C-Suite, #Updates

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