Written by GRC Practice Director, Alex Hollis
According to the 15th Global Fraud Survey, 38% of organizations say bribery/corrupt practices occur widely in business, and 11% admit it’s a common practice to win business in their sector.
Do you remember when…
The CEO and CFO of manufacturing conglomerate Tyco International, were found guilty of stealing $600 million from the company after they threw a $2 million party at the company’s expense?
Or when Lance Armstrong’s doping confession saw the Tour de France champion stripped of his title and several sponsorships?
What about the time retailer Wal-Mart faced claims from up to 1.5 million female U.S. employees on the grounds of discrimination. And then it was ordered to pay $78 million in compensation for not paying staff for working during breaks?
They’re pretty extreme stories, but the truth is that these headlines aren’t that outrageous. It would seem that ethics, or rather a lack of them, is prevalent within organizations.