Ernst and Young survey reveals that 8 out of 10 workers believe that senior management in firms should face charges for failing to prevent fraud, bribery or corruption in their organisation.
A third of workers claimed to have seen colleagues who have engaged in fraudulent activity promoted, while a quarter do not trust management to implement corporate fraud policies with integrity.
As much as a third of workers claimed to have seen colleagues engage in fraudulant activity and those same people get promoted. While over 25% say that they do not trust their management to enforce fraud policies.
However, the Ernst & Young European Fraud survey also revealed Irish businesses are among the most proactive across in the EU of increasing fraud detection devices. Figures show just 16% were victim to incidence of serious fraud over a year, compared to more than 30% in the previous 12 months.
Julie Fenton from Ernst and Young said: “What’s clear is that despite more widespread introduction of corporate fraud policy, there remains much work to be done by business leaders to clearly articulate how such anti-fraud policies translate into acceptable day-to-day business behaviour. This includes clearly communicating what is acceptable and what is not, the consequences for employees who do not adhere to these rules and regulations and following through on disciplinary procedures when breeches occur.”
It revealed that more than a quarter of all senior managers and a third of employees across Europe believed offering personal gifts, free entertainment and even cash payments was acceptable in order to win or retain new business.
Possibly the most troubling statistic was the results taken from the european wide survey which revealed that a quarter of senior managers and a third of employees believed that offering personal gifts, free entertainmnet and even cash payments were ‘acceptable’ ways of winning or retaining business.
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