New and tougher anti-corruption regulations – along with vigorous enforcement by regulators – continue to emerge worldwide. Yet, there is no shortage of scandals and unethical practices resulting in the erosion of trust and confidence in business. More than ever before, investors are acknowledging that corruption can negatively impact value and pose financial, operational and reputational risks to their investments. It is, therefore, of critical importance for enterprises to arm themselves with robust anti-corruption measures and practices as part of their corporate sustainability strategy. Assessing risks is a crucial step to implement corporate sustainability successfully, decrease the exposure to various risks and avoid costly damages. It is clear that good compliance starts with a comprehensive understanding of a company’s corruption risks.
The Global Corporate Sustainability Report 2013 shows that only 25% of UN Global Compact business participants conduct anti-corruption risk assessments, and there are substantial differences in implementation levels among large and small companies. A Guide for Anti-Corruption Risk Assessment aims to help companies of all sizes. The UN Global Compact has developed this Guide to help companies of all sizes address this implementation gap and to provide them with the knowledge to assess their exposure to corruption risks through a systematic, comprehensive and practical step-by-step process.
