The study noted that while reputational and integrity concerns remain the number-one reason why a third party fails to meet an organisation's standards, the corporate or ownership structure of a third party has emerged as a major concern for compliance teams.
According to Tarun Bhatia, Managing Director for Kroll in India, the size, complexity, and dynamic developments at work in the Indian economy make ABC risk a multi-layered issue.
"Increased enforcement of existing regulations, combined with the advent of new laws, is also posing significant challenges for Indian organisations already navigating tremendous changes in the country's economic landscape," he said.
Bhatia further noted, "while businesses need time to absorb, understand, assess and adhere to all these laws, the expectations of regulators as well as the general public are raising the stakes for timely compliance".
According to the report, organisations are deploying more resources to address bribery and corruption issues in 2017 than in 2016. Moreover, executive leadership support also remains strong, as 92 per cent of all survey respondents said that their leadership team is highly or somewhat engaged in their ABC efforts.
For the 2018 ABC Report, senior-level executives working in ethics, compliance, or anti-corruption worldwide were invited to respond to the survey, which was in field from October 4 to December 8, 2017.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)