Asian graft worsens, and millennials pose a challenge: EY survey

(May 24): Just as China embarks on a massive Silk Road development funding initiative, a survey of business practices suggests corruption in Asia is only getting worse, adding potential potholes to new deals.

Despite anti-graft initiatives under way from China to India, the survey by EY -- formerly known as Ernst & Young -- found that “ethical standards are not improving”. Some 63% of respondents said that bribery or corrupt practices "happen widely" in their country, up from 60% in 2015. And 35% cited bribery as "common practice" to win contracts in their industry or sector, up from 31% in the 2015 survey.

"Compliance policies may be in place but, under pressure to deliver growth, some senior managers are ignoring unethical actions to achieve corporate targets," Chris Fordham, the EY Asia Pacific leader for fraud investigation and dispute services, wrote in a report. “To detect unethical behavior with fewer resources, companies need to harness technology including, forensic data analytics.”

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