In 2016, the International Monetary Fund estimated that corruption amounted to roughly 2% of global economic output — between $1.5 and $2 trillion globally. Consider that in India in 2016, nearly seven in 10 citizens reported paying a bribe to access basic public services such as public schools, public clinics or hospitals, access to official documents, and utilities, according to Transparency International. And despite the many laws against corruption, and increases in enforcement of those laws, bribery in particular continues to thrive and the costs to business and to society continue to escalate.
How Companies Can Take a Stand Against Bribery
In 2016, the International Monetary Fund estimated that corruption amounted to roughly 2% of global economic output – between $1.5 and $2 trillion globally. Companies usually manage bribery and corruption risk through a mix of internal processes, certification requirements, and basic good practices – including with suppliers and vendors. External standards such as the ISO 37001 Anti-Bribery Management Systems Standard, published by the International Organisation for Standardisation, can also be a powerful tool in support of those efforts, helping companies strengthen their ethics and compliance practices by offering a clear framework for action. The standard intentionally does not prefer the legal regime or regulatory architecture of one country over another, but rather is meant to outline a set of practices that can be used by companies regardless of where they have operations. As more companies use standard like this and share their experiences, the more they can help reduce the power of corrupt practices on business around the globe.