COVID-19 has significantly affected the global economy. According to the International Monetary Fund (IMF), the global economy is projected to shrink by 3 percent in 2020, much worse than during the 2008–09 financial crisis. During times like this bribery and corruption may see an upward trend as businesses look to overcome imposed restrictions and stay afloat. With many countries under lockdown, movement of goods and services are subject to state control, and increased touchpoints with government agencies may result in heightened bribery and corruption risks. Risk of rationalization of corrupt payments also runs high.
With changing scenarios, businesses need to reassess their Anti-Bribery and Corruption compliance framework. With travel restrictions, global organizations also need to innovate to ensure their compliance departments can remotely do their proactive and reactive tasks.
While this webcast will have a focus on India, many of the issues and risks discussed will be applicable to other markets.
- Recent COVID-19 related trends and alerts with a highlight on anti-bribery and compliance
- Emerging corruption and compliance challenges
- How companies can overcome bribery and corruption challenges in this unique and changing environment