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Less Than Half of UAE Executives have Confidence in Regulations that Prevent Fraud, Finds EY Survey
 

-    30% of UAE respondents considered resigning from a job due to concerns over unethical conduct at their company
-    32% of UAE respondents felt under pressure internally to withhold information or concerns about misconduct rather than report it
-    Only 9% of UAE respondents are aware of whistleblowing hotlines used for monitoring compliance with anti-bribery and corruption laws

Dubai, 19 April 2017: According to the EY biennial Europe, Middle East, India, and Africa (EMEIA) Fraud Survey, 42% of UAE respondents think that regulatory activity has had a positive impact on ethical standards in their company compared to only 28% of global respondents. Seventy-four percent of UAE respondents believe that prosecuting individuals would help deter fraud, bribery and corruption.

Michael Adlem, EY MENA Fraud Investigation & Dispute Services Leader, says:“Restoring confidence through enforcement is key to preventing fraud. Despite the need for more improvement, UAE executives have a lot more confidence in regulations as a deterrent of unethical behaviour compared to their global counterparts.” 

The report, Human instinct or machine logic – which do you trust most in the fight against fraud and corruption? surveyed 4,100 employees from large businesses in 41 countries.

Whistleblowing – why confidence is an important factor

Thirty percent of UAE respondents resigned from a job due to concerns over unethical conduct at their company, the highest percentage of respondents out of the 41 countries surveyed. However, 32% of UAE respondents also felt under pressure internally to withhold information or concerns about misconduct rather than report it.

Despite the fact that whistleblowing hotlines used for monitoring compliance with anti-bribery and corruption laws are now considered an important part of a company’s compliance program, only 9% of UAE respondents were aware of such a channel in their company, a lower percentage than their global counterparts at 21%.

“Even though a third of UAE executives are not afraid to leave their job if they are aware of unethical conduct, a third of UAE executives are also willing to withhold information about ethical misconduct. The different extremes in behaviour and lack of awareness about whistleblowing hotlines indicates a need for companies to work harder at setting the right tone on business ethics to foster a more unified culture of ethical behaviour,” concludes Michael.

Posted by : Dubai PR Network Editorial Team
Viewed 2446 times
PR Category : Banking & Investments
Posted on : Wednesday, April 19, 2017  4:11:00 PM UAE local time (GMT+4)
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