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14th November
Ernst & Young has warned logistics companies that they must do more to ensure they have adequate procedures to prevent corruption among external business partners. According to the consultancy firm, following the introduction of the UK Bribery act, logistics companies must demonstrate they have ‘adequate procedures’ in place to address third party risks – including outsourced businesses or suppliers. If they are not compliant, companies can be fined or executives imprisoned.
The warning comes as analysis of 225 background checks carried out by Ernst & Young on behalf of companies seeking to vet business partners, revealed the top corruption risks flagged against potential suppliers, staff, importers or buyers. The main risks were evidence of potentially corrupt government links (50% of red flags) signs of litigation (11%) political connections (7%) and reports of illegal activities (4%).
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