The cost of corruption is a heavy toll that is levied on the global economy, private companies and people around the world. On a macro level, recent data suggests that the cost of corruption equals more than 5% of global GDP ($2.6 trillion), and corruption increases the cost of doing business up to 10% globally, according to the World Economic Forum and the World Bank, respectively. When an organization engages in corrupt behavior, the costs associated extend well beyond what can be found on a balance sheet, such as fines and penalties, but can also include lost business by way of sanction or debarment, reputational damage, and organizational turmoil.
This panel will discuss the cost of corruption from several different perspectives, including:
• the cost of an investigation by a regulatory agency to an organization,
• the cost of implementing an internal compliance program,
• the cost to a company when a competitor seeks to gain an advantage by engaging in bribery or corrupt activities, and
• the cost to the markets, the economy, and the public when the trust instilled in organizations to behave ethically is broken.
Refreshments will be served following the discussion.
SPEAKERS:
- Pat Conroy, Partner and Chair of Securities and Finance Practice, NERA Economic Consulting
- Pam Parizek, Partner, KPMG Forensics, former SEC enforcement lawyer
- Christine Stickler, Chief Ethics and Compliance Officer, TE Connectivity