Qatar World Cup 2022Brazil 1-0 Switzerland, FIFA World Cup 2022: Casemiro sends Brazil to last 16

Rising cyberthreats, integrity risks, greenwashing concerns creating openings for frauds: EY report

September 19, 2022 10:18 pm | Updated 10:18 pm IST - Bengaluru

Rapidly-rising cyberthreats, integrity risks and greenwashing concerns in environmental, social and governance (ESG) practices are creating openings for fraud and unethical conduct, said EY’s recent Global Integrity Report.

Organisations continue to remain vulnerable in volatile market conditions, with 78% of respondents in India, who were part of the report, admitting that it was challenging to maintain their standards of integrity in periods of rapid change or difficult market conditions.

“While the standards of corporate integrity show discernible signs of improvement, many organisations were still facing heightened risks around unethical behaviour and diminishing standards of compliance,’‘ said Arpinder Singh, India and Global Markets Leader, Forensic & Integrity Services, EY.

Amidst shifts in regulatory expectations and economic stress, 60% of respondents from India said that regulators have taken action against their organisation for breaching integrity standards or regulations, compared to 38% in emerging markets. At the same time, 65% in India cited that it was difficult to adapt to the speed and volume of changes in regulations, as compared to 47% in emerging markets.

Out of the 100 professionals surveyed from India, only 33% believe that sanctions are applied to demonstrate behaviours that do not reflect integrity. Organisations must exercise greater vigilance in hiring people committed to building a culture of integrity as 96% in India said they experienced failures in up to 10% of employee background checks, according to the EY report.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.