For Corporate India, bribery and corruption issues will continue to be "challenging" in 2016 and will have a significant impact on their bottom line, says an EY report.
Globally, the responsibility of mitigating bribery and corruption is on commercial organisations and they are reprimanded if they do not succeed, the report said, adding that it is just a matter of time before domestic companies are given that onus with increased global outlook and change in domestic regulations.
"They should, therefore, start investing in compliance, anti-fraud and anti-corruption programmes proactively," EY said.
"The issues emerging due to an evolving risk landscape are a serious cause for concern for Corporate India. Companies are now beginning to witness the reality of these threats; the imminent need for enhanced internal controls and compliance to safeguard their business," EY Partner and National Leader, Fraud Investigation and Dispute Services Arpinder Singh said.
"With the impact directly affecting their financial position, we believe that proactive action in addressing these threats will be essential to plug any loopholes," he added.
Noting "cyber crime will spare no one", EY said we anticipate large firms to identify vulnerabilities and address them through proactive assessments, network security monitoring and deception technologies like honeypots.
It added that hackers gradually shift their focus towards less-protected medium-sized firms.
