New Chapter in ABAC in China
A new chapter in China's anti-bribery/anti-corruption (ABAC) landscape begins with the conclusion of the GSK trial. But root causes fester and will continue to present challenges to multi-nationals operating in China, including: 1. relatively low remuneration of government employees (including Healthcare professionals); 2. aggressive China sales/growth targets in what is the highest growth market for many multinational companies and reward systems that may drive higher risk taking; 3. legal access to quality information on 3rd parties; 4. difficulty in recruiting/retaining experienced and qualified compliance professionals
This is a time to review existing compliance programs and find ways to super-charge them.
Ramesh great comments above and agree with you.
Forensic Investigation, GRC Transformation, Integrity Culture
10 年Daniel: Yes, it is a positive development to have the Chinese authorities to clamp down hard on bribery and corruption activities which have an impact on the cost of doing business and ultimately the cost to consumers. I think most companies would like to see this enforced more consistently to level the playing field.
Forensic Investigation, GRC Transformation, Integrity Culture
10 年Sankar: Yes, alternative but legally permissible routes...
Director, Engineer, Controller, Visiting lecturer/examiner, Academic Mentor, Forensics & BI machine learning researcher
10 年That is a good movement for China to getting bigger in international trade
Connecting the Engineering geniuses & Digital mavericks, to create MAGIC !
10 年Hi Ramesh, that's right and on the other side, as China makes it more tighter for auditors to get the information on companies transparently, it would lead for organisations to find alternative route down the radar to seek those information in order to run their own business with minimal risk. Isn't it?