Causes Of Corruption In Business
Corruption in Business
Corruption in business has become one of the most serious issues in our society. Corruption is defined as wrongdoing on the part of an authority or powerful party through means that are illegitimate, inconsistent or immoral with ethical standards. The majority of countries are struggling to decrease the corruption, but still it exists in business. Even though companies know about that corruption can jeopardise business, individuals consider it profitable. In addition, it might help their business communication, but there have been a large amount of risk as a result. Corruption leads to numerous problems in business and it can hurt the image of the company. This essay will outline three main problems: firstly, loss of funds through embezzlement, secondly, corruption through the improper use of the available resources and thirdly, shareholders and investors losing trust and confidence in business. Although serious problems have arisen as a consequence of this, there are potential solutions which will be examined in this essay.
Firstly, it appears that the loss of funds through embezzlement is one of the serious corruption problems in business. It seems that companies will lose the confidence for permanent clients and it is remaining risks. For example, the 2009 PwC Global Economic Crime Survey (2011) noted 40% of respondents experienced economic crime (including bribery
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