61% of the 300 companies polled said they don’t perform anti-bribery and corruption audits on the suppliers they award contracts to. That’s just one area: 55% don’t perform financial audits, while 35% don’t perform health and safety audits.
What’s stopping these companies from performing more in-depth audits? Money. The researchers estimated it cost about $60 million to maintain such information — and even then, the return on investment isn’t great.
The survey recommends an alternative: with many businesses using the same suppliers, they could come together to share non-commercial information and develop common standards for those suppliers — becoming an estimated 10 times more efficient in their management of data.