India companies fraud detection / Why anti-corruption programs fail / China financial firms scrutiny

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Indian firms ahead of peers in fraud detection.  “Companies in India have bolstered their defences against bribery and corruption risk, and around 81% respondents believe that sufficient board-level attention and investment is given to bribery and corruption risk, well above the global average (72%), according to Global Fraud and Risk Report by Kroll, which provides services and digital products related to valuation, governance, risk and transparency.”

Livemint: https://www.livemint.com/news/india/india-inc-lead-global-peers-in-use-of-data-analytics-to-identify-bribery-report-11631611784301.html  

 

Three Reasons Anti-Corruption Programs Fail (Blog).  “In my new book Controlling Corruption: The Social Contract Approach, I argue that this huge policy failure can be explained by three main factors. First, and most importantly, the principal-agent theory that has dominated anti-corruption efforts from the World Bank to development organizations represents a serious misspecification of the basic nature of the problem…[Secondly,] the corruption problem has been poorly conceptualized since what should count as the opposite of corruption has been excluded from the discussion…[Thirdly,] corruption has been located in the wrong social spaces. It is neither a cultural nor a legal problem.”

Bo Ruthstein/Tufts University: https://www.corruptionjusticeandlegitimacy.org/post/three-reasons-anti-corruption-programs-fail  

   

China steps up anti-corruption drive as Evergrande crisis puts spotlight on financial risk.  “China’s top anti-corruption official will launch a nationwide audit of major financial firms and regulators to eliminate risk in the sector, following debt crises at state-owned financial conglomerate Huarong and private property developer China Evergrande.”

Frank Tang/South China Morning Post: https://www.scmp.com/economy/global-economy/article/3150305/china-steps-anti-corruption-drive-evergrande-crisis-puts  

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