SINGAPORE: Ethical reputation is one factor that employees in Singapore and the region consider when looking at job options.
According to the annual Asia Pacific Fraud Survey 2015 by consulting firm EY, almost eight in 10 respondents said they are unwilling to work for companies involved in bribery and corruption.
The Asia Pacific Fraud Survey covers about 1,500 employees of large companies in 14 territories across the region, including 90 from Singapore.
EY said fraud is now seen to have an impact at various levels of an organisation including productivity, growth strategies and even talent retention.
About seven in 10 respondents, in Singapore and the region, said that having a strong reputation for ethical behaviour is a commercial advantage.
The study also showed that Singapore corporates are seen to have policies in place against fraud, bribery and corruption. In the survey, 80 per cent of respondents said their organisations have anti-bribery and anti-corruption policies in place - higher than the regional average of 76 per cent. Nine in 10 respondents said they are confident that their organisation is effectively managing unethical practices by third parties.
However, EY still warned against complacency.
Mr Reuben Khoo, manager partner of fraud investigation and dispute services ASEAN at EY, said: "This is a misplaced confidence because the risk that is involved with the third party continues to be high, and when you deal with third parties, it's not as transparent and you do not have control over such organisations."
“So it is important to have a robust due diligence where you can continuously monitor whether these companies adhere to ethical practices. That would include things like having more regular audits, having better due diligence tools to help them assess the risks, leveraging technology to look at the data that resides with the third party where they can analyse for any misconduct in the organisation," he added.