Fraud Bribery & Corruption in India’s M&E industry

16 Sep,2014

 

India’s Entertainment & Media industry is beset with several problems today. Furthermore, slowing down of its economy has significantly affected the trajectory of its revenue graph. Addressing the need for ethical business conduct and how organizations deal with fraudrelated lapses is of paramount importance.

 

EY conducted an online survey to provide relevant information on prevalent fraud, bribery and corruption trends in the country. It received pertinent feedback from more than 45 respondents from the M&E industry.

 

Respondents represented a mix of Indian enterprises with domestic operations, as well as Indian and foreign multinationals. They were spread across different functional areas to enable us to gauge perspectives across the industry. Presenting the Executive Summary of the Report.

 

Our survey provides a deep insight into the current corporate fraud and corruption scenario in India’s M&E industry. The feedback we received on current business risks is candid and revealing, particularly in today’s fastgrowing and dynamic environment.

 

Despite the risk, companies are still not doing enough to prevent bribery and corruption.

From responses to our survey, it seems that mixed messages are being communicated by management
teams, with the overall tone often being diluted due to lack of widespread training.

 

Knowing who you are dealing with: effective third-party due diligence and compliance audits

There is a need for increased transparency in the dealings of enterprises by their including and implementing their audit-related rights over third parties.

Furthermore, there is an urgent need for entities to implement background checks and due
diligence procedures due to the increasing risk of payouts being made to non-existent vendors
and service providers or employees with shady backgrounds.

 

Key fraud scenarios in M&E industry

Post a Comment 

One response to “Fraud Bribery & Corruption in India’s M&E industry”

  1. Miloni Chatterjee says:

    Article is great but I fail to understand that no one has been caught yet………even if you know who all are in the game…

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