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Survey: Hungarian companies ignore corruption risks

Competition

The majority of Hungarian business chiefs see that corruption and breaches of ethics are not present in their companies, however only one quarter of the companies queried are making efforts to identify such risks within their companies, EY and MKIK GVI said in a joint press release today citing their survey of Hungary.

More than half of the business directors surveyed do not consider it important to deal with breaches of ethics or misuse, yet EY says that weak risk management causes serious losses to companies.

Although EY’s survey suggests that related tendencies are improving, the protection mechanism of Hungarian companies is underdeveloped, and shows little willingness to involve the authorities in a possible corruption issue.

“The survey sheds light on the fact that the majority of business leaders are not aware of the potential for corruption and risks of breaches of ethics” Ferenc Bíró (pictured) of EY said.

Despite the fact that business leaders believe the tendency is improving slightly in terms of insecurities in the legal environment, the importance of connections within the Hungarian government has increased since 2010.

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