A fresh study by Ernst & Young on corruption and fraud risk shows that only 23 percent of Estonia's managers and employees think that the principles of business ethics in their company are good, and one-fifth of respondents believe that corruption is widespread in Estonia, Aripaev Online reports.
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"Over the past two years, only a quarter of the employees have heard the company's managers stress the importance of honest business principles. Forty-eight percent of companies have implemented a hotline allowing to forward anonymous messages and faster discovery of a potential fraud or corruption cases. Half of Estonian enterprises have not established a code of ethics or anti-corruption principles, which is a widespread risks preventative measure in several other European countries," said Ernst & Young Baltic AS partner Ivar Kiigemagi.

Fifty-six percent of respondents in Estonia have not participated in any fraud risks or corruption prevention training, which is considerably worse than the average of surveyed countries (37 percent).

Nineteen percent of respondents in the survey believe that unethical business activity is often unknown to senior management.In Scandinavian countries, Sweden, Norway and Denmark, the figure is below 10 percent.

The auditing and consulting office EY study was carried out in Europe, the Middle East, India and Africa among 3,800 large companies' CEOs and employees from 38 countries, including 100 respondents from Estonia.

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