Balancing Courtesy And Compliance: Best Practices In Corporate Hospitality

Whether part of local customs, relationship building or ways to give thanks, gift giving and hospitality (collectively referred to here as "Hospitality") is a sizable business, with the global market being estimated at USD839 billion in 2024.¹ With the Christmas festive season just behind us, and Lunar New Year around the corner, this time of year sees many opportunities worldwide to celebrate with business contacts and associates and, often, to engage in hospitality as a way to express gratitude. Given this, we thought it timely to explore some of the persisting challenges faced by organizations in effectively managing hospitality as part of wider Anti-Bribery & Corruption ("ABC") risk management frameworks and the best practices in mitigating these risks.