Anti-Bribery and Anti-Corruption Assistance

Occupational fraud typologies highlight different forms of fraud, one of which is corruption. Business corruption is categorized as the second most common type of occupational fraud, with the primary examples being bribery, conflict of interest, improper gratuities, and economic extortion. Bribery and corruption pose significant risks to organizations as they may be subjected to legal, regulatory, and reputational damage. Additionally, a history of corruption can constitute a reputational risk that if not mitigated, may drive away investors, partners, clients, and future employees.

Therefore, zero tolerance for bribery and corruption is essential as it ensures sustainability and business integrity in any organization. Organizations should have robust policies, procedures, and programs to mitigate bribery and corruption risks. Organizations should also train and educate stakeholders to increase their understanding and awareness. An effective Anti-Bribery and Anti-Corruption program should lay focus on the following key areas: –

    • Top management commitment – this entails tone at the top and senior management commitment to upholding ethical conduct and integrity.
    • Risk Assessment – this entails assessments and subsequent assessments of the organization’s bribery and corruption risks.
    • Proportionate Procedures – this involves developing procedures based on risk assessment and ensuring that there is an investigation procedure in place.
    • Training and Information Communication – this involves training all levels of employees on whistleblowing and mechanisms of reporting bribery and corruption.
    • Due Diligence – this involves applying appropriate due diligence procedures to third parties including name screening, integrity, and corruption checks.
    • Monitoring and Review – this involves a continuous evaluation and validation of anti-bribery and anti-corruption programs.

At Riskhouse International, we help organizations spanning multiple jurisdictions to define, assess and respond to bribery and corruption issues. Further, we help organizations identify gaps and provide recommendations for mitigating bribery and corruption risks. We also support organizations with comprehensive Anti-Bribery & Anti-corruption (ABAC) reviews, reviews of the existing relevant legislation, review of the existing policies and procedures, conducting transactions reviews and verifications of third parties.

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