As legislation surrounding corruption continues to tighten up, with the US Government Foreign Corrupt Practices Act and the UK Government Bribery Act being just two examples, organisations run an even greater risk of suffering at the hands of their employees. Understanding both the threats and the implications of corruption to your business is more important than ever before.
What is Corruption?
Corruption is a problem often faced by organisations that have to deal with government departments, state officials, government linked companies and development agencies. In many cases, corruption occurs simply because managers and employees within your organisation are attempting to fit themselves to local business customs, win contracts or even advance themselves through bribery. All of the above can have significant implications for your business and its reputation.
Many are not aware that the legislation surrounding corruption can lead to costly and damaging legal action. Moreover, you may not know that as an organisation, you may be held responsible for the actions of agents and intermediaries that are involved with your business.
At Regents, we provide you with a fresh perspective as to the risks your organisation may be facing. We are able to investigate and expose any occurrences of corrupt practice, as well as helping you to install effective monitoring programs and policies by:
• Commencing internal due diligence of your organisation to review and bolster your existing corporate governance structures
• Highlighting the departments and individuals perceived as being most at risk and compiling profiles for as to major contacts, track record and anti corruption education.
• Reviewing and investigating any recent historical situations which may have involved corrupt activities to ascertain how they could be handled better and recommending corrective measures to prevent future incidents
• Investigating any ongoing occurrences or suspicions of corruption and submit comprehensive reports detailing the findings
Regents recommends the undertaking of follow up risk assessments, which can be benchmarked against the initial assessment. The results of all assessments should be documented and communicated to the board, to expose and limit risk wherever possible.
The introduction of realistic anti-corruption processes can be quickly implemented and is most importantly a great deal more affordable than the cost of doing nothing.
Need Professional Advice?
Contact Regents Risk Advisory today for a FREE Consultation, we can help you sort through some difficult questions. Call us at +603 6204 5785 (Malaysia) or +65 6345 5770 (Singapore).
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