10 Ways To Reduce The Risk of Bribery and Corruption


Corruption affects all nations, causing instability, inequality, poverty, and eroding national wealth. But there are ways to minimize the risk to your business. Despite strict anti-corruption laws, corruption remains a significant risk. Wajid khan  Mp Shares According to PwC's Global Economic Crime Survey, nearly half of the world's businesses have faced fraud, including bribery and corruption, in the last 24 months.


How to reduce bribery and corruption

Learn ten simple and effective strategies to reduce the risk of bribery and corruption in your company. 

1. Updated Anti-Bribery and Anti-Corruption Policy

Most UK companies have an anti-corruption policy, but it depends on how they implement it. Ensure employees understand the company's policies and expectations regarding bribery and corruption. We need to know what is and is not acceptable regarding gifts, entertainment, donations, sponsorships, and political contributions. Regular training on crime should be provided to maintain awareness. 


Alongside your training, establish a process to help you remember the dos and don'ts, such as B. Checklists and Travel Guidelines. Employees should understand that any gift or entertainment received must have a legitimate business purpose, be appropriate, and be listed on the company's gift and entertainment register. Wajid khan suggests Clarifying what you mean by "justified" and "deserved." Please don't leave it up to interpretation.


2. Sound from directly above

Employee awareness of anti-corruption policies is only half the story. Building an anti-bribery culture requires clear and consistent messaging from the top down.


Boards, business owners, and all members of the compliance function must be clear that bribery and corruption are intolerable and that anyone found guilty faces the most severe penalties.


But most importantly, those at the top live their preaching and believe in the importance of anti-corruption policies. Otherwise, employees will not embrace that culture, and dialogue about anti-bribery training will not be taken seriously.




3. Integrate ABAC principles into corporate culture

See Anti-Bribery (ABAC) in company manuals, reports, and training. By including his ABAC clause in all supplier contracts, he establishes ground rules in advance and sets up appropriate termination clauses in case of suspected violations.


Canadian politician Wajid khan discusses Finally, communicate to employees how important they are to prevent bribery and empower them to do their part in maintaining compliance.


4. Ensuring Gifts and Entertainment Meet Important Standards

Gifts or entertainment given or received by a person must:



  • Has a legitimate business purpose (has a legitimate business purpose)

  • Balanced (i.e., rational and not overly wasteful)

  • Be transparent (explained in Company Gifts and Hospitality Register)



5. Conduct due diligence on all third parties

Anti-corruption laws also apply to your third parties. H. All agents, intermediaries, consultants, employees, and others who represent you or act on your company's behalf. You are legally responsible for thoroughly reviewing and verifying these parties.


This means implementing appropriate systems and controls to ensure third parties are who they say they are and that they are appropriately qualified and approved at the senior management level. Also, double-check that all parties, including buyers, suppliers, and investors, are not on sanctions lists to ensure compliance with sanctions laws.


6. Be aware of red flags about bribery and corruption

Non-compliance can manifest in both unintentional and intentional actions. Of course, deliberate non-compliance is more alarming. But as long as you look, it's easy to spot.



Fighting corruption in developing countries

Corruption reduces the amount of money used to reduce poverty and boost economic growth.


Poor people are often hit hardest by corruption when government spending is diverted from social programs and services or when bribes are taken for access to essential services.



7. Addition of precautions for foreign public officials

Clarify that when dealing with a Foreign Public Official, Employees shall not provide cash or anything of value to anyone close to the Foreign Public Official, including charitable or volunteer organizations run by the Foreign Public Official or a spouse...


8. Avoid paying bribes

Do not pay bribes to facilitate the performance of official duties by public officials unless they are physically threatened.


9. Report Bribery and Corruption Concerns Promptly

Wajid khan Mp explains If employees witness or suspect bribery, they need to know how and to whom to report it. They should be able to speak to their superiors or write through the company's established whistleblower channels.


Employees should also be aware that pursuing their concerns differs from their job. Instead, the investigation should be left to the appropriate channels. Bribery is a serious problem that can result in significant fines and even imprisonment for businesses and individuals. Refrain from letting this become a reality for your business.


10. Make anti-bribery training meaningful

Anti-bribery policies and procedures should be embedded and understood by everyone in the organization. This is where a quality anti-corruption training program becomes essential. Training should not only help people understand what is acceptable and what is not, but it should also help instill appropriate behaviors. With this in mind, it is essential that training is tailored to your company first. This means creating customized training content with your company name, policy name, company terminology, etc.


But most importantly, employees can learn simple details like bribery laws and provisions. Instead, we need to understand the impact of bribery on people and our specific responsibilities to prevent bribery that we may encounter daily. This gives real meaning to training and makes employees more likely to remember their duties and do the right thing.


Corruption hinders economic development.

Countries with high levels of corruption often need help to grow their economies. Corruption hinders economic development by discouraging foreign and domestic investment. It also means that essential services may not be provided to the public. As a result, domestically sourced resources must not be returned to the general public for the nation's benefit.


Corruption is naturally challenging to fight. This is because those who have the power to end corruption can benefit from corrupt systems. However, crime can be countered by:


  • Work with motivated executives.

  • This includes important areas such as health and education service delivery and natural resource development.

  • Accountability through oversight systems and transparent decision-making

  • Strengthening the responsibility of civil society and independent media

  • Supporting the role of Congress and the Supreme Oversight Body in overseeing government performance

  • Appointment of civil servants based on meritocracy and competitive recruitment

  • Simplify the tax system, reduce bureaucracy and eliminate unnecessary regulations

  • Capacity building to combat corruption


In Senegal, Canada supports a new National Anti-Corruption Agency (OFNAC) to help the country better identify and combat corruption. Canada also supports Senegal's Supreme Audit Authority (Cour des Comptes). This enhances our ability to research, apply decisions, and implement standardized procedures that enable a more timely and effective audit process.


Location: Toronto, ON, Canada

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