Is your corruption prevention program going to deal you a winning hand, or will it collapse like a house of cards? In today’s increasingly complex global environment, it’s no longer a question of whether an organisation has an anti-corruption framework in place, but how robust that framework actually is. Corruption prevention and compliance programmes that fail to stand up to scrutiny when stress-tested, can have significant and far-reaching consequences.
In Part 1 of this two-part series, I’ll outline the essential building blocks that should be included in an effective anti-corruption framework.
How a failure to prevent corruption by employees led to a US$772 million penalty
While the resources needed to develop a robust corruption prevention framework may seem significant, the financial risks of not investing are even higher. First and foremost are the direct financial and reputational losses caused by the act itself. This is highlighted by the ACFE’s annual global fraud surveys, which consistently estimate that the typical organisation loses 5% of its annual revenue to fraud alone. More