With unethical business practices becoming more prevalent, review these six best practices to protect your organisation.
Twenty-eight per cent of UK business leaders believe that bribery and corruption is prevalent throughout the nation, according to a 2016 survey conducted by professional services firm, EY.
This broad acceptance of objectionable business practices is startling—especially given the recent spotlight on corporate governance and transparency in light of the Panama Papers. It is especially interesting since the 28 per cent figure is an 18 per cent increase from the same survey last year.
Bribery and corruption are corrosive to an organisation, with the ability to erode organisational morals and introduce an overall laissez-faire attitude towards unethical business practices. They can also lead to serious fines and prosecutions. To prevent bribery and corruption at your organisation, consider adopting the following six methods:
1. Develop a culture of integrity. Talk to your employees about how it is everyone’s responsibility—from the directors and officers all the way down to the interns—to act ethically and with integrity. This includes adopting an anti-fraud and bribery policy.
2. Conduct a risk assessment to identify potential weaknesses in your current policies and procedures. If you uncover any gaps, develop solutions to shore up those deficiencies.
3. Provide your employees with anti-bribery and corruption training. You should provide annual training that explains what constitutes bribery and corruption and how to identify and report
it.
4. Set up internal accounting controls. Provide your accounting department with revised guidelines to easily identify potentially suspicious incoming or outgoing funds.
5. Establish disciplinary policies for corruption and bribery. Inform your staff members of what the repercussions would be if they were found guilty of accepting a bribe.
6. Monitor your anti-bribery and corruption programme and evaluate its effectiveness.
Review your programme annually or after an incident of bribery or corruption to evaluate its effectiveness.
