Why bother with anti-corruption and integrity compliance?
Protect, comply… and thrive“With our increasing use of Big Data and in the digitally connected world, it is less ‘if you will be caught’ but increasingly ‘when we choose to catch you’.”
US Federal Bureau of Investigation (FBI)
Why bother with anti-corruption and integrity compliance? Quite simply because regulators and law enforcers are getting tougher on corporate wrongdoing.
Whatever the size of your organisation, it’s vital you understand the corruption and bribery risks across your value chain and implement policies and procedures to mitigate those risks and ensure compliance with legislation. Not only does this protect you from enforcement action and catastrophic damage to your brand, it can reduce your cost base (the World Economic Forum estimates that corruption adds 10% to business costs globally) and help position you to make the most of economic opportunities worldwide.
Benefits of effective anti-corruption and integrity compliance
Reputation
Avoid damage to your corporate reputation and become known for integrity amongst your employees and other stakeholders
Competitive edge
Equip your organisation to win new contracts and orders as more and more customers seek assurance of prospective suppliers’ ethical credentials
Capabilities
Identify where you need to train and educate senior management and frontline staff to ensure sustained high standards of integrity
Peace of mind
Protect yourself and other company officers from the risk of enforcement action, which can result in imprisonment and ruin personal reputations
Compliance
Demonstrate your compliance with relevant legislation, especially if you are a firm regulated by the financial authorities e.g. the UK’s FCA
Cost reduction
Cut costs from shrinkage and loss and (possibly) reduce premiums for directors’ and officers’ liability and legal costs cover
Financial security
Avoid the punitive individual and corporate fines increasingly levied by courts and regulators for corruption offences
Innovation
Compel sales people to develop new and ethical ways to win business and secure orders
Employee engagement
Enhance employee perceptions of your organisation and gain their commitment to executing the strategy – in the right way
More reasons to implement an anti-corruption programme
- The value of a certified anti-bribery management system
- Case studies from our work to support major organisations with anti-corruption programmes
- Fraud, bribery and money laundering offences: Definitive guideline
- City of London Police training video on the consequences of corruption
Recent posts
Latest views and ideas on compliance and anti-corruption issues from our experts
How Digital Technology is Changing the Face of Corruption
Digital technology is changing the face of corruption, making it easier for the perpetrators but also arming those who are engaged in the war against it. So how can we define ‘corruption’, that collection of seedy practices that are often delivered at a high level in...
read more
Really know with whom you’re doing business
Many factors have come together recently – notwithstanding the new Money Laundering Regulations (MLR 2017), which increases the pressure on both FCA regulated and non-regulated companies to better find out with whom they are doing business. Regulated firms – including...
read more
Why ISO37001 is such a big deal
In this article, we'll explain why ISO37001 is important in protecting your organisation from bribery and corruption by creating systems that avoid malpractice. The Origins of Quality Management for Anti-Bribery and Anti-Corruption In 1987 the ISO9001 Quality...
read moreDon't be shy. Get in touch
Talk to us now about your compliance challenges