How Policies Help the Organization Manage Anti-Bribery & Corruption
Has your organization effectively implemented anti-bribery and corruption policies to protect itself? Bribery and corruption are ubiquitous – existing in all corners of the world, regardless of wealth or how developed a given region may be. According to PwC's Global Economic Crime Survey, 56% of US respondents stated that they have been exposed to fraud and corruption in the last two years and 35% of US companies were exposed to bribery.
Bribery and corruption produce political and economic uncertainty and instability, contributing to poverty and rising inequality. Organizations need to take the necessary steps to ensure they can manage and mitigate these risks.
- Let the executives set the tone. Creating a truly effective anti-bribery and corruption program starts at the top. Organizations need the board of directors and executives to set the tone for the anti-bribery and corruption program and lead by example, as well as deliver a clear and consistent message for the organization coming from the top.
- Develop and update anti-bribery & anti-corruption policies. The majority of organizations have already developed anti-bribery and corruption policies but often what’s missing is how they are implemented. Organizations need to ensure that all employees and staff are aware of and understand the policies and expectations surrounding bribery and corruption. It is critical to communicate, train, and update employees regarding the corporate rules around hospitality, gifts, donations etc.
- Build a corporate culture centered around anti-bribery and corruption. Organizations need to establish ground rules throughout its operations including anti-bribery and corruption clauses within its policies in all of its supplier and third-party and communicate to employees the importance of adhering to these policies to prevent a potential breach.
Everyone in the organization needs to fully understand and be trained on the organization’s anti-bribery and corruption policies and procedures. This is where effective policy management becomes critical. Effective policy management will help the organization and its employees better understand appropriate behavior in a given situation and helps embed anti-bribery and corruption principles deep within the organization’s culture.
Featured in: Policy Management, OCEG HQ