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
Recent posts
Latest views and ideas on compliance and anti-corruption issues from our experts
Bribery & Corruption Risk Increases with Covid-19
We are delighted to have been asked to contribute to an article in Global Trade Review on the risks associated with conducting business during the Covid-19 pandemic. As an EBA official explained to GTR, it’s important to remain vigilant in the face of unusual...
Working with BExA to Fight Criminality
Interchange Solutions is proud to be a member of the British Exporters Association (BExA), an independent trade association representing the interesting of the export community. We were recently asked to contribute to a piece for BExA’s members on the rise of...
Interchange in ISO Show Podcast on Anti-Bribery Fines and Imprisonment
This month Interchange founder, John Burbidge-King was interviewed by Melanie Blackmore on the ISO Show, giving the benefit of his experience around the ISO37001 anti-bribery management systems and the outcomes for criminal behaviour by companies. Many companies don’t...
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