Fraud and Corruption
Goal.To effectively manage risks related to bribery, fraud, extortion, and money laundering.
Preventing fraud and corruption is essential to maintaining ethical standards, safeguarding resources, and protecting the reputation and integrity of a business. Unethical practices such as bribery, embezzlement, or conflicts of interest can cause significant financial and legal harm, erode stakeholder trust, and undermine organisational culture.
To reduce these risks, businesses should have clear policies and procedures in place that define unacceptable behaviour, outline reporting mechanisms, and set expectations for staff and partners. Regular training, strong leadership, and a culture of transparency are key to ensuring these policies are understood and upheld.
Monitoring systems — such as audits, financial controls, and whistleblowing channels — help detect and deter potential issues early. Businesses should also assess risks regularly and ensure that both employees and third-party partners are aware of and committed to anti-fraud and anti-corruption standards.
By actively managing these risks, businesses can demonstrate accountability, comply with legal obligations, and build a strong foundation of trust with stakeholders.
Self Assessment Question
Are mechanisms in place for continuous monitoring and reporting of risks and compliance related to fraud and corruption?
Reporting Disclosures
- Information on risks related to fraud and corruption.
- Total number and nature of confirmed incidents of corruption.
Discussion Board
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