WHAT

Corruption and other financial crimes can be prevented and detected by means of sound internal controls, thorough analyses, and dedicated checks.

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Having sound internal controls implies an overarching, risk-based programme, often refered to as a compliance or anti-corruption programme. To be able to prevent corruption, companies must fully understand the risks of corruption within their business operations.

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WHY

Preventing corruption is an important part of doing responsible business. Corruption undermines good governance and economic development, and distorts international competitive conditions.

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For a company, the potential consequences of corruption include financial, legal and social costs such as legal sanctions, loss of revenue, reputational damage and loss of market share.

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The legal framework for anti-corruption is dominated by international conventions, the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, which are widely enforced anti-corruption laws with strict sanctions and global coverage. In addition, many countries have established national Penal Code provisions on bribery.

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HOW

Corruption risks can be managed by different strategic approaches, including avoidance, control, mitigation, transfer and acceptance of risk.

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To prevent corruption, risk identification and mitigation are key elements. How the company organizes its anti-corruption work is important, so is the culture and awareness amongst employees and their ability to identify red flags indicating potential corruption.

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Further information and contact details:

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