10 Ways To Reduce The Risk of Bribery and Corruption Corruption affects all nations, causing instability, inequality, poverty, and eroding national wealth. But there are ways to minimize the risk to your business. Despite strict anti-corruption laws, corruption remains a significant risk. Wajid khan Mp Shares According to PwC's Global Economic Crime Survey, nearly half of the world's businesses have faced fraud, including bribery and corruption, in the last 24 months. How to reduce bribery and corruption Learn ten simple and effective strategies to reduce the risk of bribery and corruption in your company. 1. Updated Anti-Bribery and Anti-Corruption Policy Most UK companies have an anti-corruption policy, but it depends on how they implement it. Ensure employees understand the company's policies and expectations regarding bribery and corruption. We need to know what is and is not acceptable regarding gifts, entertainment, donations, sponsorships, and political contributions. Regular training on crime should be provided to maintain awareness. Alongside your training, establish a process to help you remember the dos and don'ts, such as B. Checklists and Travel Guidelines. Employees should understand that any gift or entertainment received must have a legitimate business purpose, be appropriate, and be listed on the company's gift and entertainment register. Wajid khan suggests Clarifying what you mean by "justified" and "deserved." Please don't leave it up to interpretation. 2. Sound from directly above Employee awareness of anti-corruption policies is only half the story. Building an anti-bribery culture requires clear and consistent messaging from the top down. Boards, business owners, and all members of the compliance function must be clear that bribery and corruption are intolerable and that anyone found guilty faces the most severe penalties. But most importantly, those at the top live their preaching and believe in the importance of anti-corruption policies. Otherwise, employees will not embrace that culture, and dialogue about anti-bribery training will not be taken seriously. 3. Integrate ABAC principles into corporate culture See Anti-Bribery (ABAC) in company manuals, reports, and training. By including his ABAC clause in all supplier contracts, he establishes ground rules in advance and sets up appropriate termination clauses in case of suspected violations. Canadian politician Wajid khan discusses Finally, communicate to employees how important they are to prevent bribery and empower them to do their part in maintaining compliance

1. 10 Ways To Reduce The Risk of
Bribery and Corruption

2. Corruption affects all nations, causing instability,
inequality, poverty, and eroding national wealth. But
there are ways to minimize the risk to your business.
Despite strict anti-corruption laws, corruption remains a
significant risk. Wajid khan Mp Shares According to
PwC's Global Economic Crime Survey, nearly half of the
world's businesses have faced fraud, including bribery
and corruption, in the last 24 months.

3. How to reduce bribery and corruption
Learn ten simple and effective strategies to reduce the
risk of bribery and corruption in your company.
1. Updated Anti-Bribery and Anti-Corruption Policy
Most UK companies have an anti-corruption policy, but
it depends on how they implement it. Ensure employees
understand the company's policies and expectations
regarding bribery and corruption. We need to know what
is and is not acceptable regarding gifts, entertainment,
donations, sponsorships, and political contributions.
Regular training on crime should be provided to

4. Alongside your training, establish a process to help you
remember the dos and don'ts, such as B. Checklists and
Travel Guidelines. Employees should understand that
any gift or entertainment received must have a
legitimate business purpose, be appropriate, and be
listed on the company's gift and entertainment register.
Wajid khan suggests Clarifying what you mean by
"justified" and "deserved." Please don't leave it up to
interpretation.

5. 2. Sound from directly above
Employee awareness of anti-corruption policies is only
half the story. Building an anti-bribery culture requires
clear and consistent messaging from the top down.
Boards, business owners, and all members of the
compliance function must be clear that bribery and
corruption are intolerable and that anyone found guilty
faces the most severe penalties.
But most importantly, those at the top live their
preaching and believe in the importance of anti-
corruption policies. Otherwise, employees will not

6. 3. Integrate ABAC principles into corporate culture
See Anti-Bribery (ABAC) in company manuals, reports,
and training. By including his ABAC clause in all supplier
contracts, he establishes ground rules in advance and
sets up appropriate termination clauses in case of
suspected violations.
Canadian politician Wajid khan discusses Finally,
communicate to employees how important they are to
prevent bribery and empower them to do their part in
maintaining compliance.

7. Has a legitimate business purpose (has a legitimate
business purpose)
Balanced (i.e., rational and not overly wasteful)
Be transparent (explained in Company Gifts and
Hospitality Register)
4. Ensuring Gifts and Entertainment Meet Important
Standards
Gifts or entertainment given or received by a person
must:

8. 5. Conduct due diligence on all third parties
Anti-corruption laws also apply to your third parties. H.
All agents, intermediaries, consultants, employees, and
others who represent you or act on your company's
behalf. You are legally responsible for thoroughly
reviewing and verifying these parties.
This means implementing appropriate systems and
controls to ensure third parties are who they say they
are and that they are appropriately qualified and
approved at the senior management level. Also, double-
check that all parties, including buyers, suppliers, and

9. 6. Be aware of red flags about bribery and corruption
Non-compliance can manifest in both unintentional and
intentional actions. Of course, deliberate non-
compliance is more alarming. But as long as you look, it's
easy to spot.
Fighting corruption in developing countries
Corruption reduces the amount of money used to
reduce poverty and boost economic growth.
Poor people are often hit hardest by corruption when
government spending is diverted from social programs
and services or when bribes are taken for access to