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