During this Conversations on Fraud episode, Weaver’s Forensics and Litigation Services team discusses key elements of effective corporate policies to prevent bribery and corruption.
- It is crucial for companies to address bribery and corruption within their organization and not simply accept it as part of the culture. This requires implementing effective policies and procedures to decrease the likelihood of victimization or participation in such schemes.
- Organizations need a written policy that takes into consideration the specific nature of their business and its location. This policy must also have buy-in throughout the organization to ensure compliance with anti-corruption and anti-bribery laws.
- An effective anti-bribery and anti-corruption compliance program should include ongoing risk assessments to identify and promptly address any incidents that may occur. Transparency is also essential, as organizations need to communicate and act on any violations, making it clear that they are taking measures to prevent and address corruption and bribery.
Nathaniel Francis, managing director, Forensics and Litigation Services, and Tim Mohr, partner, Forensics and Litigation Services, discuss bribery and corruption prevention in organizations. Tim highlights the importance of a proactive and adaptable policy, effective procedures and buy-in from all levels of the organization. They also discuss the need for a compliance program that is written, location-specific and able to handle incidents effectively, emphasizing the importance of transparency and accountability. Tim suggests that organizations should not allow bribery and corruption to become ingrained in their culture, as seen in recent events involving a U.S. Senator. Overall, they stress the importance of proactive measures to prevent and address these issues effectively.