Three Ways To Safeguard Your Company Against Corruption

The liabilities against acts of bribery and corruption committed by any person associated with your business are strict as well as costly. Therefore, it is necessary to be aware of the practices within and outside your company in order to eliminate any form of bribery and corruption. Businesses exposed as being subject to committing such acts will face not only severe penalties and imprisonment but negative publicity as well. Such acts can be committed without the knowledge of the company heads thus preventive measures will ensure your company’s safety from any accusations regarding bribery or corruption. Here are three ways to safeguard your company against any form of corruption that can take place.
Implement Policies
Even though a company may not practice giving bribes to another person or taking bribes, the mere fact that a company failed to prevent bribery from taking place is a criminal offence under The Bribery Acts 2010 (the ‘Act’). Companies should examine all areas of its business practices in order to estimate the risk of bribery and corruption within the company. Careful analysis is required to accurately assess risks and eliminate them. Once a company identifies its risks, it is of utmost importance that they implement policies to prevent such practices and clearly communicate these policies to every individual within the business. Employing an anti-bribery and corruption platform will support and improve company’s policies.

Communicate Policies
It is wise to consider communicating policies implemented within the corporation with business partners such as suppliers, authorized dealers and distributors, and so on. Integrating anti bribery policies to employment contracts will ensure effective communication to all new employees and will allow termination in the case of breach. Communicate to employees and partners on how these policies apply to gifts and donations that the company may receive or give out. Establish a protocol on how to report on suspicious activity pertaining to bribery. Encourage employees within the managerial and lower levels to commit and comply with your company’s prevention policies by communicating the commitment displayed by the high-level officials within the company. Click this link for more information about anti bribery and corruption platform.
Monitor and Review Policies
Regularly review the procedures and policies implemented by your company and enlist the services of an anti bribery and corruption platform to ensure compliance. Frequent monitoring of policies will help to handle situations that arise relating to corruption and bribery effectively as well as provide opportunity to solve such issues before it reaches a critical level. Reviewing policies will also ensure that the policies implemented coincide with the practices and nature of your company.
By taking the relevant precautions, a company can easily minimize the risk of exposure to bribery and corruption offences and thus effectively safeguard its reputation and employees.