Bribery and corruption - Stopping the rot
The Serious Fraud Office has dedicated 2014 to rooting out corporate corruption. Michael Littlechild answers some key questions about anti-bribery measures concerning UK FDs.
Since becoming director of the Serious Fraud Office in 2012, David Green has sought to sharpen the strategic focus of the organisation with a particular focus on casework dealing with the “topmost tier of serious and complex fraud and bribery”. With this in mind, Michael Littlechild, chief executive of corporate responsibility specialists GoodCorporation, answers questions on pressing issues surrounding identification and prevention of corporate fraud.
Q: How do companies typically find themselves exposed to bribery risk?
A: There is a real danger in assuming that bribery is carried out by third parties in remote locations. While this does present a very real risk, often the root cause is much closer to home and stems, for example, from highly pressurised sales targets. Companies need to ensure that employees have a clear understanding of what is and is not acceptable in pursuit of new business.
This is an extract from the Finance & Management Magazine, Issue 224, September 2014.
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