As the fallout continues from the implosion of cryptocurrency exchange FTX and its bankruptcy filing, what better time to remind your workforce and partners about the importance of anti-corruption efforts than on December 9—United Nations International Anti-Corruption Day?
December 9 marks the 20th anniversary of the UN Convention against Corruption (UNCAC), which has now been adopted by 188 parties who have committed to anti-corruption obligations in recognition of the importance of good governance, accountability, and political commitment. UNCAC defines acts of corruption as bribery, embezzlement, abuse of functions, and trading in influence and illicit enrichment.
While Kroll’s Anti-Bribery and Corruption Benchmarking Report says “illegitimate cryptocurrency operators and frauds abound,” we know corruption isn’t limited to specific industries. In fact, its global impact moved the Biden administration in 2021 to issue a memorandum establishing the fight against corruption and kleptocracy as a core national security interest of the United States, noting that “the costs of corruption are staggering.”
It aims to enhance US’s “capacity to identify, track, and disrupt illicit finance and other illicit activity, kleptocracy, and strategic corruption.”
France has made fighting corruption a focus of its international action. Its 2021-2030 plan calls for bolstering training programmes for public officials, support for institutional and law enforcement officers, among other strategies. That’s just two examples.
The Kroll survey of 700 executives worldwide found that 48% of respondents acknowledged the importance of incorporating Environment, Social, and Governance (ESG) into their anti-bribery and corruption programs. 57% of those surveyed in Asia Pacific and 52% in Europe and Latin America indicated a review of ESG metrics is part of their anti-bribery and anti-corruption compliance.
What You Can Do to Fight Corruption
What’s the best way for your organization to be proactive in your anti-bribery and anti-corruption efforts?
First, don’t react … plan ahead:
- Devote sufficient resources to training and process improvements
- Regularly assess your risk programs and internal audits
- Carefully monitor and review third-party programs
- Stay on top of whistleblower protection laws
- Continuously train to improve compliance readiness
And today—International Anti-Corruption Day—help raise awareness about the issue and its impact on the world economy:
- Use the United Nations’ Anti-Corruption logo on publications and at events
- Educate and inspire your workforce with internal messaging
- Use the hashtags #UnitedAgainstCorruption and #IACD2022 on digital platforms
- Share success stories of your organization’s anti-corruption and anti-bribery efforts and programs
One thing is certain—no organization can afford to be noncompliant.
SAI360’s latest Anti-Bribery and Anti-Corruption course employs our Brandon Hall Group’s Excellence in Technology award winning Know Your Risk model to provide actionable insights into an organization’s behavioral risk. Contact an SAI360 representative to learn more about how Know Your Risk can help your organization measure and take action to reduce the risk of non-compliance with anti-corruption regulations like FCPA, SAPIN II, and the UK Bribery Act.