Increased enforcement activity and the proliferation of anti-corruption laws in countries around the globe highlight the need for companies to adopt and enforce effective anti-corruption programs to meet risks.
The CREATe whitepaper–entitled Addressing Corruption Risk through Enterprise Risk Management–explains how companies can follow the approach of the major ERM standards and frameworks to:
more effectively to “identify, assess and manage” corruption-related risks; and
understand the elements of an effective anti-corruption program and how to integrate those elements into existing business processes and procedures.
ERM is a fundamental tool for helping a company shift from dealing with negative events reactively to taking a preventative approach to the risks that it faces both internally and among third-parties.
By taking a holistic approach implemented through the company’s management systems and business processes, companies can deal with a range of very different risks in an organized and integrated way.