Why Implement anti-bribery and corruption policy
Corruption is universally believed to be one of the major worldwide threats to both the market economy and social development. It often leads to the misallocation of resources and disrupts market functioning. On a larger scale, it also undermines the public trust in business leaders and the law.
For every organization, maintaining their reputation in the business and ensuring employees abide by the regulations should be high on the list of priorities. Bribery or corruption does not necessarily have to mean a form of cash payment only. It can take many forms such as lavish gifts, tickets to an event, entertainment, or something as minor as a case of wine.
Why Is It Necessary to Implement Anti-Bribery and Corruption Training?
Many companies still do not consider themselves at risk of corruption and bribery, but they must implement anti-bribery and corruption rules. Anti-bribery training is not just an option anymore but a necessity. Stringent measures should become a key part of every organization’s compliance strategy. Organizations need to confirm that their employees are fully informed of the implications it could have on their careers and reputation.
Corruption instances have been found to greatly impact not just an individual but also the firm’s market and financial standing. The consequences for businesses involved in bribery may include; huge fines, termination of client contracts, imprisonment, all this besides significant reputational damage.
Benefits of Implementing Anti-bribery and Corruption Training
Well-Informed and Educated Workforce
With the introduction of any new company rule or regulation, training is highly important. Employees should be able to relate to the training material and clear communication should be imparted on the implications of committing bribery. Anti-bribery and corruption training will ensure that your staff is fully aware of the different forms of bribery at the workplace. Besides, it will also help individuals understand how an offense can be reported.
Promote a Culture of Integrity
The victory of an organization lies in the efforts it makes to demonstrate work ethics at the workplace. Employees, the general public, and your customers will only trust you when they witness a culture of integrity throughout your business practices. Regular training will provide your staff and partners with a thorough understanding of the legal requirements necessary to create an ethical workplace.
Higher Interest of Investors
Investors all over the world are gradually looking to associate with only those companies which follow anti-bribery compliance programs. Before investing, they conduct thorough company research since the consequences of violating corruption and anti-bribery laws can be harsh and expensive. Hence, the implementation of such rules and office training can help attract lucrative investors.
Empowering Prospective Acquisitions
It is a fact that companies that are following an effective anti-corruption compliance program are better positioned to undergo the acquisition process. In recent times, this has become an important component before proceeding with any kind of acquisition.
Every organization should devote its time to make its business more transparent and trustworthy. Anti-bribery and Corruption Training can help regulate internal practices and set ethical standards for everyone to abide by.