Bribery Pitfalls Most Organisations Often Commit. The Importance of Anti-Bribery Management Systems (ABMS)
The seminar drilled down important aspects that entice fraud, bribery, and corruption in an organisation’s weak risk management ecosystems and further explain how ISO 37001 Anti-Bribery Management Systems protect organisations from all the risks. In today’s financial climate, the economic and government sector such as banks and government-linked companies (GLC) or agencies are some of the enablers of many sorts of mega-financial crimes to occur. Malaysia, 1MDB, Brazil, Operation Car Wash, Rolls Royce and Enron corruption scandal are a few of many excellent examples we can learn from the compliance perspective.
The anti-bribery management system is a cornerstone of a strategic approach to bribery risk identification and subsequent mitigation of bribery risks. It is recognised as an essential component in reducing bribery and corruption. For instance, knowledge of risk is a necessary factor for the effective management process. Additionally, using the tested principles and practices of the ISO anti-bribery management system allows an organisation to tailor the recommendations in the ISO anti-bribery management system to its contextual business environment.
A discussion of the ISO 37001 ensued as this standard can be used by any organisation, substantial or small, whether it be in the public, private or voluntary sector, and in any country. It is a compliant tool that can be adapted according to the size and nature of the organisation and the bribery risk it faces and would therefore prove helpful to any organisation.