Growing Beyond: a place for integrity
Responding to the challenges
“The demand from people for the accountable use of power and an end to corruption is indeed one of the key social drivers of our time.” - Cobus de Swardt, Managing Director, Transparency International
Our survey findings show that boards and audit committees continue to face significant challenges in tackling the risks of fraud, bribery and corruption in their businesses.
Many companies are failing to do enough. Meanwhile, boards struggle to effectively absorb the large volume of compliance information they are presented with.
How can boards and those tasked with compliance respond to these challenges?
- First, they must ensure effective lines of communication with a broad range of roles within the business. This will enable the board to question the information that they are given.
- Second, improvements can be made to focus compliance reporting to the board.
- Third, boards must make sure that they are asking the right questions.
Changes to a company’s culture to mitigate the risks of fraud, bribery and corruption cannot be made overnight. Organizations need to make concerted, risk-focused efforts that target areas of potential exposure, and management needs to lead by example. Only then will companies be able to properly balance the priorities of growth and ethical business conduct while seizing opportunities in these highly adverse economic conditions.