Economic crime – corruption, fraud, IP infringement, cybercrime and accounting fraud exist on a global scale – presenting a very real threat to business processes, employee integrity, reputations of companies and the bottom line in virtually every sector.
According to the PWC Global Economic Crime Survey 2014, 1 in 3 organisations report being hit by economic crime in 2014.
In the mining, energy and utilities industry, 42% of respondents experienced bribery and corruption activity over the survey period. 57% of Australian respondents had experienced economic crime – 10% higher than the 2012 survey and 20% higher than the number of global respondents with experience of economic crime.
While Australia was notes as being the 11th least corrupt country out of 174 according to Transparency International’s 2014 Corruption Perception Index, 36% of Australian organisations still suffered losses in excess of A $1 million in the past 2 years.
However a recent, aggressive international enforcement of the Foreign Corrupt Practices Act (FCPA) has intensified the need for global organisations to ramp up their bribery and corruption risk management strategies.
As legislation changes and the threat of increased scrutiny, prosecution and penalties increase, so too must the training strategies that surround them so that businesses can address the issue of eradicating bribery and corruption. If not, statistics will continue to tarnish industries, countries and businesses.
It is therefore the responsibility of Risk Managers, Compliance Managers and Fraud and Corruption Officers to ensure that businesses are adhering to the current anti-bribery and corruption legislation by setting up an effective anti-bribery and corruption compliance program.
Conquer bribery and corruption with an effective ABAC compliance program
Starting with an evaluation of your current program, SAI Global can guide you through this process, enabling you to implement and evidence an anti-bribery program that helps to ensure that employees and third parties are acting in accordance with global legislation as well as your own policies and practices.
SAI Global has the tools to support corporations in the mining industry to develop an effective Anti-Bribery & Anti-Corruption (ABAC) compliance program including;
Monitoring system – Automated solution for tracking gifts and hospitalities as well as streamlining compliance and risk management activities.
Training and awareness – Internal and external education, awareness and communication programs as well as policy management, certification and reporting.
Whistleblower hotline – 24-hour toll-free personalised support for answering, reporting and tracking compliance concerns. This assists in the identification of possible unethical, illegal or questionable behaviour.
For more information on how SAI Global can help your business develop an effective Anti-Bribery & Anti-Corruption (ABAC) compliance program, download the whitepaper.