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Busting Graft: Tone From The Top Is Key

In this edition of Views from the Top published in The Business Times, Achieve Group CEO Joshua Yim shared his views on how CEOs can build and sustain a graft-free corporate culture in today’s business environment:

“First and foremost, there must be clear accountability and transparency in terms of systems and processes. One way is to implement diagnostic tools to assess the integrity of internal systems and identify corruption vulnerabilities. This will help to ensure proper checks and balances in all the systems, especially with regard to finance and supply chain purchases.

For example, the system must be able to identify and prevent bribery risks when it comes to dealing with suppliers or tenders and bids. Another example of an anti-graft measure is how banks institute forced leave for certain positions in order to conduct checks and see if flaws surface when the person is not around, because it is easy to cover up corrupt practices if the person is always around.

Once the necessary system is in place, it should be benchmarked and monitored at regular internals to ensure compliance and make improvements where appropriate. In general, the CEO must create a culture in which clear accountability is inculcated into every worker as well as a culture that protects whistleblowers. Finally, the senior management of higher risk and larger organisations may consider commissioning external parties to audit the effectiveness of the firm’s anti-corruption processes, financial documents, etc.”

Source : The Business Times, 26 January 2015