Question

how could a company avoid bribery scandal

Answer 1

Some of the crucial steps to avoid bribery scandal in the company:-

1. Evaluate the areas of risk involved - Management must assess and educate employees regarding the risks involved in order to eliminate the risk of getting involvement in briberyactivity.This involves understanding the working environment of doing business in own as well as other countries

2. Commitment from top management - There should be zero tolerence policy for employees who are caught under briberyscandal, which may include heave fines or imprisonment also. The management should take personal agenga to make sure that the company is not involve in any manpractices at process or root level.

3. Stringent Due diligence of each & every transaction - At the time entering into any transaction, the company should thoroughly have a look at the background/credibility of the company in the market. The company should have zero tolerance on this part to have clean and ethical transaction.

4. Frequent awareness training to employess & other stakeholders - The company has the responsibility to have frequent awareness sessions with exployees to make them understand the implications and risk of involvement if any employee has tries to have personal benefits in exchange of company's confidential information. There has to be collective effort of management, processes and employee to ensure strong company integrity.

5. Identification and effective implemenation of standard processes and procedures - With the help of designing standard operating procedures for conducting each & every transaction of business, bribery situaions can be avoided. This should also pary of company's code of conduct. Internal audit function should be given responsibility for adequacy & effectiveness of processes & procedures