Technical StaffJuly 14, 2023Introduction to bid rigging and its prevalence in the public sector:Bid rigging represents an egregious form of anti-competitive conduct whereby firms contravene ethical business practices by conspiring to subvert open tendering processes. This frequently transpiring malpractice within public procurement irreparably engenders market distortion and duplication, inflating the...
Mike MasoudMay 21, 2023The AACI defines fighting corruption as follows: “It is a process effected by those charged with governance, employees, citizens, and other stakeholders to provide a reasonable assurance that those entrusted with power do not abuse it for private gain. It is 1. Holistic, 2. Continuous, 3. Results-oriented,4. Multidisciplinary, and 5. Encompasses all economic sectors (private and...
Technical StaffMay 15, 2023Corruption can cause severe damage to businesses of all sizes and tarnish their business image. It can harm a company’s reputation, employee turnover and morale, productivity, financial performance, and long-term success. Sometimes, corruption wipes out well-established companies! Therefore, small and medium-sized business owners must proactively prevent corruption...
Technical staffApril 24, 2023AbstractIn this piece, we delve into the reasons behind a nation’s inability to succeed, focusing on internal and external factors. Factors that originate internally, such as weak institutions, corruption, and conflict, can all act as obstacles to a country’s growth and prosperity. In addition, external events, including...
Technical StaffMarch 26, 2023Becoming a Certified Anti-Corruption Manager (CACM) can provide many advantages to a decision maker, including:Expertise: The certification process provides specialized training and knowledge in anti-corruption strategies, which can help decision makers identify and mitigate corruption-related risks.Credibility: Being a CACM demonstrates a commitment to anti-corruption efforts and can...
Technical StaffMarch 17, 2023On March 14, 2023, the Daily Mail reported that Credit Suisse had acknowledged the existence of ‘material weaknesses’ in its financial reporting controls while also grappling with $120 billion in customer withdrawals resulting from a series of scandals, which have caused the bank’s shares to plummet to...
Organizations must assess corruption risks regularly to identify potential vulnerabilities, implement appropriate preventive measures, and ensure that their systems and controls are robust and effective. Failure to do so can have serious consequences, including legal and reputational damage, financial loss, and a loss of stakeholder trust and confidence.
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