Building effective resistance to fraud and corruption requires teamwork across core functions of a company. Involved parties include the CEO, Financial Department, Legal Department, Human Resources, Internal Audit and Security, and Corporate Communications, each with its distinct role and responsibility.
In order to assess organisational preparedness, DNV analyses your company's risk profile by measuring 12 elements that your organisation most likely has in place to reduce the risk of fraud and corruption:
- Tone at the top
- Risk Assessment
- Risk Treatment
- Implementations of controls
- Training and awareness programmes
- Risk Follow up
- Internal Audit Processes
- Monitoring of the Executive Board
- Monitoring and detection
- Management of incidents
- Learning from events
- Results and reviews of action
What are the requirements?
Instead of introducing new requirements, our assessment is built on the following framework:
- Global Compact Principle on Anti-Corruption
- Business Approaches to Combating Corrupt
- Practices
- Transparency International’s Business Principles for Countering Bribery
- COSO Internal Control Framework
- Sarbanes-Oxley Act of 2002, Section 404
- U.S. Foreign Corrupt Practices Act
Even if not necessarily legally binding for your organisation, these conventions, principles, and guidelines constitute a widely accepted framework for preventing fraud and corruption.
Read on for more information about the assessment process.
