Independent review of corporate anti-bribery programmes is an essential next step for companies in the fight against corporate corruption, Transparency International said at the launch of its Assurance Framework for Corporate Anti-bribery Programmes, a new practical anti-corruption tool for the private sector.
The first tool of its kind, the Assurance Framework defines criteria for independent assurance of corporate anti-bribery programmes, allowing businesses to strengthen their anti-bribery systems and enhance the credibility of their efforts to prevent corruption.
Despite major changes to laws aimed at curbing bribery and corruption and greater business awareness of the obligations and risks posed by integrity issues, corporate bribery scandals continue to unfold, eroding confidence in business and costing companies large amounts of money.
“Stakeholders are seeking greater credibility for companies’ anti-bribery measures. The Assurance Framework will help businesses to demonstrate that they have in place systems that are well designed as well as assisting them to benchmark and improve their anti-bribery programmes”, said Jermyn Brooks, Transparency International Board Member and Chair of Transparency International’s Business Advisory Board, who led the development of the Framework. “Assurance is an important component of a strong anti-corruption system within a company”.
Vernon Soare from the Institute of Chartered Accountants of England and Wales said, “The Assurance Framework is a move in the right direction for strengthening corporate anti-bribery programmes and ICAEW is pleased to be part of its development”. The Assurance Framework was launched on 21st June 2012 at the Institute’s premises in London.
Transparency International is the global civil society organisation leading the fight against corruption.