Prevention is smarter than cure, and cheaper too...
Prevention of corruption is a vital element of good governance of any enterprise, essential for its long-term success, development and health. A company which fails to effectively manage the risks of corruption, fraud and malpractice will see its profit dribble away and reputation tarnished by such. Based on the ICAC’s experience over the past 40 years, we see that sound system controls and good management practices do not only help to prevent possible corruption, but are the prerequisites for :
- achievement of business objectives
- protection of profitability, stakeholder interests and reputation
- maintenance of long-term sustainability
- fulfilment of corporate social responsibility