Properly embedded finance and procurement controls provide one of our most important lines of defence against corruption. It is hardly surprising therefore that international anti-corruption laws and guidelines place significant emphasis on the duties performed by these business functions, such as third party due diligence and supplier onboarding. However, almost three quarters of the procedures for managing corruption in the procurement function were found to be adequate in a study completed by anti-corruption experts.
Almost half of the companies assessed had inadequate anti-corruption clauses and communications designed for suppliers, a concerning statistic when we consider the high percentage of corruption scandals caused by third party activity. Nevertheless, certain companies are leading the way in this all-important area.
The best performing companies have important anti-corruption controls in place as part of their finance and procurement functions. These include clear processes to decide when to tender, when to require competitive bids, when to conduct due diligence and when to retender.
As part of the Pearl Initiative’s Combating Corruption series, this webinar will help participants to adopt the kind of finance and procurement controls shown by companies achieving best practice in the fight against corruption. At this webinar we will identify those areas where these pivotal business functions most often fail to prevent corruption.
However, we will also look closely at some examples of best practice. The following areas will be discussed in detail:
- How to assess bribery and corruption controls
- How procurement and finance functions are affected by anti-bribery laws
- Data from over 100 on-site assessments, showing how well procurement and finance departments are rising to their challenge of preventing corruption
- Examples of where procurement and finance departments most often fail
- Examples of companies whose procurement and finance controls are examples of best practice