Bribery is a major risk that has the capacity to ruin a company’s reputation and cost it dearly. That cost isn’t always measured solely in terms of the financial aspect.
Cases of bribery and corruption have been hitting the mainstream news headlines and involving everything from high-profile sporting organisations and personalities to major companies. Cases often result in record fines as well as severe reputational damage to the public image of household brand names.
Paul Hopkin, technical director at the Institute of Risk Management (IRM), stated: “Bribery can take many forms. In popular culture, it’s often seen as something of a ‘dark art’, with special agents switching briefcases and ‘fat cats’ lining their own pockets. In a good many cases, though, bribery is more ‘under the radar’ and can involve staff at both the grassroots and Boardroom levels.”
Hopkin continued: “The new guide is intended to help anyone involved in managing risk identify and evaluate their exposures to the risk of bribery. It also explains how risk assessment fits into the development of a firm’s wider anti-bribery programme.”