Fraud’s Worst Enemy: a Strong Code of Ethics
" three best practices of companies that know how to make ethical profits and fend off fraudsters:
1. Design and enforce a comprehensive fraud prevention policy and code of ethics. Ensure that every employee attends refresher training annually to stay abreast of new risks in a constantly changing business environment. Establish and publicize confidential reporting mechanisms.
2. Obtain unequivocal, ongoing C-suite and middle management support for the anti-fraud regime and ethics program.
3. When abuse or neglect is certain, fully enforce the ethics code and anti-fraud policies and procedures, regardless of the offender’s rank. Likewise, investigate allegations promptly and thoroughly, following up with enforcement when suspicions prove true. Bear in mind that the significance of minor offenses may be more symbolic than substantive. In such cases, when termination is inappropriate, alternatives such as temporary demotion or closer supervision can demonstrate management’s commitment to enforcement without depriving the organization of an otherwise valuable employee."
I think that each entity whether it is a private or public sector one should invest appropriately in instilling those ethics that help it avoid fraud and corruption and enhances its profit. It is always true that tone is at the top.
" three best practices of companies that know how to make ethical profits and fend off fraudsters:
1. Design and enforce a comprehensive fraud prevention policy and code of ethics. Ensure that every employee attends refresher training annually to stay abreast of new risks in a constantly changing business environment. Establish and publicize confidential reporting mechanisms.
2. Obtain unequivocal, ongoing C-suite and middle management support for the anti-fraud regime and ethics program.
3. When abuse or neglect is certain, fully enforce the ethics code and anti-fraud policies and procedures, regardless of the offender’s rank. Likewise, investigate allegations promptly and thoroughly, following up with enforcement when suspicions prove true. Bear in mind that the significance of minor offenses may be more symbolic than substantive. In such cases, when termination is inappropriate, alternatives such as temporary demotion or closer supervision can demonstrate management’s commitment to enforcement without depriving the organization of an otherwise valuable employee."
I think that each entity whether it is a private or public sector one should invest appropriately in instilling those ethics that help it avoid fraud and corruption and enhances its profit. It is always true that tone is at the top.
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