BRIBERY is a virus that has torn nations apart and a cancer that can destroy societies if it is not tackled head-on.
Malaysia’s path towards addressing bribery issues took a giant step forward with the introduction of the new Section 17A of the MACC Act on 27 April 2018. The provision of Section 17A criminalises an organisation for bribery actions by associated persons done for the benefit of the company. Before the current amendment to the Act, the penalties were only applicable to individuals.
Read more at: <The Star>
This may include systems that are similar to risk management tools presently available but only thing is that these are now defined as ISO 37001:2016 Anti-Bribery Management System (ABMS), Corruption Risk Management (CRM) and Integrity Assessment System (IAS).
The GAP has been formed on the basis of five (5) key principles known as the ‘TRUST Principles’. (See figure below)
5 KEY ‘TRUST’ PRINCIPLES
Guidelines On Adequate Procedures
TOP LEVEL COMMITMENT
Directors, partners, or anyone concerned in the management of the organisation’s affairs ought to be directly involved to ensure the organisation complies with the applicable anti-corruption laws and regulations.
RISK ASSESSMENT
Risk Assessments ought to be conducted at regular intervals to identify evolving risks of corruption. The findings of these assessments should be documented and regularly reviewed.
UNDERTAKE CONTROL MEASURES
Appropriate contingency measures, which include due diligence and stringent financial controls, to address corruption risks identified ought to be in place.
SYSTEMATIC REVIEW & ENFORCEMENT
The effectiveness and efficiency of the organisation’s anti-corruption policies ought to be regularly reviewed and assessed.
TRAINING & COMMUNICATION
The organisation’s anti-corruption policies not only ought to be disseminated both internally and externally, but regular and relevant training ought to be provided to the organisation’s members and external stakeholders.