Adopt, implement and promote A code of conduct
An ethical company is one which attracts foreign investors, business partners and talent, and keeps in step with international business best practices. A code of conduct must set out relevant policies and procedures which outline compliance responsibilities for all employees of the company, detail proper internal controls, auditing practices, documentation policies, and disciplinary measures. It must be tailored to the company’s specific compliance risks and challenges and provide clear guidance on how to handle key risk areas.
WHY DOES A SCANDAL FIRST APPEAR IN THE MEDIA?
Based on an analysis of companies for the 2007 – 2010 period, it has been found that companies with poor anti-corruption had a 28% higher likelihood of having a scandal break in the media.
(Source: “How to Scandal-Proof Your Company”, Paul Healy in George Serafeim. Harvard Business Review, July – August 2019)