Fraud and bribery remain significant challenges in the Asia-Pacific region, posing risks like financial losses, reputational damage, legal penalties, and obstructing business growth.
The prevalence of these illicit practices can be attributed to various factors such as cultural practices, weak governance systems, and inadequate enforcement mechanisms. In this article, our experts from Grant Thornton US, Shanghai and India underline proactive measures for businesses to safeguard their operations and promote ethical practices in the region.
Key highlights
- Regulatory environment: It is important to understand the local regulatory environment and legal framework related to fraud and bribery for countries in the Asia-Pacific region.
- Effective compliance programs: These programs should include elements such as strong internal controls, risk assessments, due diligence processes, and regular employee trainings.
- Collaboration and information sharing: Collaboration between businesses, government authorities, and industry associations is crucial to foster information sharing.
- Whistle-blower protection: Establishing whistle-blower protection mechanisms and fostering a culture of reporting are important steps in uncovering instances of fraud.
- Technology and data analytics: Leveraging technology and artificial intelligence can enhance organisations' ability to identify irregular patterns and behaviors that may indicate fraudulent activities.
Read the detailed article on the Grant Thornton website. Click here
