Економіка, управління та адміністрування (Aug 2024)
Anti-corruption compliance: new business rules
Abstract
The need for companies to create robust compliance plans tailored to their specific risks is underscored by tough enforcement and convergence of global anti-fraud and anti-corruption initiatives. The aim of the article is to underscore that businesses prioritize anti-corruption measures, citing growing pressures from stakeholders, regulators, and global initiatives. The hypothesis is a changing economy, businesses must bolster anti-corruption measures to meet regulatory demands, protect integrity, and adapt to market shifts. The study drew from diverse reputable sources including official documents, periodicals, government reports, industry studies, and expert publications. A hybrid methodology combining systematic data organization, statistical analysis, and economic-logical reasoning was employed. The article emphasizes the critical importance of adopting and implementing an anti-corruption compliance program in modern business practice. Considering the need for such measures in crisis situations and their role in shaping ethical business behavior, it becomes clear that compliance with anti-corruption requirements is not just a legal obligation, but a strategic imperative for organizations. The complex dynamics of corruption in Ukraine were studied, analyzing its consequences under the influence of new business rules. The global landscape of corruption is analyzed. It has been studied how the same rules affect corruption trends around the world. Anti-corruption compliance programs for mitigating corruption risks in business are considered, combining preliminary analysis with practical strategies for compliance with regulatory documents. Analyzing the pressures from stakeholders, regulatory bodies and global anti-corruption initiatives, the article urges businesses to review and improve their strategies to effectively reduce corruption risks. The article emphasizes that an effective anti-corruption compliance program is not only a protection against legal consequences, but also a catalyst for building trust, maintaining reputation and contributing to a culture of transparency and honesty. Adopting a robust compliance system is not just a legal requirement, but a strategic imperative to promote transparency, integrity and sustainability. This not only protects the business from legal consequences, but also improves its reputation and strengthens trust among interested parties.
Keywords
