Fraud Week: ABMS , A ‘Life Insurance’ for Your Corporations
Fraud can take many forms, one of them being bribery. Where about USD 1 trillion of bribes are paid annually worldwide according to the World Bank. Bribery generates negative economic, moral and social impacts. In a corporation, bribery increases operational costs and has the greatest potential to degrade the company’s performance, it may even lead to bankruptcy.
For the victims affected by fraud, the Association of Certified Fraud Examiners (ACFE) has marked November 17th-23rd as International Fraud Awareness Week or Fraud Week. It is a week-long campaign established in 2000 to encourage organizations to take steps to minimize the impact of fraud by promoting anti-fraud awareness and education.
We would like to take #FraudWeek as an opportunity to share with you some insights about the importance and benefits of implementing Anti-Bribery Management System (ABMS) in your corporations.
In Indonesia, several sectors – especially vital ones such as oil, gas, health, etc – have requirements for ISO 37001: 2016 ABMS as a company liability standard, immediately after the issuance of the Presidential Instruction of the Republic of Indonesia No. 10 of 2016 on the prevention and eradication of corruption.
For corporations, the standard is like a ‘life insurance’ that protects its assets. Based on PERMA No. 13 Year 2016, the absence of ABMS can be considered as an act of negligence. Therefore, a corporation can be suspected of conducting crime if it stumbles upon criminal cases while no ABMS is being implemented as a liability standard.
But, what are the benefits of ISO 371001 ABMS certification for corporations?
- Provide competitive advantage.For clients, partners and potential investors, ISO certification ensures that corporations have implemented measurable measures to prevent bribes and thus increase their confidence in a corporation.
- Efficient business operation.SNI ISO 37001 offers a way to create regulations that support and directs a corporation that focuses on growth, revenue, cost reduction, and business governance.
- Minimize corruption.It is common that corruption begins with bribery. SNI ISO 37001 not only offers a means of preventing but also combating bribery.
- Provide evidence.The implementation of ISO 37001 provides evidence – that the company prevents bribery from occurring, incase an investigation is required.
To comply with the regulations, Integrity is ready to assist you to set up your own Anti-Bribery Management System. Integrity will also provide support for the implementation of the SNI ISO 37001: 2016 ABMS. We are happy to provide you with further information about ABMS, please do not hesitate to contact us.