BRIBERY AND CORRUPTION

BRIBERY AND CORRUPTION.

INTRODUCTION. The corporate world has its own challenges and its issues, every corporate body has an on- going disruptive issue destroying the reputation of the entity that is yet o be eradicated. Not only here in Ghana but the entire continent and universe as a whole. Although there are many challenges dragging the business world in to the mud but the most devastating one that we are all facing at the moment is bribery and corruption..

TYPES OF CORRUPTION. The corporate world has its own challenges and its issues, every corporate body has an on- going disruptive issue destroying the reputation of the entity that is yet o be eradicated. Not only here in Ghana but the entire continent and universe as a whole. Although there are many challenges dragging the business world in to the mud but the most devastating one that we are all facing at the moment is bribery and corruption..

BRIBERY. Bribery is the offering, giving, receiving or soliciting of any item of value to influence the actions of an official, or other person, in charge of a public or legal duty. Bribery and corruption is a strict liability offence that can change and damage a company reputation in the corporate world. If an employee or an entity accepts a gift in return for preferential treatment, we classify that entity or individual as corrupt. When all these happens in the corporate world, it will always bring shame to the particular organization and will also serve as a good note for investors to withdraw their financial support.

This is a typical image of an official receiving bribe, if this individual is caught it might bring shame to him and the business as a whole. NB it should be understand that a corrupt deed has even occurred if even if a bribe has not been received..

EMBEZZLEMENT. aking the company goods or funds for personal use or gain is called embezzlement. Embezzlement can also be termed as the withholding assets for the purpose of conversion of assets, by one or more persons to whom the assets were entrusted, either to be held or use for specific purposes. example a husband or spouse might embezzle funds from their joint bank account..

This is a picture of an employee taking business fund for his personal gain.

FRAUD. The dishonest and illegal activities perpetrated by the individual or companies in order to provide an advantageous financial outcome to those persons or establishments. Also known as corporate fraud, these often appear under the guise of legitimate business practices..

IMPACT OF BRIBERY AND CORRUPTION.

LOST OF BUSINESS RESOURSES. A significant impact that corruption has on a business is economic. Once an employee tempers with the asset of a business the finance of the business runs down..

EXISTING SHAREHOLDERS ARE DISCOURAGED. Once the present shareholders in the organization becomes aware of any corruption in the organization the trust they have in the organization becomes void..

DAMAGE TO BUSINESS BRAND. Once the present shareholders in the organization becomes aware of any corruption in the organization the trust they have in the organization becomes void..

SOLUTIONS.

UPDATE ANTI-BRIBERY AND CORRUPTION POLICIES. Ensure the employees perceive the rules and expectation of bribery and corruption in your company..

THE TONE RIGHT FROM THE TOP. Staff awareness of the anti-bribery policy is the only half story. Making an anti- bribery culture desire needs a transparent and consistent set of messages coming from the top.

ENSURE GIFT AND HOSPITALITY MEET KEY CRITERIA. Offers of gifts and hospitality must be made in ‘good faith’ and are not considered legitimate if the intention behind the offer is to advantage the individual offering the gift..