Just a reminder of Sec17A of MACC Act 2018 on corporate liability. It criminalizes those running companies (irrespective of its post, size and industry) for act of corruption committed by persons associated to it. You will need your “Adequate Procedures” as preventative measure to mitigate these risks for your line of defence. A good and robust risk management (RM) tool is your answer to it
A good and robust risk management (RM) tool is your answer to it.
Latest RM tools provided by renowned solution providers are built-in with digitalisation technology advancement making it a matured solution that able to monitor, assess and control corruption effectively, thus improving its third party/vendors risk. Added with data analytics and cyber security features, it offers greater transparency, accountability, compliance and competency of its solution.
Technology has also integrated RM tools with scholarly GRC approach for the holistic demand and flexibility of any value creating topic, such as the integrated reporting <IR>, Global Goals (SDG) or Human Rights programme.
Such digitalisation, technological advancement with abundance of acquired data enables the use of new risk management tools to monitor and detect fraud/bribery/corruption automatically and provide digital solutions in improving third party due diligence. Notwithstanding that, e-procurement/e-tender solutions could offer a win-win situation for both the public and private sector in leveling the playing field between businesses and enhancing transparency
Note: GRC Asia Partner SB is the local partner ofSAI360 for support since 2011.
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