Corruption and fraud are sometimes glossed over as "small favors. In reality, however, corruption and fraud cause significant economic damage, undermine public trust and compromise the integrity of organizations. They can also have profound consequences for the individuals responsible. In the face of these challenges, it is imperative for companies to implement effective compliance measures to protect themselves against corruption and fraud. However, reactive behavior is not enough.
Rather, protection against corruption and fraud requires proactive action: Risks need to be identified, employees trained and suitable prevention strategies developed. These initiatives are key to prevent corruption and fraud and strengthen compliance. In this article, we look at the concepts of corruption and fraud, as well as best practices and tools that support companies in crime prevention.