3 steps every business leader can take to combat corruption

9 December marks International Anti-Corruption Day. Check out the three key steps every business leader can take to combat corruption.

Corruption is the abuse of entrusted power for private gain. It includes bribery and embezzlement, trading in influence, abuse of functions, money laundering and more.

The business case against corruption is clear. It threatens the rule of law and translates into profound risks for companies of all sizes, ranging from the distortion of markets and unfair competition to higher costs and legal and reputational challenges.

Corruption cripples sustainable development progress by draining money that could have been invested in areas like education, social protection and the green economy. But the encouraging news is that the business community is increasingly stepping up, leveraging its resources and expertise to fight corruption and drive meaningful change.

1. Committing to a zero-tolerance policy towards corruption and bribery is essential - this sets the tone for the entire organization. 
2.  Assessing and mitigating risks with clear, actionable strategies. Conducting thorough risk management and risk assessments is crucial to identifying weak points within a company, its supply chain or its procurement practices—key areas where vulnerabilities may exist.
3. Don’t forget the power of collaboration—joining forces with other companies, Governments, and NGOs to create a fairer, more transparent business environment is vital. 

Companies can strengthen their anti-corruption efforts through transparency by regularly communicating progress internally and externally. 

Transparency, a cornerstone of Principle Ten, builds trust. By openly sharing their efforts, companies not only hold themselves accountable but also inspire others to take action.

Check out our website on Anti-Corruption Collective Action for more resources and updates on anti-corruption initiatives.