Businesses must develop anti-fraud mechanisms and controls to prevent corruption and fraud
Bank Windhoek’s Head of Forensic Services, Johnny Truter recently said businesses need to engage pro-active control mechanisms which include surprise audits and data monitoring to prevent corruption and fraud.
Truter said this following a 2018 global study on fraud which highlighted that almost half of all fraud was made possible by weak internal controls and according to him regular control reviews should ensure that controls remain relevant and fit for purpose.
“A zero tolerance for corruption and fraud message from the top management supported by a clear code of conduct and ethics is essential to support the attitude of businesses on fraud and corruption from the top to the bottom,” he added.
The United Nations (UN) declared 9 December as International Anti-Corruption Day. The objective of this day was to create awareness about the negative effects of corruption and the need to prevent and fight it. The annual event was commemorated under the theme ‘United against corruption for development, peace and security.
The global campaign ‘Corruption: An impediment to the Sustainable Development Goals’ focuses on how corruption affects education, health, justice, democracy, prosperity and development.