“Desperate Times Call for Desperate Measures” is the phrase that comes to mind when someone bribes another for their gain in a business context.
Crimson Crab explores bribery and the means to protect your company from this illegal action which can have serious consequences.
So, what is bribery?
The dictionary definition “to bribe a person is to “dishonestly persuade someone to act in one’s favour by a gift of money or other inducement: they attempted to bribe opponents into losing.”
Bribery is unethical. It’s bad for business, can lead to a hefty jail sentence and other unpleasant sanctions.
It is illegal to offer, promise, give, request, agree, receive or accept bribes – an anti-bribery policy can help protect your business.
We hear you, business is important. Whether it’s your own company or one you work for, having a stable model offers an element of security for everyone. Therefore, it’s pretty important you invest in protecting it.
Regards the concern of being affected by bribery, you can safeguard your business with an anti-bribery policy.
Your anti-bribery policy needs to be written with the level of risk your company faces in mind and gives reassurance to your people about what to do in potentially difficult situations.
It should include:
- Your approach to reducing and controlling the risks of bribery
- Rules about accepting gifts, hospitality or donations
- Guidance on how to conduct your business, e.g. negotiating contracts
- Rules on avoiding or stopping conflicts of interest
Even though it is not a legal requirement to have an anti-bribery policy, you are obliged by law to manage the business risks effectively. That’s why we’d suggest having the policy.
For more information on how to manage business risks – and to discuss anti-bribery policies in detail – please get in touch!