Corruption, as defined by Transparency International, is “the abuse of entrusted power for private gain. It can be classified as grand, petty and political, depending on the amounts of money lost and the sector where it occurs”. Corruption can cause an erosion on public trust and on the legitimacy of both public and private institutions. Its effects can be catastrophic to a national economy, particularly at a time when open global markets can rapidly reverse capital and investment flows due to the compromise on trust and confidence in the economy.
The National Anti-Corruption Plan (NACP), launched by our then Prime Minister, Tun Dr Mahathir Bin Mohamed on 29th January 2019, seeks to instil clear and strong principles of transparency, accountability and integrity as well as good governance to combat corruption. The Plan is to create a corruption-free ecosystem for future generations and to move the country into developed nation status.
Both the public and private sectors should implement clear strategies to achieve this goal. A key strategy would include embedding a Corruption Risk Management (CRM) system within the Enterprise Risk Management system of the organization. With the introduction of the Corporate Liability Provision under S17A of the MACC Act since 1 June 2020, implementing a robust CRM system becomes even more critical for organisations since it serves as “adequate procedure” and a defence against liability arising from corrupt practices.
This program seeks to help participants understand the importance of implementing a corruption risk management system. Participants will also have the opportunity to delve into the nuts and bolts of creating a Corruption Risk Management system, identifying corruption risks areas as well as the controls required to mitigate, eradicate or minimise both the impact and probabilities of the risks occurring.
Participants will experience a guided methodology which is practical and immediately usable as they complete the 1-day program.
At the end of the program, participants will be able to:
- Obtain a clear understanding of the context of risk management in corruption prevention
- Understand how to apply a top-down approach in identifying critical corruption risks
- Understand the components of corruption risk management – establish context; identify corruption risk; assess corruption risk; prioritise corruption risk to SEVERE, HIGH, MEDIUM, and LOW; develop risk action plan; monitoring and evaluation of corruption risk profile and action plans
- Learn the fundamental basics for implementation of CRM
- Understand the critical success factors for an effective CRM
Who Should Attend?
- Senior management who may find this helpful
- Risk Owners
- Risk Managers
- Risk Officers
- Anyone involved in the Risk Management process