Why would a business implement the latest fraud and corruption control standards (AS 8001:2021)
Businesses may choose to implement the latest fraud and corruption control standards, such as AS 8001:2021, for several reasons:
Compliance: Adhering to these standards may be a legal requirement for some businesses, depending on the industry they operate in and the regulations they are subject to.
Reputation: Implementing these standards can help businesses demonstrate their commitment to ethical and responsible behavior. This can improve their reputation and build trust with customers, investors, and other stakeholders.
Risk management: Fraud and corruption can pose significant risks to businesses, including financial losses, legal liabilities, and damage to their reputation. Implementing these standards can help businesses identify and mitigate these risks more effectively.
Prevention: These standards provide a framework for preventing fraud and corruption before they occur. By implementing best practices and controls, businesses can reduce the likelihood of fraud and corruption taking place in the first place.
Continual improvement: These standards encourage businesses to continually review and improve their fraud and corruption controls, ensuring they remain effective in the face of new threats and risks.
In summary, businesses may choose to implement the latest fraud and corruption control standards for legal compliance, reputation building, risk management, prevention of fraud and corruption, and continual improvement of their control systems.