Commonwealth Bank of Australia has joined forces with several other ASX-listed companies, government and civil society organisations to launch the country’s Bribery Prevention Network.
The Bribery Prevention Network has been designed to help small businesses prevent, detect, and address bribery and corruption.
Hosted by Global Compact Network Australia – the local network of the United Nations’ Global Compact which is the world’s largest corporate sustainability initiative – the Bribery Prevention Network offers businesses access to a free online portal of accessible, relevant and reliable resources to manage bribery and corruption risks in domestic and international markets.
The online portal of resources have been established in conjunction with the nation’s leading anti-bribery experts.
Global Compact Network Australia Executive Director, Kylie Porter, said: “The Bribery Prevention Network assists businesses in detecting, preventing and addressing bribery and corruption. In doing so, businesses can reduce the risk of facing high ethical and operational risks and associated costs, whilst protecting their own business, the interests of their stakeholders and society as a whole.”
Commonwealth Bank’s Executive General Manager Financial Crime Compliance, John Fogarty, said the bank was committed to the prevention of bribery and corruption in its dealings around the world and was pleased to support Australian businesses by providing them with the knowledge and tools they need to protect their financial wellbeing and reduce the impacts of corruption on their own customers and communities.
“We have zero tolerance of bribery, corruption and facilitation payments, and while we have made good progress on detecting, deterring and disrupting financial crime, we will continue to stay vigilant on all aspects of financial crime compliance,” Mr Fogarty said.