Singapore is Beefing up Their Anti-Corruption Efforts
Countries constantly try to stay positive in whichever review they are subject to. Whether it is for travel or business, countries with a good reputation take great measures in making sure they are in good standing in the public light. The same goes for those that are in charge of keeping the countries government affairs in order. There is no single government that prides itself in high corruption rates or on going corruption issues. With more companies conducting business globally, the idea of interacting and mingling with high positioned foreign officials happens more often than not. Corruption is quickly becoming and major concern and with the rise of international business, the percentage rate of global corruption is sure to see an increase. Singapore, one of the leaders in cracking down heavily in anti-corruption, has recently seen a spike in corruption according the Transparency International’s Corruption Perception Index report. Jumping 2 percentage points, from 5% to 7% over the last year, Singapore is taking big measures to get back to where it was one year ago according to Andy Leck of the Global Compliance News. Singapore takes a strong “zero tolerance” stand when it comes to corruption, so it is easy to see why this is of major concern to the Singapore government and it’s citizens.
“PM Lee emphasized that maintaining high standards of integrity in the public service sector is key to fighting corruption. On this basis, he stated that there should be zero tolerance for corruption, regardless of rank and seniority. The public service should have a robust system in place that is kept up-to-date by constantly reviewing processes (such as procurement rules) and fixing any loopholes. There should also be effective detection of any wrongdoing for example, through the use of technology to spot irregularities.”
Prime Minister Lee brings up an interesting point in regard to fixing loopholes and fixing any wrongdoing by means of technology. Technology and the use of software to find potential risks is a key industry move being adopted by private and public sector bodies. As companies do more to expand business and companies expand into global markets, measures need to be taken in order for there to be a seamless way that allows for transparency and visibility in all aspects of the process. Many companies do this by way of spreadsheets, but this is quickly becoming an inefficient and outdated procedure. In order to lower your risks and manage corruption effectively, companies are learning to “get off the spreadsheet” and find solutions that help to centralize their 3rd party business partners, mitigate potential risks, and alert them of possible issues. If you would like to learn more about these solutions, you can find them here.
