Corruption is a major issue for businesses. It can even be seen as a threat to national security. Corruption can come in the form of monetary brides, behind the scenes schemes, or unseen agreements. It is almost always for the purpose of increased wealth or personal power on the part of the guilty party.
You do not want to be caught with corruption in your business. It will reflect poorly not just on the guilty individual, but on the work of everyone else in the company as well. Here are five warning signs of corruption to look out for:
- Buying Random Things. Corrupt payments can often be disguised as normal transactions. Be on the lookout for purchases of seemingly unnecessary items, particularly in large quantities. Did someone have the company buy ten thousand pencil sharpeners for a digital workspace? There had better be a good explanation for that one.
- Unexplained Expenses. Unexplained expenses are not necessarily unneeded ones, such as pencil sharpeners. They are more often just incompleted, vague, or sketchy. This can be an unexplained flight or a large payment which purpose was never clarified. It could also mean someone paying much more than usual market price for a regular service. If something in your company’s books gives you a strange feeling, make sure to pursue it until you get a clear answer.
- Conflicts of Interest. The risk of corruption is even greater when there are outside links between an employee and who they are doing business with. It doesn’t have to just be a family connection. Are they hiring companies they have worked with before? Do they know them outside of work? Do they act strange when others discuss the partnership? Be on the lookout for any uncertain connections like these.
- Surprise Third Parties. Most people think of surprise parties as a positive thing – unless they are third parties. If unexpected guests are showing up to your meetings, or accompanying an employee on trips, that should be a massive red flag. Make sure you know who all is involved in your business at all times.
- Accepting Poor Quality. If someone at your business is consistently settling for poor quality in their work, it is a sign that they may have a reason to be less invested in their work. If any complaints have been made and the work has not changed, it should be a surefire sign that something is off with the employee – possibly including corruption.
If you have had issues with corruption, contact the Stolen Asset Recovery Network today. Our member law firms have represented governments and their agencies in corruption cases against former government officials, third parties, and others. We are ready to help you!
STARnet
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