Why would a business implement the latest fraud and corruption control standards (AS 8001:2021)

Whistleblower Hotline Services
Written By Andrew McLeish

Businesses may choose to implement the latest fraud and corruption control standards, such as AS 8001:2021, for several reasons:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Andrew McLeish

Andrew McLeish is the CEO and Managing Director of Stopline Pty Ltd, Australia’s first dedicated whistleblower hotline service, and the Founder of Make a Report Pty Ltd, a secure, cloud-based reporting and case management platform. With more than 25 years of experience in corporate governance, whistleblower reporting, and workplace investigations, Andrew is a nationally recognised authority in integrity services and compliance.

Since Stopline was founded in 2001, Andrew has led the delivery of whistleblower services to over 500 organisations across government, corporate, and not-for-profit sectors, managing thousands of confidential disclosures each year. Drawing on over two decades of insight and client feedback, Andrew designed and built the Make a Report platform to align with key legislative requirements - such as the Corporations Act, Public Interest Disclosure Act, and the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 - as well as national and international standards including AS 8001:2021 – Fraud and Corruption Control, ISO 37001 – Anti-Bribery Management Systems, and ISO 37002 – Whistleblowing Management Systems.

He is a trusted advisor to boards, executives, and compliance leaders, known for his practical, ethical, and strategic approach to addressing complex matters involving misconduct, fraud, and corporate wrongdoing.

https://www.stopline.com.au
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