Anti-Corruption Compliance in Russia ― An Oxymoron?
By Zaid Srour, Marketing –
The title of this blog does not have to be an oxymoron. The fate of the Russian economy right now depends a lot on whether the government and industries implement new anti-corruption compliance policies. Such policies ensure that establishments manage their organizations with transparency and integrity.
Anti-corruption compliance policies are getting more popular and are blooming in countries outside Russia. These policies are experiencing great outcomes in other countries, causing Russian companies to lean towards applying them as well. Such rules help in reducing corruption risk and can be seen as essential to the growth and development of the economy.
A study was done on the “Transparency of Corporate Reporting and Anti-Corruption Policy in Russian Private Enterprise: Compliance as a Competitive Advantage.” This report analyzes the implementation of compliance policy in medium-sized companies. The study focused on strategies, affiliations, committed violations, and codes of ethics.
Findings showed that neither the Russian government nor its companies are interested in implementing new policies that would impose severe punishments on companies not willing to establish a compliance program.
The study also showed that many people that work for the supervisory boards of businesses are also members of the legislative assembly. This situation can lead to conflicts of interest.
A Necessary Step Toward Recovery
The sooner Russia develops and applies anti-corruption compliance policies, the better the outcomes will be and the sooner the economy can start to recover.
By showing all information, relations and affiliations to the public, a company can increase transparency. At the same time, companies need to encourage and then protect whistleblowers.
New methods are needed to efficiently fight corruption and flushing out those responsible for it. EyeDetect™ is a new accurate technology that is capable of identifying deception and fraudulent behavior with 85 percent accuracy. This lie detection technology is based on eye behavior, which exhibits certain actions when an individual is being deceptive.
This solution can be used to catch corrupt government officials, employees or even criminals early on before they continue to do more harm. All of this is possible with EyeDetect. It functions based on data generated from the behavior of a person’s eyes during questioning.