Risk assessments are an essential element of any organization’s compliance program. The Principles on Combating Corruption for Business Associations and Chambers of Commerce (“Principles”) advise business membership organizations (“Associations”) to conduct periodic risk assessments “with the aim of preventing, detecting, and remedying corruption while promoting a culture of integrity.”
By carefully examining their operations, practices, organizational structures, and business models, Associations can anticipate where the risks of bribery and corruption are strongest, and can take steps to mitigate such risks, including through implementing controls to prevent misconduct and to detect it if it were to occur.
This risk assessment framework includes the following 4 steps:
- Collect and Review Key Documents
- Conduct Target Interviews
- Evaluate Risks
- Mitigate Risks