MUMBAI, India, March 7, 2013 /PRNewswire/ --
Businesses need to exhibit extra vigilance, to be able to quickly spot warning signals of a potential or an ongoing fraud/corruption.
SuperCFO Services Private Limited, a leading provider of Virtual, Interim and Fulltime CFO Solutions, recently released a report on the burning issue of "Tackling Corruption @ Workplace" (Full Report Link: http://www.slideshare.net/supercfo/tackling-corruption-at-workplace-a-report-by-super-cfo)
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The purpose of this report is to create awareness among the Business Stakeholders about how corruption/fraud/use of company resources for personal gains happens at many workplaces, why it happens and what should one do to curb the same. This report was constructed after some meticulous research and also by incorporating views of various individuals in responsible positions, across industries, which was congregated by SuperCFO by carrying out a survey on the said subject.
All office goers have been privy to the scourge of corruption at workplace, at some point or the other, during their professional careers. Today's socio - economic structure has been held hostage due to this malaise. Several countries are in the process of taking concrete and legal measures in a serious effort to curb corrupt practices at work. There is an urgent need for all stakeholders to take some basic steps towards wiping out the tyranny of corruption, across all facets of life. While the findings of the report clearly recognize the fact that it is virtually impossible to do away with corruption as we know it, we must endeavor to take necessary actions and measures in our individual capacity, as responsible citizens, to minimize its impact to the furthest extent possible.
The report explains what constitutes corruption and how it can occur in multitude of ways like petty corruption, grand corruption and systemic corruption. It also goes on to talk about how certain individuals who occupy critical positions in organizations abuse their power and indulge in bribery and vouchering of personal expenditure. Various methods of corruption like Fraud, Embezzlement, Forgery, and Cheating etc. are also touched upon.
There is an in depth analysis of how various forms of corruption take place at the workplace. Business Managers colluding with suppliers for inflated pricing, commission payments from suppliers, shrinkage at retail outlets, inflating stationery bills, fuel bills and many other such interesting examples are covered in this succinct but incisive report.
The report has also done a study on the most vulnerable divisions in an organization, through a Survey, and the findings were indeed interesting.
The report then goes on to explore the important reasons behind the occurrence of corrupt practices at the workplace. How poor HR management, careless internal controls in companies, unequal enforcement of rules, poor financial condition of the employee, commissions and kickbacks among a lot of other reasons cause the spread of corruption. The report also dives into measures that can be taken to curb corruption. Some of these include a comprehensive Authorization Matrix and a robust Procurement Policy. Interestingly, some of the prominent warning signals that are definite signs of fraud or corruption occurring at the workplace are also mentioned in the report.
All in all, the team at SuperCFO has captured all key aspects of Corruption at Workplace, how one should pick-up early signals and what should Companies do to curb the same.
Click here to view the report: http://www.slideshare.net/supercfo/tackling-corruption-at-workplace-a-report-by-super-cfo
SuperCFO Services Private Limited is India's leading provider of Virtual, Interim and Full Time CFO Solutions. The Company services its domestic & international clients through a network of CFO Partners, based across the country. SuperCFO specializes in providing customized CFO Solutions to all kinds of Companies, right from a Startup to a large Public Company. SuperCFO also works closely with several Private Equity funds, assisting them with their portfolio companies.
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