Question: What is the number one risk that the bank should be aware of in 2009?
Answer:
There are many risks in the current economic climate, but none as serious as high level corruption and bribery. There has been a marked increase in bribery cases involving industrial conglomerates and politicians across the globe. These cases demonstrate the need for the bank to take a proactive stance to prevent such an incident from damaging its reputation. In order to reduce the risks posed by high level corruption and bribery, the bank should perform the following:
Train high-level employees on proper versus improper ethical standards.
Boost any bank-wide ethics and compliance efforts to address all issues.
Train all employees to understand how their actions directly impact the bank, co-workers and customers.
Renew the bank's commitment to basic principles of corporate ethics.
Ensure the bank is operating in a transparent manner.
Be able to track any training given to employees.
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