ICC stands for International Chamber of Commerce (ICC), a non-governmental trade association. The organisation serve as a body for self-regulation by business and as a roadmap for governments in their efforts to fight extortion and bribery. Recently, on December 11 ICC launched rules for Combating Corruption.
These new rules are drafted after the success of previous editions. All the latest additions focus on enhancements and are designed to address evolving challenges and promote anti-corruption practices. The latest rules by the Indian Chamber of Commerce are:
Address: This focuses on uncovering and deterring wrongdoing in different departments and administration. Also, it emphasises internal and external reporting mechanisms. The different aspects are:
- Aware people about effective reporting channels, including developing and implementing anonymous reporting options.
- A strong mechanism for for investigation and address of corruption incidents.
- Also, the reporting mechanism emphasises regular training sessions and initiatives to raise awareness to create a transparent environment.
Management: The new rule holds dominance over third parties like suppliers and agents to keep a check on vulnerabilities in supply chains, making them susceptible to corruption. Make sure:
- Conducting due diligence on third parties and using anti-corruption methods in vendor selection and contracting processes.
- Encourage the use of contractual clauses to address anti-corruption obligations and accountability of third parties.
Conduct: The latest ICC’s rules promote Responsible Business Conduct (RBC). It reflects compliance with anti-corruption laws to develop a sustainable and equitable world. It encourages companies to:
- Involve anti-corruption policies for better sustainability and corporate social responsibility strategies.
- Better approach to manage corruption with global support and collaboration.
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Guidance: The 2023 rules include practical and accessible policies to safeguard businesses of all sizes and industries. It focusses on:
- Easy language and explanations of concepts.
- Example from real-life case studies.
- Promote and develop anti-corruption programs.
Accountability: The new rules advocate for increased transparency and accountability in corporate anti-corruption efforts. This includes:
- Improved transparency level throughout the anti-corruption activities and performance.
- Strong administrative structure to ensure effective implementation of anti-corruption programs.
- Time-to-Time review of anti-corruption policies and procedures.
The ICC’s 2023 policies In conclusion, the Indian Chamber of Commerce 2023 rules to combat corruption are expected to have a significant impact on the worldwide fight against corruption. It is majorly a comprehensive and practical framework to manage and reduce the risk of corruption and promote ethical business practices. The Indian Chamber of Commerce is one of the oldest trade associations established in 1935 and is led by Ameya Prabhu (President) and Rajeev Singh, current Director General.