Australia ranks 11/180 in the Transparency International Corruption Perceptions Index 2020 (-8 since 2012) and safeguarding against loss or having any connection to corruption is a key responsibility of all organisations. Managing the fraud and corruption risk to business is a governance issue and the recently published Australian standard is intended to apply to all organisations operating in Australia, both for profit and not-for-profit. Internal fraud, bribery and corruption can infiltrate any organisation increasing inequality, and decreasing popular accountability and political responsiveness, and the reputational damage can last for many years, read more here.
The third edition of AS 8001:2021, Fraud and corruption control, has been updated to provide minimum requirements for organisations wishing to develop, implement and maintain an effective fraud and corruption control system (FCCS), read more here. The updates also include guidance on the roles of governing bodies and top management, and whistle-blower protection. A representative of Consumers Federation of Australia is a member of the Standards Australia Technical Committee QR-017 Organisational Governance as part of the CFA Standards Project. The committee revised the standard and also mirrors ISO/TC 309 which worked on the development of ISO 37000 series providing international standardisation in the field of governance in relation to direction, control, and accountability of organisations.
The Commonwealth Fraud Prevention Centre helps to deal with unseen and unchecked fraud and is where you can report fraud. The Australian Federal Police (AFP) have primary law enforcement responsibility for investigating serious or complex fraud and corruption against the Commonwealth, find out more here. If you suspect or are aware of any fraudulent activity by ACCC staff or contractors, see here. Any information you provide will help ensure the integrity of the ACCC.
CFA Representatives bring the consumer stakeholder contribution to the standards development process ensuring a robust standard of benefit to the community. Find out more about the CFA Standards Project and how you can get involved firstname.lastname@example.org.
Enjoy this article? Sign up to our monthly newsletter and stay up to date on the latest consumer policy news.