{"id":1185,"date":"2017-11-09T14:20:29","date_gmt":"2017-11-09T14:20:29","guid":{"rendered":"https:\/\/crigroup.com\/?p=1185"},"modified":"2022-01-25T14:01:59","modified_gmt":"2022-01-25T14:01:59","slug":"saudi-corruption-in-major-shift","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/saudi-corruption-in-major-shift\/","title":{"rendered":"Saudi Arabia corruption sweep signals a major shift"},"content":{"rendered":"

The news broke across Saudi Arabia and the world like a bombshell: a wide-ranging corruption sweep across the country had netted 11 princes, four sitting cabinet members and a dozen former government ministers. Among those detained included billionaire Saudi Prince Alwaleed Bin Talal.\u00a0Saudi Arabia corruption sweep signals a major shift<\/span><\/p>\n

Within days, the surprise action was being hailed as a possible \u201csea change\u201d in the Middle East and beyond, signalling that an entire country had grown fed up with fraud and unethical conduct and suggesting the possibility that others might do the same.<\/p>\n

A cost of doing business?<\/strong><\/h3>\n

In many countries, bribes, collusion, backdoor deals and other forms of corruption are still considered a part of \u201cbusiness-as-usual.\u201d Many organisation leaders who condone or even play along with such conduct worry that the implementation of strong anti-corruption laws and reforms might have a chilling effect on business.<\/p>\n

Saudi Arabia sees it the opposite. According to an article in the Middle East Monitor,\u00a0\u201cSaudi: Anti-corruption drive will help boost development<\/a>\u201d, the Saudi Cabinet says that cracking down on corruption \u201cwill boost sustainable development in the Kingdom.\u201d<\/p>\n

Anti-fraud experts agree. When laws are enforced as intended and corrupt behaviour is punished, business and competition is allowed to thrive in an economic system as intended. The only ones who lose are unethical business leaders who seek to bend the rules to gain an unfair advantage.<\/p>\n

Paving the way for better business<\/strong><\/h3>\n

According to a CNBC article,\u00a0\u201cBillionaire Saudi Prince Alwaleed Bin Talal arrested in corruption crackdown<\/a>\u201d, the crackdown was deemed necessary for the future of business in Saudi Arabia:<\/p>\n

The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia, and the impending launch of an initial public offering for state-owned oil giant Saudi Aramco next year. The IPO is expected to be the largest in history, and Aramco is widely expected to dual-list shares on an international exchange.<\/em><\/p>\n

Saudi Arabia’s Finance Ministry, for its part, said Sunday that the kingdom’s decision to set up an anti-corruption committee and detain prominent figures enhanced confidence in the rule of law, Al Arabiya television reported.<\/em><\/p>\n

The decisions preserve Saudi Arabia’s investment climate, the Saudi-owned television channel said.<\/em><\/p>\n

The news from Saudi Arabia underscores how critical it is for any organisation to get its integrity due diligence and compliance measures in proper order and create a zero-tolerance environment for corruption and fraud. A proactive way to do that is to engage\u00a0CRI Certification, a special program administered by CRI Group and its ABAC Center of Excellence<\/a>.<\/p>\n

ISO 37001:2016 for your <\/strong>organisation<\/strong><\/h3>\n

CRI Certification\u2019s ISO 37001:2016 certifies that your organisation has implemented reasonable and proportionate measures to prevent bribery. These measures involve top-level leadership, training, bribery risk assessment, third-party risk management, integrity due diligence, financial and commercial controls, reporting, audit and investigation.<\/p>\n

The 3PRM-Qualified\u2122 training and 3PRM-Certified\u2122\u00a0certification process for ISO 37001:2016 helps your company address bribery in all its forms, including:<\/p>\n