The GoodCorporation Framework on Preventing Fraud
The GoodCorporation Framework on Preventing Fraud is a set of responsible business principles which can be used as a tool to improve the management practices needed to prevent fraud and fraudulent behaviour.
Designed to help organisations respond to the UK's Economic Crime and Corporate Transparency (ECCT) Act, the framework covers all forms of fraudulent practice listed in the act, including mis-selling, mis-representation, false claims, over-charging and dishonest sales practices.
All relevant business functions are covered, including sales and marketing, procurement, finance, government and regulatory affairs and human resources. Assessments against this framework provide qualitative and quantitative data that can be used for board reports, internal assurance, external reporting and as evidence of reasonable procedures.
Areas covered by the framework
- Top-level commitment: senior management is actively committed to preventing fraudulent behaviour and promoting the organsation's zero-tolerance of fraudulent practices.
- Communication and training: the organisation can demonstrate the steps it has taken to ensure that it's anti-fraud policies are properly embedded and understood by all relevant stakeholders.
- Risk assessment: the organisation can show that it understands where it might be at risk from committing fraud and that these risks are regularly assessed and reviewed.
- Due diligence: a proportionate and risk-based approach to due diligence is consistently applied to identify and mitigate any risks of fraudulent practice.
- Compliance and monitoring: an effective compliance and monitoring system is in place, with a strong speak-up system, to oversee the implementation of the fraud prevention policies
