The Association of Certified Fraud Examiners (“ACFE”) classifies corruption into four schemes: (1) bribery, (2) illegal gratuities, (3) economic extortion, and (4) conflicts of interest. Corruption is essentially the abuse of entrusted power for private gain; it uses a company as a tool for personal gain which is contrary to the official or fiduciary duty of the organization.
Companies serious about reducing fraud within their walls need to recognize that regardless of their size and type, corruption is one of the most pervasive and impactful fraud types. It can occur in any department/division making purchases or from the other side of the business transaction in the company sales cycle.
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