Senior Legal Officer- Fraud, Security and Integrity Reform Branch
Attorney- General’s Department
2:30 PM Implementing a Stronger Integrity Framework for Increased Operating Transparency and Brand Integrity
Fraud, bribery and corruption continue to exist within Australian Financial Institutions, though their impact and prevalence continue to be under-recognised. Research suggests that corruption adds 10% to a business’s operating costs, and has reduced Australia’s GDP by 4% since 2012, equating to around $72Bn. With single-instance fines of up to $17m for companies found to have engaged in corruption, vigilance in implementing and enforcing an integrity framework is vital.
- The real cost of Fraud, Bribery and Corruption to business
- Examining methods of Fraud, Bribery and Corruption
- Organisational and financial benefits of a strong integrity framework
A suite of whistle-blower protection legislation has been introduced, with a view to reducing financial crime from within organisations. The legislative amendments broaden protection for corporate and financial sector whistle-blowers, and toughen penalties for organisations breach these regulations. With the advent of these legislative changes, implementing or updating current whistle-blower protection frameworks is vital to ensure an organisation’s compliance, as well as to avoid fines of up to $1m for single breaches of the legislation. This panel discussion consists of experts from legal and corporate backgrounds, and will deal with the implications of the legislation as well as how best to ensure that your own whistle-blower framework is compliant.
- Updating whistle-blower protection framework to comply with new laws
- What this legislation means for the future of internal reporting procedures
- Relying on whistleblowing to combat internal fraud