Internal Control - Technology Implementation for Anti-bribery and Anti-corruption Policy

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Using technologies can further help companies prevent and detect frauds. It is a necessary tool to minimize the risk of frauds that could potentially occur in any type of industry. Due to modern evolution of technologies, it enables many organizations and corporations to analyze large amounts of data to counteract and identify conceivable schemes. Few examples of technologies that could be implemented to prevent bribery and corruption in companies are blockchain, artificial intelligence, and secured management systems. Blockchain is a series of digital material (“blocks”) that is collected in a public databank (“chains”). Its main objective is to permit digital material to be documented and disseminated, but not rewritten by just any individual. Artificial intelligence is programmed systems that are made to think and imitate human actions. Lastly, secured management systems that include audit imprints and protected work environments.

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Implement artificial intelligence technology can greatly reduce bribery and corruption in a company. Artificial intelligence (AI) are typically implemented by examiners, banks, and financial institutions to expose monetary offenses against the law, misrepresentations, or skeptical business dealings. AI can provide aid in scrutinizing felonious documentation records, literacy archives, political affiliation, business relations, etc. Therefore, AI tools can be effective in uncovering and possibly even predict corruption activities. By reformatting current procedures, it facilitates AI to spread reliability, make straightforward procedures, or diminish points of interaction that may also decrease the chance for bribery to transpire. The precondition for AI is to have readily available, digitize information. There are several confidentialities concerns connect to archives of sensitive data. If AI is implemented in governance and decision making to support and/or replace current systems, it could possibly bring about concerns with biased results. Therefore, companies should develop ethical guidelines for the design, application, and promote the trust of AI, especially since a trustworthy AI should be lawful, ethical, and robust. However, challenges can potentially occur when technology develops faster than legislation and operate in unregulated, global context. In conclusion, artificial intelligence can be a tool to provide various assistance to companies in combatting bribery and corruption.

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