Fraud and corruption prevention strategy
Lakshmi Green Ship Recyclers LLP management of risk is a crucial component of its strategic management and corporate governance framework. The agency adopts a balanced approach to its management of risk. This means that although all risks are identified and addressed, the primary focus is on controlling those activities with a high and medium risk. In addition, the resources and controls applied to address risks should be commensurate to the significance of those risks.
1.Introduction
1.1 Overview
This Fraud and Corruption Prevention Strategy sets out the fraud and corruption prevention policies and procedures followed By Lakshmi Green Ship Recyclers LLP. It details Lakshmi Green Ship Recyclers LLP's approach to the prevention, detection, reporting and investigation of fraud and corruption. It also identifies current activities that may be susceptible to fraud and corruption, and provides strategies for better management and control of those activities.
Effective implementation of this strategy will help ensure that public confidence in the integrity Of Lakshmi Green Ship Recyclers LLP is maintained and our ability to achieve environment protection, conservation of natural resources and sustainability outcomes will be enhanced
1.2 Policy and attitude to fraud and corruption
Lakshmi Green Ship Recyclers LLP promotes an organisational culture that will not tolerate any act of fraud or corruption. This Fraud and Corruption Prevention Strategy is designed to put this principle into practice.
Apart from the legal consequences of fraud and corruption, improper acts have the potential to damage Lakshmi Green Ship Recyclers LLP's public image and reputation. Unresolved allegations can also undermine an otherwise credible position and reflect negatively on innocent individuals.
All staff must be above fraud and corruption. Sanctions will apply to those who are not. In addition, staff must act so they are not perceived to be involved in such activities. Through transparent and accountable decision-making, together with open discussion by staff and managers about the risks of fraud and corruption, Lakshmi Green Ship Recyclers LLP seeks to foster an organizational climate which does not tolerate fraud or corruption.
Lakshmi Green Ship Recyclers LLP will deal fairly with all parties in the course of investigating allegations of fraud or corruption. However, if fraud or corruption is proven, Lakshmi Green Ship Recyclers LLP will apply appropriate sanctions. Possible sanctions include suspension without pay, dismissal, and loss of accumulated employer superannuation contributions. Matters referred to the Police may lead to criminal proceedings.
2. Definitions of fraud and corruption
Fraud and corruption can be distinguished from other forms of unethical behavior. Lakshmi Green Ship Recyclers LLP) applies the following definitions:
Corruption
Dishonest activity in which a director, executive, manager, employee, contractor acts contrary to the interests of Lakshmi Green Ship Recyclers LLP and abuses his/her position of trust in order to achieve some personal gain or advantage for him or herself or for another person or entity.
Fraud
Dishonest activity, by Lakshmi Green Ship Recyclers LLP employees, contractors, volunteers, work experience students or external persons, causing actual or potential financial loss to Lakshmi Green Ship Recyclers LLP, including the theft of money or other property. This includes the deliberate falsification, concealment, destruction, or improper use of documentation used for a normal business purpose or the improper use of other information or position.
3. Roles and responsibilities
Lakshmi Green Ship Recyclers LLP's management of risk is a crucial component of its strategic management and corporate governance framework. The agency adopts a balanced approach to its management of risk. This means that although all risks are identified and addressed, the primary focus is on controlling those activities with a high and medium risk. In addition, the resources and controls applied to address risks should be commensurate to the significance of those risks.
Senior managers
Senior managers must ensure that effective fraud and corruption prevention risk management strategies and staff awareness programs are established in their workplaces.
All managers/ supervisors
All Lakshmi Green Ship Recyclers LLP managers/ supervisors are responsible for:
- monitoring their workplaces to identify and address situations that are likely to raise ethical dilemmas.
- ensuring that staff are not placed in potentially difficult or compromising situations
- being available and supportive to staff who require guidance on ethical dilemmas
- fostering a work environment free of harassment, discrimination, victimization, corruption, maladministration and waste
- ensuring that staff are aware of the principles contained in the Code of Ethical Conduct and the established systems and procedures for addressing ethical problems
- supporting and protecting staff who report, in good faith, instances of potentially unethical or corrupt practices
All Lakshmi Green Ship Recyclers LLP staff
All Lakshmi Green Ship Recyclers LLP staff have a duty to:
- Act Ethically And Lawfully.
- Report Potentially Unethical Or Corrupt Practices Via The Established Mechanisms.
4. Fraud and corruption risk management
4.1 Regular program for fraud risk assessment
An important part of fraud and corruption prevention is understanding where the areas of risk are in relation to Lakshmi Green Ship Recyclers LLP's responsibilities and functions. Lakshmi Green Ship Recyclers LLP systemically assesses its functions and responsibilities to identify all potential risk areas and to develop a risk management plan to control high and medium risk issues. Building on this broad risk assessment, a further specific risk assessment of potential fraud and corruption issues is undertaken. A dedicated review of Lakshmi Green Ship Recyclers LLP's fraud and corruption risk assessment occurs.
4.2 Current fraud and corruption risk assessment
Overall the fraud and corruption risk assessment project concluded that the agency had in place effective controls to minimize the risk of fraud and corruption.
5. Conflicts of interest
5.1 Conflict of interest policy
A conflict of interest exists when it is possible that a staff member could be influenced, or perceived to be influenced, by a personal interest when carrying out their duties. The Code of Ethical Conduct provides detailed guidance regarding conflicts of interest.
The community, Lakshmi Green Ship Recyclers LLP's clients, stakeholders and colleagues expect all Lakshmi Green Ship Recyclers LLP decisions to be impartial and not influenced by inappropriate considerations. It is corrupt behavior to knowingly make a decision influenced by a conflict of interest.
5.2 Dealing with conflicts of interest
If a conflict of interest exists, could arise or could reasonably be perceived by third parties to exist, the issue should be raised in writing with the
relevant manager. Employees and their managers have a joint responsibility to avoid or resolve conflicts of interest.
To resolve conflicts that arise, or could arise, staff, their managers should consider the significance of the conflict and apply one of the following options:
- Where The Potential For Conflict Is Minimal Or Can Be Eliminated By \ Disclosure Or Effective Supervision, Take No Further Action.
- Dispose Of The Conflicting Personal Interest.
- Do Not Participate In The Particular Task Which May, Or May Appear To, Raise A Conflict Of Interest.
- Consider Whether The Conflict Is Significant Enough To Require Transfer, Either On A Permanent Or Temporary Basis, From The Area Of Work Where The Conflict Exists
6. Procedures for reporting fraud and corruption
Consistent with its strong commitment to ensuring an ethical workplace, Lakshmi Green Ship Recyclers LLP has developed and published policy and processes to facilitate the reporting of suspicions of corrupt conduct, maladministration, or serious and waste of money.
Staff are encouraged to continue to raise appropriate matters at any time with their managers, but as an alternative, they have the option of making a protected disclosure.
Members of the public, clients and stakeholders can report suspicions of fraud or corruption by ringing Lakshmi Green Ship Recyclers LLP's Director or by writing to the Director available on Lakshmi Green Ship Recyclers LLP's website.
Anonymous reports from members of the public will be treated in accordance with the merits of the issues raised and the adequacy of the information provided.
7. Procedures for fraud and corruption investigation
7.1 Internal investigations
Lakshmi Green Ship Recyclers LLP documents all processes and findings of probity investigations undertaken. These documents are managed and
stored securely to protect confidentiality.
7.2 External investigative resources
Lakshmi Green Ship Recyclers LLP engages specialist external investigation and audit services to investigate probity allegations when the circumstances suggest that it is appropriate to provide an additional level of 'arms length' independence to establish the facts.
Lakshmi Green Ship Recyclers LLP notifies Police in circumstances where criminal offences are suspected.
8. Internal audit strategy
Internal audit fraud control function
Lakshmi Green Ship Recyclers LLP's internal audit program includes items considered to be of high fraud and corruption risk, in particular, focusing on regulatory activities, financial transactions (including cash handling), procurement, and asset security.
9. Review of fraud control arrangements
The Fraud and Corruption Prevention Strategy will be subject to an ongoing process of continuous improvement, monitoring and adjustment to ensure its viability in addressing all current fraud and corruption issues.
All required actions, resulting from the fraud and corruption risk assessment, will be reviewed to ensure they have been effectively implemented. Senior management will be required to regularly report on the controls they manage to reduce the possibility of fraud and corruption.
