Integrity builds trust, and trust is essential in business. When suppliers, regulators, investors, consumers and employees have high trust, it makes doing business easier. This naturally leads to more productivity, better goods and services and ultimately more sustainably profitable.
The cornerstone of doing business with integrity means holding values and principles which improve the way we treat employees, our communities and the planet. It also means focussing on what’s important, rather than being tempted by bribery and corruption, poor procurement practices or wrongdoing.
There are many benefits to be gained from a strong reputation. Here are a few:
There is certainly room for improvement here in New Zealand, with firms reporting bribery or corruption incidents every year. The three highest risks we’ve identified are undisclosed conflicts of interest, receiving out of policy gifts, favouritism, or bribes, and providing confidential information to a third party.
Anti-fraud controls and good whistleblowing policies and culture have a proven positive impact. An increasing focus on supply chain integrity systems also helps.
When integrity is prioritised and brought into the culture of an organisation businesses have greater employee satisfaction and productivity. Integrity is better for the customer, better for the owner and staff and better for the bottom line.
TINZ is in the process of developing a Business Integrity Programme, which will offer businesses the opportunity to learn from their peers, from regulators and from other experts, and to plan integrity improvement programmes. If you’re interested in finding out more about this programme when it launches, sign up to our mailing list below.
We place a lot of trust in our financial institutions. Are they worthy of it? Our Financial Integrity System Assessment (FISA) asks our financial services providers to demonstrate their integrity, transparency and quality of governance.
We ask them to justify our trust. FISA is the first ever assessment of this kind and provides customers, citizens, communities, civil society organisations, government and businesses detailed information about the way that the financial system conducts itself.
Our mission is to prevent New Zealand from being a conduit for money laundering and a destination for dirty money. It undermines our business reputation, raises property prices and jeopardises the integrity of many business dealings. For more information on how we’re stamping out white collar crime, visit our page on Dirty Money.