LBS faculty, Dr Kemi Ogunyemi, joined select facilitators to give public institutions a framework for anti-corruption risk assessment at this year’s Nigeria Economic Summit (NESG).
Ogunyemi, whose talk revolved around the background of the subject as well as its implications, listed the forms of corruption most common in public organisations. She also provided participants a template which could foster more ethical practices and the roles to be played by key organisational units in driving the process.
“Corruption is abuse of entrusted power for private gain. It is an insidious problem affecting the lives of millions around the world. Therefore, an effective prevention and fight against corruption requires a proper understanding of the risks an enterprise may face,” explained Ogunyemi.
She suggested that key members of senior management be included in the risk assessment exercise, as well as personnel in compliance, ethics, legal, internal audit and risk management, among others.
“A successful anticorruption risk assessment would include participation and input from personnel with knowledge of the enterprise’s operations exposed to corruption risks,” she said, adding that effective risk assessment means understanding the enterprise in relation to the environments in which it operates and the people the enterprise is dealing with.
But the business ethics expert did not stop at that. She also highlighted the modalities for a corruption risk response plan, saying it should be selective and targeted based on a structured, practical approach that effectively reduces residual risks to fall within the enterprise’s risk tolerance.
Ogunyemi currently teaches business ethics and anthropology at the School, and her research interests include personal ethos, work-life ethic, social responsibility, sustainability and governance.