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The International Chamber of Commers (ICC) has recently introduced its 2023 Rules on Combating Corruption, establishing a groundbreaking standard for corporate conduct in effectively addressing integrity risks across international value chains. This initiative marks a significant milestone in shaping ethical practices and governance within the business world on a global scale. These rules were last updated in 2011 edition.The 2023 Rules on Combating Corruption by the ICC represent a progressive step forward from the 2011 edition, bringing them in line with current standards and prevailing corporate practices. This comprehensive update is a result of collaborative efforts under the guidance of the ICC Global Commission on Anti-corruption and Corporate responsiblity, demonstrating a commitment to staying abreast of the evolving landscape and ensuring that the rules remain relevant and effective in addressing modern challenges related to corruption.On December 11 Chair Maria Fernanda Garza Launched these new set of rules at Un Conference of States Parties to UN CAC in Atlanta, celebrating the 20th anniversary of the UN Convention against Corruption.Major Changes in 2023 ICC Rules1. Strengthen Provision for reporting mechanisms, crucial for uncovering and deterring wrongdoing, 2. Recognizing their vulnerability in supply chain the main focus is on engaging and managing thrid Parties. These rules place a strong emphasis on fostering responsible business conduct, recognizing the pivotal role that enterprises play in contributing to sustainable development.To effectively combat corruption, businesses can take several key steps.1. Establish Code of Conduct 2. Establish compliance programs customized to their specific risk profiles, with a focus on addressing various aspects such as political contributions, conflicts of interest, and gifts and hospitality.3. Proactive Stand should be taken to identify, manage and addressing integrity issues.Role of ICC in influencing in Anti-Corruption.Over the years, the ICC has consistently underscored the importance of enterprise compliance with self-imposed rules, acknowledging the shared responsibilities of international organizations and national governments in the ongoing fight against corruption. Having issued anti-corruption rules as far back as 1977, the ICC continues to be a driving force in offering practical guidelines for responsible business conduct. This longstanding commitment reflects a collective effort to instill ethical practices and integrity across the global business landscape.Potential impact of these rules on the day-to-day business operationsIt is said that these rules will set new benchmark for corporate practices benefiting Small and Medium Enterprises (SME's) without legal departments. The rules provide useful advice and serve as a tool for managing the risk of dishonesty and unethical behavior in global value chains. The International Chamber of Commerce (ICC) sees these rules as important for creating a system free from corruption and ensuring fair competition for everyone involved.

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Business :Have a look at International Chamber of Commerce's latest rules on combating corruption

The International Chamber of Commers (ICC) has recently introduced its 2023 Rules on Combating Corruption, establishing a groundbreaking standard ... ...