One of the greatest social evil having deep rooted status in today’s society is Corruption. The common man, business executive, politician, administrator are subjects of this anti-social activity. Rightful place of wealth going towards development needs of society is diverted by some individuals to meet their desire for wealth for fulfillment of personal needs.
Towards reduction of corruption, Vigilance activity has been stepped up in all walks of life. It is not a stand-alone activity. It has to be seen as part of the overall risk management strategy of an organization wherein the structures, systems and processes are built in such a manner so as to prevent leakages which adversely affect productivity and profitability. A number of organizations both in public and private sector are re-engineering their processes by leveraging information technology. It will be in the organizational interest that when they are reorganizing business processes they should identify the likely risks like fraud, corruption, other malpractices and build in the required risk management tools in the new processes.
For e.g use of IT in Distribution of Petroleum products has to a large extent eliminated the scope for malpractices such as adulteration, pilferage etc. These malpractices are in turn connected with corruption. The system automatically detects any tampering with the fuel dispensers. It enables the company to monitor every outlet. Similarly providing global positioning system on the tankers for transporting fuel, the management can detect diversion of tankers to unscheduled destinations. This technology while providing solution for efficient supply chain management also helps in risk management thus strengthening the internal vigilance. There is need to integrate vigilance activity as a part of overall risk management strategy which in turn has to be integrated in the main stream operations of organizations.... [continues]
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