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The World Bank is a powerful force for development in the world, and, unfortunately, the large sums of money it invests are often the target of fraudsters and the corrupt.
To help protect the Bank’s investments, the Integrity Vice Presidency stands guard, explains Lisa Miller, Head of the Integrity Compliance Office and Compliance Officer at the World Bank Group. It is responsible for helping ensure that Bank funds have been used for the purpose intended.
The office’s ambit includes investigating cases of fraud and corruption from start to finish. There is an intake team that looks into allegations and, if warranted investigates them. And, should the evidence indicate wrongdoing, the investigators and litigators take the allegations through the sanctions system.
The consequences for an organization when an allegation has been substantiated, she shares in this podcast, can be quite severe.
Whether the case leads to a settlement or a debarment – typically for three years – a business can only regain eligibility to bid on World Bank projects if it meets several conditions, including, typically, an integrity compliance program that reflects World Bank principles.
Listen in to learn more about what the Bank expects to see in a compliance program both before and after an incident occurs. And don’t miss the fact that having a strong compliance program can earn credit, even if improper behavior is found.