Government Commission for Financial Governance Asia (GCG Asia) in Cambodia Announces Inaugural GCG Asia Anti-Corruption Awards

Wednesday, June 30, 2021 11:10 PM

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PHNOM PENH, CAMBODIA / ACCESSWIRE / July 1, 2021 / The Government Commission for Financial Governance (GCG Asia) announced today that it is organising the inaugural GCG Asia Anti-Corruption Awards which is set to take place in Phnom Penh on 2 September 2021.

"We are proud to announce the first ever awards to recognise achievements in the fight against fraud by celebrating best practices in organisations and corporate bodies in Cambodia. Since we established the commission, we have worked hard with the community to spread awareness about the importance of this issue of clean, corrupt-free governance," said CEO of GCG Asia Chan Sovann.

The GCG Asia Anti-Corruption Awards will be held at the Diamond Island Convention and Exhibition Center and will feature nominees from the business sector in Cambodia with an outstanding track record in clean governance. Attendees and speakers from the regional anti-corruption community, specifically Malaysia, Indonesia, Singapore, Japan and more will also be invited to attend the GCG Asia Anti-Corruption Awards. The awards will also be streamed online to welcome attendees who are unable to attend.

Events and activities for the GCG Asia Anti-Corruption Awards include testimonials from whistle-blowers and keynote presentations on combating corruption and anti-money laundering best practices, as well as awarding organisations that successfully implemented GCG Asia's anti-corruption risk management policies.

The GCG Asia Anti-Corruption Awards is also securing sponsorship from global investment and digital bank entities. GCG Asia Anti-Corruption Awards has secured a main sponsor in the form of Guardian Capital Asia Group, a financial services conglomerate with interests across the region.

As Cambodia's preeminent agency working on anti-corruption GCG Asia is tasked with fighting corruption and protecting society from corrupt practices such as forex scams, investment scams and ponzi schemes.

As an independent agency on anti-corruption GCG Asia has a mandate by the Cambodian government to eradicate corruption within its borders. Since its inception, GCG Asia has successfully fulfilled its anti-corruption mission, yet acknowledges that more work needs to be done.

With the GCG Asia Anti-Corruption Awards, GCG Asia seeks to bring greater awareness towards its goal of eliminating corruption and to foster greater cooperation between other anti-corruption players within the region. The inaugural GCG Asia Anti-Corruption awards are set to be GCG Asia's cornerstone of the anti-corruption battle for years to come.

Aside from the GCG Asia Anti-Corruption Awards, the agency collects research and information to consumers and small businesses about how to recognise, avoid and report scams. GCG Asia's latest survey in 2020 found that being associated with corruption is the biggest risk companies face. "GCG Asia's 2020 anti-corruption survey in Cambodia found that 30% of respondents don't have a policy to address corruption within their company. However, a high number of respondents, 82%, said that they take risk management seriously and are taking steps or have plans to take steps towards setting up company risk management policies. Businesses also want to put in place mechanisms to manage the risk of reputational damage due to being associated with corruption. These are positive indications that our work is making progress," said GCG Asia CEO, Chan Sovann.

From the findings of the survey, GCG Asia will increase efforts to reach out to more businesses, especially smaller companies which do not have the resources to implement a risk management framework, for assistance. "There is good indication that GCG Asia's anti-corruption work is well received and there is demand for our best practices guidance and resources. The majority of companies feel that it is the right thing to do for society, and there is an obligation to comply under the law," explained GCG Asia CEO, Chan Sovann.

However, due to the impact of the pandemic that is sweeping the region, priorities for many businesses may have shifted to managing other risks and they may put integrity and anti-corruption policies on the backburner, cautioned GCG Asia CEO Chan Sovann.

Company Information
The Government Commission for Financial Governance Asia (GCG Asia) is an agency fighting corruption, fraud and financial scams in Cambodia.

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SOURCE: Government Commission for Financial Governance Asia (GCG Asia)