Doing Right
Anti-corruption and Anti-bribery
UOL adopts a zero-tolerance stance towards fraud and corruption. The Board, through the ARMSC, employs processes to monitor and address any fraud or corruption issues. All new hires are briefed on the Code of Business Conduct (CBC), which states our firm position against fraud and corruption. Key suppliers and contractors are contractually required to acknowledge the Group’s zero-tolerance stance towards fraud and/or corruption. Furthermore, they are required to comply with all applicable laws and regulations.
In 2024, 100% of employees and UOL Board of Directors were informed of our CBC and the anti-corruption policies and procedures.
The Group’s Enterprise Risk Management (ERM) framework identifies and mitigates high-risk areas, including corruption. Any significant risks identified are escalated to the ARMSC. In 2024, no significant risks related to corruption were identified through the risk assessment. Additionally, UOL’s Internal Audit (IA) identifies and investigates high-risk areas for possible red flags as part of our IA work cycle. Observations from the audit, along with the recommended improvements provided, help reduce overall exposure and minimise the impact arising from corruption and bribery risks.