Anti-Corruption, Fraud and Financial Impropriety Risk Management Policy

Date of Issue: 21 May 2025

Organisation: Australian Institute of Pharmacognosy

1. Purpose

This policy outlines how the Australian Institute of Pharmacognosy minimises the risk of corruption, fraud, bribery, and other financial impropriety in all areas of its operations, including activities involving Responsible People, employees, volunteers, and third parties operating outside Australia.

2. Scope

This policy applies to all personnel acting on behalf of the Institute, including but not limited to Responsible People, employees, volunteers, contractors, and international partners.

3. Risk Minimisation Strategies

The Institute implements the following measures to mitigate risk:

- Clear separation of financial duties and mandatory dual signatories on all payments and accounts.

- Regular oversight by the Board, including review of financial reports and audit trails.

- Conflict of Interest disclosures are mandatory and managed in line with the Institute’s policy.

- A zero-tolerance stance toward bribery, corruption, and fraud is communicated to all personnel.

- All financial transactions must be documented, receipted, and available for review.

- Annual or as-needed audits and financial reviews, with reporting to the Board and stakeholders.

4. International Safeguards

For operations or partnerships outside Australia, the Institute ensures all personnel and third parties are provided with written codes of conduct and financial governance expectations. Localised training will be provided if necessary to ensure cultural and procedural clarity. Contracts and MOUs will include provisions related to anti-bribery and anti-fraud compliance. Any overseas financial activity must be reported in detail to the Institute's Board.

5. Reporting and Whistleblower Protection

Any suspected or actual case of financial misconduct must be reported to the Chair or designated officer immediately. Whistleblowers will be protected from retaliation, and all disclosures will be investigated confidentially and promptly. Appropriate disciplinary or legal action will be taken in cases of proven misconduct.

6. Review and Oversight

This policy will be reviewed every two years or as circumstances require. All Responsible People and financial delegates will be required to reaffirm their understanding and agreement with this policy annually.

7. Approval

Approved by the Board of the Australian Institute of Pharmacognosy.