The Liberia Anti-Corruption Commission (LACC) has formally begun a Comprehensive Corruption Internal Risk Review of its divisions and units. The LACC internal corruption risk assessment, which commences with the Asset Declaration and Verification Unit of the Education & Prevention Division, is intended to identify and address specific institutional structures, systems, and processes which may be more vulnerable or prone to corruption.
Speaking at the launching ceremony today, LACC’s executive chairperson, Cllr. James N. Verdier, Jr. said the aim of the risk assessment is not to determine whether there is corruption or not in a certain division or unit, but to identify potentials for corruption and take the necessary steps to prevent them.
Cllr. Verdier pointed out that the exercise, which begins with a review of the current state of operation of the Asset Declaration and Verification Unit, “will determine where we all want to see the unit in terms of new services and putting adequate internal control processes in place to prevent or minimize corruption within the Unit.”
An institutional risk assessment seeks to identify weaknesses within a system, which may present opportunities for corruption to occur. Institutional risk assessment is therefore crucial to the survival of institutions, especially in an economy in which many institutions are vulnerable to corruption and other fraudulent activities due mainly to inadequate policies, procedures and leadership, which are necessary ingredients for employees to perform their duties effectively, according to a press release yesterday in Monrovia.