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Siemens at the Fraud Prevention Forum 2013

06 November 2013

Siemens participated at the “Fraud Prevention Forum 2013”, which took place on November 5, 2013. Specifically, as part of the event, Mr. Sofoklis Karapidakis, Regional Compliance Officer of Siemens Greece, presented part of the compliance program implemented by the company. The event was organized by the Hellenic Association of Certified Fraud Examiners (Hellenic ACFE), the Hellenic Institute of Internal Auditors (HIIA) and the Information Systems Audit and Control Association (ISACA Athens Chapter). 

Mr. Karapidakis presented Siemens’ actions regarding the detection of possible fraud and cor-ruption incidents in all stages of projects’ implementation undertaken by the company – from proposal preparation to project completion. More specifically, Siemens has adopted an excep-tionally strict approval procedure for all the actions required during project implementation. Thus, the company systematically assesses every part of the relative decision-making pro-cess, considering a broad range of legal, technical, financial, commercial and contractual crite-ria.

For that reason and in order to maintain high standards in the projects it undertakes, Siemens has developed an internal tool for the management of the approval process, which is available to all of its employees globally. This tool secures the high quality of every decision at all stages of the project implementation, assessing the offer and its proposed terms. Siemens’ tool also specifies which divisions and executives will take part in the procedure, so that final approval can be granted.

This function is extremely important during project implementation, as the timely involvement of the person responsible for compliance prevents fraud and corruption phenomena. In addi-tion, Siemens has developed the operation of an independent hot line for filing complaints about such phenomena. The internal investigation that follows any such complaint, along with the periodic audits implemented by the company, detects non-compliance incidents and attributes the consequences for those involved in them.

“Fraud Prevention Forum 2013” was organized as part of the International Fraud Awareness Week, with the participation of high-ranked executives from Greek and multinational compa-nies. The event took place under the auspices of the Hellenic Corporate Governance Council (HCGC), with the support of the Hellenic American Union.

About Siemens SA
Siemens has been active for more than 110 years in Greece, where it holds leading positions in various market sectors. The company comprises of the Industry, Energy, Healthcare and Infrastructures & Cities Sectors.