Banknote Ethics Initiative

GoodCorporation has developed the auditing framework for the Banknote Ethics Initiative (BnEI), which was launched in May 2013 by industry members to promote ethical business practice within the banknote sector.

Maintaining high ethical standards across the banknote industry is essential if customers and other stakeholders are to be totally confident that business practices are beyond reproach at all times.

BnEI members will be required to adhere to a strict Code of Ethical Business Practice developed with the Institute of Business Ethics and endorsed by many leading banking institutions including The Bank of England, The European Central Bank, The Deutsche Bundesbank, Banque de France, The Bank of Canada, The Reserve Banks of Australia and New Zealand, The Reserve Bank of South Africa and the 19 European Central Banks of countries that have introduced the euro.

GoodCorporation has translated this code into the BnEI audit framework. The framework sets out a list of good practices that all BnEI members should adopt to ensure the robustness of their management practices in relation to the risks of bribery, corruption and breaches of anti-trust legislation.

The audit framework is designed not only to review paper-based policies and records, but also to test whether the spirit of each principle is respected in practice. GoodCorporation has also developed an Audit Guidance Manual, which outlines the key tests used to assess members. The assessment follows the methodology used by the GoodCorporation Standard of responsible business management. All BnEI members must undergo accreditation.

GoodCorporation is also accredited to assess companies against this framework. The scheme encourages and supports all members and prospective members to help them achieve the standard required, within an agreed time frame.

BnEI membership is open to all organisations in the industry irrespective of size and experience. Companies interested in becoming a member of the BnEI should visit the BnEI website or for more information on the audit please contact GoodCorporation.

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