Screening your third party vendors and business partners for risk can be a challenging process. With so many different factors to consider, where do you even begin?
We've developed our Anti-Bribery and Corruption Risk Assessment Checklist so you can streamline your compliance risk assessment processes and ensure each potential risk is addressed. Keep up with changing European laws and regulations with this checklist.
Published By: Skillsoft
Published Date: Mar 13, 2015
Most companies are well aware of the risks bribery and corruption pose when operating in the global marketplace. However, what companies may be overlooking is how quickly the landscape is changing—and how this dynamic shift can affect corporate compliance initiatives. With the recent up-tick in enforcement of the Foreign Corrupt Practices Act (FCPA) and the tightening of anti-corruption legislation in other areas of the globe, including upcoming legislation in Ireland, knowledge of bribery rules and regulations has never been more critical.
With the introduction of the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act, organisations must take corruption in business seriously. Given the complexity of the activities addressed in an anti-bribery and corruption programme, however, the task can seem overwhelming.
Our Anti-Bribery and Corruption Risk Assessment Checklist outlines how to implement an effective anti-bribery compliance programme using a protect, detect and correct methodology to manage core programme components such as:
• Risk Assessment
• Corrective Action
• Training / Communication
• Controls / Oversight
• Business Partners
Our checklist will enable you to design and implement an effective, global and consistent anti-bribery compliance programme.
The U.S. Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act (UKBA), Sapin II and many other Anti-Bribery and Corruption (ABC) laws and regulations around the world make it clear that bribery and corruption is prohibited, illegal and the source of fines, penalties, reputational damage, and in some cases criminal liability. This is particularly true when the bribes are offered to foreign government officials, especially by third parties.
Before examining some of the common red flags and the appropriate courses of action to take, reviewing the various guidelines and frameworks available for organisations to build adequate procedures to protect themselves against third party risks is advisable.
These frameworks have assisted organisations in establishing a strong legal defence in the event that a bribe does occur. These measures are having ramifications across the globe and they inform many of the components of the best ABC programmes in place today.
Published By: Skillsoft
Published Date: Oct 03, 2014
With the recent increase in enforcement of the Foreign Corrupt Practices Act (FCPA) and the tightening of anti-corruption legislation in Europe and other regions, knowledge of bribery rules and regulations has never been more critical. In the US alone, the total fines for FCPA violations levied by the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) in 2013 exceeded $720 million1. Fortunately, effective training and internal communication have been identified as strategies to mitigate your compliance risk. Here are five things you need to know about anti-bribery enforcement trends.
First launched in 2011, the Anti-Corruption Benchmarking Report aims to give compliance officers a comprehensive view of the "ABC" (anti-bribery and corruption) risks they have, the resources they have to fight them, and how those resources are implemented into compliance programs.
The results give compliance officers a view into the anti-bribery and corruption threats they face and share resources for creating a risk-based compliance program. Download the report to learn more.
Knowing which steps to take to ensure your organisation remains vigilant against bribery and corruption is an important move. When your organisation is aligned on anti-bribery and corruption policy, training and third party risk, your employees can identify, report and ultimately stamp out—bribery and corruption.
Our Solutions Experts can help you strengthen your most challenging ABC issues and better protect your organisation. Contact us to set up a consultation today at email@example.com.
An effective third-party risk management programme is in your best interest. Not only can you more confidently engage with a growing network of vendors, suppliers, resellers and distributors; but when done effectively, you can have a positive impact on the effectiveness and efficiency of your broad ethics and compliance programme.
NAVEX Global research has shown that organisations pursue strong ethics and compliance programmes for myriad reasons, but at the top is a desire to cultivate and maintain a culture of ethics and respect. A strong third-party risk management solution helps organisations realise that objective through engaging with third parties that abide by codes of conduct, that are transparent and communicative and that you can be proud to do business with.
Assessment is part of your compliance programme’s necessary life cycle for improvement. We work in an ever-evolving landscape of risk that requires compliance professionals to identify the gaps their programmes have today, and may have tomorrow. Your programme effectiveness as a whole is based on the effectiveness of each one of its parts. So, ensure your assessment is broad as well as in-depth. Programme assessment is not a tick-the-box exercise. It is just as important as creating a company culture and mitigating risk.
Remember, if your assessment is thorough and effective, you will have identified weaknesses in your programme and vulnerabilities for risk. Don’t be discouraged by your work to highlight these areas for improvement. Your programme and your organisation will be better for it once you make the necessary adjustments for a robust and effective ethics and compliance programme.