Bribery and corruption is one of the biggest challenges facing businesses today.
Increased enforcement leads to greater risks for companies that do not have adequate anti-bribery and anti-corruption compliance programmes in place or companies who have insufficient background information on their suppliers and third parties. The legislation against bribery and corrupt practices does in many cases not just include the jurisdiction but also expands to cover those working on behalf of the company including their third parties other legislation has a truly global reach. The U.S. Foreign Corrupt Practices Act, has been at the forefront of enforcement, this and other anti-corruption-bribery legislation that applies include:
- Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
- US Foreign Corrupt Practices Act
- UK Bribery Act
- Council of Europe's Criminal Law Convention on Corruption
- Sapin II
There has been an uptick in fines and penalties issued by the U.S for contraventions of the FCPA in recent years.
Foreign Corrupt Practices Act enforcement actions and penalties:
Although fines form the most widely visible fall-outs for a company involved in bribery and corruption allegations the impact of breaching anti-corruption-bribery legislation can have far more reaching effects than large fines both criminal and regulatory and may include the following:
- Individual convictions
- Legal costs
- Reputational damage
- Follow-on litigation
- Impact on share price
- Legal or de-facto debarment (government, international organisations, development banks)
- Ongoing monitoring, reporting and cooperation obligations and compliance certifications
What is an effective anti-bribery-corruption programme?
There are many pillars that must be considered when building an effective anti-bribery and corruption programme, but risk assessment and due diligence are of particular importance.
Effective risk assessment helps to identify areas of higher risk and should include assessing country risk (certain jurisdictions present an inherently higher risk); industry risk; and political exposure.
In anti-corruption best practice there is no substitute for thorough and rigorous due diligence, supported by ongoing training of both staff and suppliers, and regular evaluation of anti-bribery and corruption programmes.
Technology offers the tools to augment intelligence, cut through noise, and enhance efficiency. However, it can never replace human judgement, which is shaped by ethical standards and the right culture of compliance.
Effective anti-bribery and corruption risk management
At an organisational level, access to reliable, accurate risk data that offers sufficient breadth and depth of risk intelligence is critical when building a holistic picture of risk to help fight corruption and enable effective risk mitigation.
Our single configurable workflow platform gives access to end-to-end third-party risk management that covers multiple risk aspects, backed by best-in class, contextualised data and supported by managed services, helping you to make better-informed decisions about your business partners and assist in meeting anti-bribery-corruption legislative requirements.
Why we are trusted worldwide
Get an accurate view of your location-based risk, with detailed, risk-based information on more than 240 countries and territories, categorized by criminal, economic and political factors.
Screening with market-leading risk data; with the ability to filter through specific keywords and sub-categorisation to target corruption and bribery risk related information.
Our third-party risk due diligence reports are available across multiple levels of complexity to suit your business requirements.
Learn more with our anti-bribery and corruption risk resources
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