For a long time, FCPA had been the major – almost exclusive - anti-bribery law that US companies had on their anti-bribery radar lists. Training programs, policies and procedures were specifically tailored to address its specific requirements, especially with respect to dealing with government officials. Even for global companies, putting FCPA anti-bribery risk mitigation processes in place meant ensuring compliance with major anti-bribery laws.
Laura Lonsdale, Sr. Compliance Counsel, Office of Business Conduct & Ethics at Pentair Ltd.
Jim Slavin, Chief Ethics Officer and Vice President, Advisory Services at SAI Global
Kirsten Liston, Assoc. VP, Learning Content Strategy
SAI Global Compliance (Moderator)
Barney Rosenberg, Vice President, Ethics and Business Conduct
Meggitt Group (Panelist)
Paula Davis, Director of Compliance Program Operations
SAI Global Compliance (Panelist)
Both the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act require that organizations undertake comprehensive anti-bribery risk assessments as a first step towards compliance with their mandates. From a practical perspective, it makes perfect sense that companies should first seek to understand risk exposure and the issues they face before taking action to address them. Conveniently, not only do risk assessments uncover areas of risk, well-executed assessments also help illuminate mitigation prioritization for the risks identified.
Like many global organizations, CSR plc , a provider of silicon and software solutions for the electronics and technology industries, faces increasing compliance challenges from regulations such as the US Foreign Corrupt Practices ACT (FCPA) and UK Bribery Act (UKBA). Working closely with SAI Global, CSR developed a learning program based on existing courseware that was designed to embed, communicate and reinforce a zero tolerance stance on bribery and corruption with all employees across CSR’s worldwide locations.
Presented by Stephen Martin
Managing Director, Baker & McKenzie Compliance Consulting
According to a recent study released by Kroll Advisory Solutions, only 47% of Asia Pacific companies surveyed had conducted an assessment of the risks stemming from enforcement of the U.K. Bribery Act and the U.S. Foreign Corrupt Practices Act (FCPA). Of those who did not conduct assessments, 51.3% either do not know how strong their compliance programs are or believe their compliance programs are not strong enough. Asian companies have been the target of U.S. enforcement action in the past.
According to a recent study published by FTI Consulting Inc., data privacy issues are the biggest challenge companies face when conducting multinational internal investigations. 54% of respondents answered that data privacy was the biggest obstacle when conducting these types of investigations. 114 legal and accounting professional who handle e-discovery in these matters participated in the survey. The study is being released at a time when the number of internal investigations is on the rise due in large part to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. Almost half of the respondents indicated that they had needed to collect data as part of an internal investigation in China. These types of investigations are particularly difficult in China due to its complicated data privacy laws. Additionally, those responding to the survey indicated that multinational investigations were costly undertakings. 48% of respondents reported that they spent more than $500,000 on these matters. 76% of respondents also indicated they believed there would be an increase in data privacy requirements over the next several years.
Wall Street Journal: Study Says Data Privacy #1 Obstacle in Multinational Probes (5 September 2012)
(Source: Wall Street Journal)
This multi-part series on Managing Anti-Corruption Risk focuses on the business processes that can both build organizational integrity and help mitigate the risks presented by bribery and corruption.
In Part 3, Anti-Corruption Issue Management, a step-by-step process that leads to effective compliance is laid out for compliance, ethics, legal, investigative and risk professionals. A key underlying element of effective compliance is defined as the ability to not only resolve issues but also identify their direct causes and the relationship among issues.
The focus of this multi-part series centers on the ‘how to’ of bribery and corruption risk management, i.e. the business processes that can both build organizational integrity and help mitigate the risks presented by bribery and corruption, specifically the FCPA and UK Bribery Act. Each guide provides a graphic depiction of a key aspect of an effective anticorruption program, beginning with the first guide that addresses defining and managing the risk of corruption.
- Anti-Bribery & Anti-Corruption (129)
- Anti-Money Laundering (113)
- Business Ethics and Corporate Culture (163)
- Careful Communication and Proper Use of Computers (15)
- Code of Conduct (6)
- Competition (195)
- Confidentiality and Intellectual Property (30)
- Conflicts of Interest (17)
- Consumer Protection (334)
- Corporate Responsibility and Sustainability (198)
- Employment and Workplace Issues (342)
- Environment, Health & Safety (158)
- Financial Integrity (194)
- Government Contracting (23)
- Information Security (37)
- Insider Trading (86)
- Other (2)
- Privacy and Data Protection (197)
- Records Management (16)
- Respect in the Workplace (6)