Accuity, part of BankersAccuity, has released a whitepaper entitled ‘Addressing Anti-bribery and Corruption Compliance’. The paper reviews the increasingly stringent regulatory landscape across the US and Europe and how firms can best demonstrate anti-bribery and corruption compliance through processes and technology.
Global regulations, such as the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA), create pressure on firms to demonstrate that the appropriate compliance programmes are in place. The Dodd-Frank whistleblower provisions place greater stress on firms as whistleblowers can receive a bounty from fines and penalties resulting from an investigation should the organisation be culpable. As a result, corporate, legal and compliance executives must be able to ensure they have a strong defence against any potential risk.
“Although there have been anti-bribery and corruption laws in place for some time, we’re finding organisations are more cautious than ever – and with good reason,” said Henry Balani, managing director at Accuity. “As recent headlines show, even the largest corporations in the world can face corruption and bribery scandals and suffer client distrust, tarnished reputations and potentially irreparable business damage. More and more of the firms we speak with are seeking to implement robust compliance programmes and effective processes to protect themselves against a potentially dire situation.”
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