Canadian data analytics and software group ACL has launched an anti-bribery and anti-corruption solution in response to customer demand, resulting from increased regulatory scrutiny and enforcement.
The packaged offering, built upon ACL software, consulting services and best practices templates distilled from working with US Fortune 500 companies, enables organisations to rapidly implement a proven internal control framework that mitigates key bribery and corruption risks, which can otherwise result in fines, corporate reputational damage and incarceration.
The offering packages ACL technology with expert consulting services to support 30 key controls monitored with 20 analytical tests that automatically comb massive quantities of data for suspicious patterns and share results for reporting and remediation. The solution enables organisations to implement the technology and internal processes required to assess, monitor, and share anti-bribery results in weeks, rather than months or years.
“Most companies don’t know where to begin when it comes to combating bribery and corruption. We have packaged together software, consulting, and best practices templates, including risk and control matrices, audit programs, and analytical tests, to help organizations immediately get started,” said Dan Zitting, vice president, product management and design at ACL.
“We understand the value of integrating processes, technology, and knowledge for improved visibility, demonstrability and awareness of anti-bribery and anti-corruption efforts, as well as the need to empower organisations to take immediate defensive action if problems arise.”
Vancouver-based ACL adds that although most companies have a mature internal control framework in place with regard to financial reporting, these control activities seldom detect issues of bribery and corruption. One-off, haphazard approaches that lead to gaps in the monitoring and identification of instances of corruption, as well as a lack of technical skills required to establish technology-enabled anti-bribery mitigation, leave many dangerously exposed.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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