SOURCE: Source Intelligence®DESCRIPTION:
Companies are encouraged to find business opportunities wherever there is a market for their services or products. When those opportunities reside other parts of the world, it is essential that your policies for doing business is carried out, not only by your 3rd party business partners but also by your internal staff as well. In recent investigations from both the Securities and Exchange Commission (SEC), in the United States and the Serious Fraud Office (SFO), in the United Kingdom, have been met with charging high-level executives with conducting and promoting practices that would otherwise encourage bribery and corruption. Interestingly, scoping the activities of high-level officials has brought on serious investigations from major companies that have high-level executive involvement. Some examples we have seen are Petrobas from Brazil and Siemens to name a few. According to Samuel Rubenfeld of the Wall Street Journal, He writes on the convictions and sentencing of two executives of a UK based printing company that printed and secured documents such as ballot papers and certificates. These bribes were issued in Kenya and Mauritania, spread throughout a 4-year period between 2006 and 2010.
Although, sometimes it is too late for companies to avoid penalties, it is incidences such as these that will get any organization to reexamine their internal management team and set stricter policies.
“During this period we have learned many lessons, and as a result [we] have developed industry leading, anti-bribery and corruption management processes,”
Developing a risk management system that touches every tier structure within any organization is key to avoid internal struggles on corruption and bribery. Centralization of information and tools is a pinpointed method that creates a network of continuity and enables all levels in a company. Learn more on how centralizing information, data, and trainings can really influence and develop the proactive culture of anti-corruption and anti-bribery. Click Here
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