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Doing the Right Thing - 5 Best Practices in Managing ABAC Third Party Risk

Managing third party bribery and corruption risk can be one of the more challenging aspects of both overall anti-bribery and anti-corruption (ABAC) and third party risk management (TPRM) programs. They are also closely intertwined. Organizational stakeholders – shareholders, regulators, customers, and interested bodies such as pressure groups – are focusing on both of these areas with increased intensity today. This is not surprising, as third parties represent one of the largest areas of ABAC risk exposure to a company, and their compliance failure can result in significant financial and reputational damage for the organization.

However, getting an ABAC program for third parties right – greatly reducing the probability of a risk event occurring – can often mean the need for an organization to substantially raise its game. Applying focus on ABAC compliance after an investigation or enforcement action is never the best approach, as the damage is already done.

Below are 5 important best practices that organizations around the globe are implementing within their ABAC third party risk management programs today:

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Topics: FCPA, Anti-Bribery and Anti-Corruption, supplier due dilligence, ABAC compliance, vendor due dilligence, third party due dilligence, third party risk monitoring, compliance standards

Five Key Trends in ABAC Enforcement Demand A Strategic Response From Companies

In the rapidly evolving anti-bribery and anti-corruption (ABAC) enforcement environment, boards and senior managers need a strategic approach to tackling this issue more than ever before. The volume of enforcement activity continues to be high. Investigations and prosecutions in the US remain robust in spite of initial concerns about the impact of Trump administration policies, and global monetary sanctions imposed by the world’s regulators on entity groups in US Foreign Corrupt Practices Act (FCPA)-related investigations totaled $3.2 billion in 2018, the second highest total over the past decade.

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Topics: FCPA, Anti-Bribery and Anti-Corruption, SEC, DOJ, uk sfo, sanctions, US Department of Justice, ABAC enforcement, ABAC compliance, World Bank