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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

Bribery & Corruption - “societal action v. unenforced regulation”

At the moment, the international approach to enforcement around bribery and corruption can seem uneven, at best and perhaps lax, at worst.

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Topics: FCPA, Anti-Bribery and Anti-Corruption, third party risk management, Corruption Enforcement, Corruption, Fraud, Bribery, compliance programs, reputational risk, uk bribery, uk sfo

What do I need to ask when buying a Third Party Risk Management (TPRM) solution?

Third party risk management is a complex discipline, that combined with the scale, complexity, and change dynamics of any Global 2000 organization, can often lead to false starts with technology implementations.

It’s important to get enterprise software purchase decisions right – they are the fulcrum of successful third party risk programs for the business, they impact on the adoption and performance of many internal users across the enterprise, and they can have an impact on the careers of those selecting them.

DOWNLOAD THE BUYER'S GUIDE

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Topics: FCPA, risk and compliance, Anti-Bribery and Anti-Corruption, OCC, third party risk management, Data Security & Privacy, Registration & Qualification, Conflict Minerals, GDPR, General Data Protection Regulation, aravo, ABAC, risk mitigation, sustainable procurement, regulatory risk, tprm

Speaking of Risk: Pharmaceutical Companies and Third Party Promotions

Pharmaceutical companies around the world are struggling to keep up with the rapid evolution of ethical frameworks around bribery and corruption in their industry.
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Topics: Pharma, Anti-bribery & Anti-corruption, FCPA, Medical Companies, SEC, Corruption, Bribery, DOJ, teva, Pharmaceutical Companies, settlement, fines, gsk

The DOJ’s “Evaluation of Corporate Compliance Programs”

Guidance for your FCPA Programs

On the 8th of February the Fraud Section of the DOJ released fresh guidance in the form of its “Evaluation of Corporate Compliance Programs,” which provides a list of questions that prosecutors will typically ask about a compliance program.

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Topics: FCPA, risk and compliance, Third Party Management, Global 2000, DOJ, KYTP

Reducing Regulatory Risks & Achieving Third-Party Compliance in Mining

Multi-million dollar fines, bad publicity, even jail time for executives—mining companies have a lot at risk in the area of regulatory compliance. In Ernst & Young’s report Business risks facing metals and mining 2016-2017, two of the top ten trends relate to transparency and compliance. Government are cracking down on corruption, and NGO’s and journalists are fueling social movements expressing concern over workplace safety and ethical sourcing.

One area deserves attention from mining and metals companies: third-party compliance.

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Topics: FCPA, Anti-Bribery and Anti-Corruption, Mining, third party risk management, Responsible Sourcing, Conflict Minerals

Beyond Dodd-Frank: Reducing Regulatory Risks and Achieving Third-Party Compliance in Financial Institutions

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 might garner the most headlines, but it is hardly the only federal regulation deserving the attention of U.S. banks.

Two other federal regulations are increasing the pressure on banks and other financial institutions to monitor and manage third parties. A third party is any outside entity doing work for a bank, regardless of whether the third party is an individual, partnership, or corporation, and regardless of whether the work is done under contract or on a more casual basis.

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Topics: FCPA, OCC, CFPB

FCPA Third-Party Risk and Compliance for Pharmaceutical Companies

Around the world, governments are getting stricter about enforcing anti-bribery and anti-corruption regulations such as the U.S. Foreign Corrupt Practices Act (FCPA), the U.K. Anti-Bribery Act, and other national laws modelled on the OECD Anti-Bribery Convention. These regulations forbid bribery and corruption by companies and their third-party partners, including resellers, distributors, and marketing agencies.

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Topics: Pharma, FCPA, Anti-Bribery and Anti-Corruption