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Anti Bribery and Corruption
What is bribery & corruption?
Bribery is offering or accepting compensation to influence the recipient’s behavior, while corruption is the more obtrusive dishonest conduct by a regulator. Both often go hand in hand, and numerous countries have anti-corruption and anti-bribery laws in place. The UK Bribery Act of 2010 is undoubtedly the most rigid and most thorough anti-bribery and corruption act globally, affecting business in the UK. In the United Arab Emirates, Federal Law no. 3 of 1987 (the UAE Criminal Code) is the key source of law governing bribery that affects Emiratis and expatriates. Organizations must protect themselves with comprehensive anti-bribery and corruption policies.
Doing business globally has helped organizations to new rewards, but also unknown risks. Anti-bribery and corruption policies & procedures are put in place to enhance an organization’s integrity and compliance. Legislations such as the UK Bribery Act, Federal Law no. 3 of 1987 (the UAE Criminal Code), and Foreign Corrupt Practices Act (FCPA) speak to today’s companies’ threats: massive fines and even imprisonment.
Fortunately, organizations can establish anti-bribery and corruption programs and proactively work to educate their teams to prevent deterioration. These programs can increase compliance, reduce the likelihood of misconduct, and avoid prosecution for missteps.
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Impact of Bribery & Corruption
Failure to take accountability for your organization’s internal activities and dealings with external parties can frequently end in damaging allegations, undesired media attention, and regulatory investigations. Various corruption scandals making media headlines could have been handled more efficiently with precisely communicated policies and procedures against bribery and corruption, a safe place for employees to report bribery or corruption concerns, and on-going due diligence on third-parties. Employees need precision around what steps to take if they witness misconduct through training, procedures, and a trusted process to report concerns.
42%
of people could justify an unethical act to ensure they reached financial targets
1 in 5
1 in 5 professionals are not recognizing 3rd parties as part of their anti-corruption due diligence
24%
of companies believe they’ll encounter bribery and corruption
SOURCE:
EY Global Fraud Survey, 2016
SOURCE:
EY 2016 Global Fraud Survey
SOURCE:
Pwc 2016 Economic Crime Survey
We’ll Help You Create a Customized, Visual, and Effective Anti-Bribery & Corruption Program
STEP 1
Your organization should have a code of conduct that communicates your corporate culture and acts as the starting point for every policy and procedure created.
STEP 2
Use a policy and procedure management program to increase access to policies for every stakeholder and reduce legal risk.
STEP 3
Implement effective compliance training from the top down to reinforce that ethical culture.
STEP 4
Learn about the GDPR requirements and determine whether this legislation affects your organization.
Complyee’s comprehensive anti-bribery and anti-corruption program helps you educate employees and third parties, invariably collect reports on bribery for follow-up and manage third parties to mitigate bribery and corruption risks. In today’s global marketplace, your organization needs to take proactive measures to prevent bribery and corruption practices.