Bribery and Corruption Risk Assessment Guidance
There are many moving parts to bribery and corruption, but when they gel together it can be very difficult to dislodge from an organisation. Reputational damage can be a very difficult stain to remove.
- Bribery : offering something for illegal competitive advantage
- Corruption : abusing a position of trust in order to gain an competitive advantage
Assessing the risk of bribery and corruption to your business is an important risk assessment to get right in global businesses. Steering clear of bribery and corruption is more difficult than would be immediately expected from big brand businesses.
Large organisations increasingly come under the microscope of overseas and domestic legislation so is a compliance issue as well as a risk or governance issue. Bribery and corruption risks also extend into risks from business partners, distribution networks, third parties and must be a priority for mergers and acquisitions, otherwise the new bad apple could contaminate the whole barrel.
Ethical businesses must have clear risk management processes, procedures and controls consistently applied across the company including the monitoring and review of bribery and corruption risks.
Bribery and Corruption Policy Statement and Procedures
Protect yourself and your business by putting in place an anti-bribery policy for those who work for you and on your behalf. Create your own anti-bribery policy wording. Anti-bribery policy definition example sample :
UK Government : “It is illegal to offer, promise, give, request, agree, receive or accept bribes – an anti-bribery policy can help protect your business. You should have an anti-bribery policy if there is a risk that someone who works for you or on your behalf might be exposed to bribery.”
Your firm should be vigilant about bribery and corruption, which are both criminal offences under the UK Bribery Act 2010.
Bribery and Corruption Compliance Training
Enable your employees to understand and comply with the Bribery Act. Get training for employees for all parts of the globe. Put anti-bribery and corruption measures in place. Teach employees about the most common issues relating to international bribery and corruption.
Bribery and Corruption Risk Management News Opinions Risk Analysis
16th January 2017 – Rolls-Royce Settle Bribery and Corruption Probe
Rolls-Royce has agreed to pay £671m to UK, US and Brazilian authorities – mainly UK. Britain’s Serious Fraud Office (SFO) received nearly half a billion pounds of the penalties imposed on Rolls-Royce. In return a prosecution of the company will be deferred (subject to court hearing approval). It is the largest UK penalty ever imposed by the SFO.
Rolls-Royce are reported to have responded to the allegations saying “These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed on to the SFO from 2012 onwards. These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty.”
Penalties will be paid over five years, with the first year of all three agreements seeing £293m paid out.
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