A Growing Demand for FCPA Awareness and Compliance
Foreign Corrupt Practices Act (FCPA) represent one of a handful of increasingly important GRC issues that I feel like I neglect.
A new PricewaterhouseCoopers report projects that the number of FCPA cases and the severity of penalties will most likely continue to rise due to several factors.
Here’s a Reuters article reporting on the PwC report findings. And here’s an object lesson on the perils of neglecting FCPA compliance.
Finally, the original PwC press release contains some useful guidance, including the following steps related to implementing an anti-corruption program:
1. Instill an anti-corruption culture throughout all levels of the company.
2. Devote more resources to pre-acquisition due diligence and install postdeal measures.
3. Monitor FCPA compliance program regulations.
4. Know whom you’re dealing with.
5. Have a system in place to identify questionable or unusual payments.
6. Test your program effectiveness.
7. Know when and how to self-disclose. ###
August 5th, 2009 at 5:16 pm
The Siemens disaster might serve a useful purpose if it forces companies to take a much more serious look at their risks in this area.
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