In the last several years, risks surrounding bribery and corruption have risen as prime concerns among business leaders and nations alike. The United States’ Foreign Corrupt Practices Act (“FCPA”), which to date has been the prime weapon in the global crackdown on corruption, continues to be a clarion call to multinational companies. And with countries like China, India, Russia and the U.K. strengthening their anti corruption laws, Multinational companies, now more than ever, need to be proactive in addressing their compliance risks and building related programs that can mitigate the risks that bribery and corruption raise.
Companies with a global footprint, especially those expanding into new and unfamiliar territories, would be remiss if anti-corruption compliance wasn’t moved closer to the top of their priority list. The elements of a successful anti-corruption strategy start with a corporate-wide framework which should evaluate and address all of the entity’s vulnerabilities. It is essential that a risk assessment be performed to identify areas of potential risk — in all geographic regions, industry sectors, and lines of business.
