Comprehensive online tool launched to help companies tackle bribery and corruption
Issued by Transparency International UK
Transparency International UK (TI) is today launching a new online tool, providing up-to-date and in-depth guidance for businesses in understanding and tackling bribery.
Drawing on expertise from over 120 leading compliance and legal practitioners, the guidance presents international good practice informed by the UK Bribery Act, US Foreign and Corrupt Practices Act, other national legislation, as well as the ISO37001 standard. It recognises both the global nature of modern business, and an emerging standard of anti-bribery procedures that extends beyond any single national requirement.
This free-to-use, 18 module guidance is the culmination of eight years of work by TI's in-house experts working with businesses, government, investigators and regulators, reflecting the daily reality of corruption risk for businesses and the expectations of legislation and enforcement regimes. The new online portal updates TI’s guidance published after the 2010 UK Bribery Act, which is already a standard reference point for legal and compliance specialists across the world, having been downloaded over 100,000 times.
The 18 modules include risk assessment, due diligence, managing third parties, aligning incentives to behaviour, and a free e-learning course. In addition to straightforward bribery, the guidance covers other areas of corruption risk that companies increasingly need to be aware of, such as political engagement, as well as transparency in corporate reporting.
Robert Barrington, Executive Director Transparency International UK, said:
“This new TI guidance will serve as an important tool for businesses looking to navigate the complex field of anti-bribery compliance in the modern world. It should be saved in the bookmarks of every single compliance officer or in-house lawyer who is serious about the reputation of their organisation.”
The IMF estimates the cost of bribery around the world to be around $1.5 trillion per year, with the poorest being hit the hardest.
Rolls Royce was this year forced to pay £671million in fines to regulators in the US, Brazil and UK, after admitting to paying bribes in multiple jurisdictions. This guidance will help companies avoid both the financial and reputational cost that follows from bribery.
Robert Barrington said:
“Bribery scandals have often led to significant financial impacts for companies as well as extensive damage to the corporate reputation. There has never been an excuse for engaging in corrupt activities, but with the release of this guidance, there can be no reason for a company to avoid having in place adequate procedures to prevent bribery.”
“Bribery can have a devastating impact on ordinary people both at home and abroad; and the impact of bribery is felt most strongly by the poorest in society. A world without bribery creates a level playing field for business and enables free markets to operate effectively; but most importantly, a society without bribery is a fairer and more prosperous place, and we aim for this guidance to contribute towards that goal.”
This guidance is published by Transparency International UK, the UK chapter of the global Transparency International movement, with the support of FTI Consulting and DLA Piper. The guidance was authored by Peter Wilkinson.
Visit www.antibriberyguidance.org to view or download the guidance in full.
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