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2017 - Developing effective risk management policies to ensure your company’s compliance with the Foreign Corrupt Practices Act



VenueAurora, USA - United States USA - United States

KeywordsEffective Risk Management; Enterprise Risk Management; Risk management policy


Topics/Call fo Papers

Corruption is no longer a viable option for businesses engaged in international commerce. A number of laws, such as the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and international conventions, including the UN Convention against Corruption call for significant limits on the ways that businesses can solicit and conduct their business transactions. Substantial penalties can apply to businesses that fail to take proper precautions against corruption. Recent incidents, such as the Wal-Mart bribery scandal in Mexico or that of Siemens can result in hundreds of millions, and even billions of dollars in fines and penalties, not including the cost of legal defense and mitigation measures. This webinar will help businesses navigate a course of action towards compliance by utilizing risk management approaches that seek to identify potential threats to corruption and to institute mitigation measures to lessen the impact of those threats.
The FCPA makes it unlawful for a US person, and certain foreign entities doing business in the US to make a payment to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person. The FCPA also requires many companies in the United States to meet certain accounting provisions, including maintaining of books and records that accurately and fairly reflect the transactions of the corporation. Companies are also required to devise and maintain an adequate system of internal accounting controls.
Similar legislation has been passed by the United Kingdom and other countries, with some varying provisions. Many companies can find themselves subject to more than one set of these types of laws. Violations of these laws can result in significant legal and investigative costs, huge fines and penalties, and resulting reputational loss.
To protect themselves against allegations and instances of corruption, many corporations are taking steps within their organizations to help protect their reputation and reduce their exposure through appropriate risk management techniques. Such techniques include the adoption of policies and procedures, including the exercise of greater due diligence in vetting third party intermediaries.
The risk management training will examine how such risk management programs can be developed and used to help a business meet its compliance mandate in this regard.
• FCPA requirements
• Other anticorruption related laws
• Types of Risk Management Approaches
• Roles and responsibilities of various business management and staff in the development and implementation of risk management
• Identifying key areas of risk
• Developing a sound anticorruption policy
• Implementing the policy throughout the organization
• What happens when “something goes wrong”
• Verification and audit of anticorruption policy and program
This webinar will provide valuable assistance to all personnel in:
• Financial institutions
• Manufacturers
• Investors
• International sales representatives
• International traders
• Distributors, especially those engaged in international transactions
The course will expose the learner to the basic requirements of the FCPA and similar laws, the importance of a company complying with the law, and various steps a business can take to help it comply with these requirements.
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Last modified: 2017-11-03 18:05:56