"Risk management software can prevent anti-bribery and corruption violations while demonstrating to regulators that a company is serious about monitoring its supervised persons."
This blog post is an excerpt from a LegalTech News article, written by CEO, Brian Fahey.
Regulators and organizations around the world are investing substantial resources to combat anti-bribery and corruption (ABC) law violations, one of the most common forms of business misconduct.
And with good reason. When individuals cross the line from above-board business conduct to back-channel dealings such as cross-border bribery or kick-back schemes, companies and individuals face significant financial penalties, reputational harm, regulatory sanctions and criminal charges.
Regulators are stepping up their ABC enforcement efforts and have published guidance to help firms address questionable behavior before it becomes more problematic. For instance, they note: “The larger or more extravagant the gift, the more likely it was given with an improper purpose.”
Naturally, corporate officers and executives are held liable if there is evidence of willful intent or gross negligence. But they are also being found at fault for failing to prevent and report corruption.
Read the rest of this article on Legal Tech News here.