Gifts, Entertainment and Hospitality monitoring to mitigate Anti-Bribery and Corruption Risk
As enforcement of Anti-bribery and corruption laws continues to gain momentum in the US and globally, organization can protect the firm by creating evidence of a proactive approach to gifts, entertainment and hospitality monitoring.
MCO's solution helps you monitor, document and address potential conflicts through automation. MCO clients have found the following thought leadership helpful when creating a robust compliance program to monitor gifts, entertainment and hospitality.
Tips on managing the type of gift in your Gifts and Hospitality Policy
- Never give cash or cash equivalents, such as gift cards.
- Give gifts of nominal value and anything above that value must be cleared in advance.
- Give gifts that are perishable, such as plants, or consumables.
- Give gifts that an entire office can share instead of just one individual.
- Give gifts with a corporate logo that promote your company but do not have
- Provide sample products (of nominal value) from your company.
- Give something unique to your company or from your region as a gift.
- Give something proverbially useless, like a calendar.
Tips on managing behaviors in the Gifts and Hospitality Policy
- Do not give gifts frequently to the same individual or group.
- Set a limit of the total amount an individual or a group can give or receive.
- Set aggregate gift limits per group or individual within your organization so you can track the behaviors of your staff to identify anyone who is excessively using gifts in your business.
- Build business relationships through recreational activities instead of private meals or functions.
- Present gifts openly and in front of a group of people.
- Give gifts for official, rather than personal use.
- Make sure that any gift would comply with both local law and the internal policies at the official’s company.
- Clear gifts through your compliance department in advance.
MCO has the most comprehensive G&E management tool available today. It is part of our “Know Your Employee”
compliance suite that provides compliance managers with data collection and facilitates workflow, communications,
alerts, approval, reporting and record-keeping for common compliance tasks. Contact MCO to learn more or view a
demonstration of the solution.
Giving Gifts to Customers
Giving gifts to customers is common in global business and often important in maintaining positive client relations but this practice could be putting the organization at risk if not effectively managed. Compliance should be able to identify patterns of behavior that could signal code of conduct violations.
Anti-Bribery and Corruption
A comprehensive ABC policy and management system must be able to manage multiple activities simultaneously in order to effectively meet anti-bribery and corruption regulations. MyComplianceOffice created an integrated solution can monitor employee compliance, outside business activities, political contributions and third-party risk.
Third Party Management
A strong gifts, entertainment and hospitality program should consider misconduct risk brought by third parties, agents, consultants and distributors. In business today, effective third-party management is imperative to protect your institution’s reputation, resources and customers.