Leverage Technology to Minimize FCPA Risk
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Hello everyone and welcome to todays webinar, hosted by me Joe Boyhan and John Kearney of MyComplianceOffice and compliance expert Michael Volkov.
Let's talk about some of the advantages again, of software solutions. Okay. Remember what we've talked about, and I've tried to make this real for you. In other words, is that you're going to be able to get real time collection of data and monitoring of data. Now you're going to have metrics. Now you're going to have real time monitoring capabilities that are not, if anything it's going to make your job easier. You're going to get, patterns are going to become available. Let's say you want to see what Mike Volkov's been doing in terms of his sales activities and who he's going out with and who he's taking where, you're going to be able to get that information at a moment's notice.
Who is Mike taking and what are the reasons? Is Mike getting pre-approval or not? Is he trying to circumvent the pre-approval by putting in, let's say five expenditures below $20, or whatever? You're going to quickly be able to catch that and observe it. Imagine how that would change some of the situations in terms of raising red flags, following up with real time audits, checking into why things are going this way. And you build your software solution around your specific risk profile, and you're making sure that all expense policies, and all of your policies with gifts, meals, entertainment, are being done in accordance with your rules, and your controls if you have them, globally, regionally, locally, or down to the country level. These are all the benefits that you get with the software solution. There should be one listed, which is you free yourself from headaches.
Okay, let's go to the next one. We've talked about best practices. In other words, we're applying rules that are consistent. We're aggregating data. We're able to track patterns. We're requiring approval and pre-approval, and we're setting detailed standards. Remember that people in certain contexts, companies in remediation for violations, have basically said to the government, "Hey, we're going to do a lot more pre-approval of these expenses. We're going to look at them in advance." Imagine if you, as a best practice, already have this framework.
You're reducing your risks of bribery. You're reducing your risks that this funding stream, which can be a lot, is going to be used improperly. You also get greater buy in from the business, because the business has access to submit their pre-approval requests. They can put them in, and it's easier for them to do that than writing out a form, or writing an email to somebody and saying, "This is what I want to do, and attached is my form." This is a much more, it's a win/win situation, because you always get better buy in from the business, and you get better performance by the compliance monitoring function.
This webinar was co-hosted with Michael Volkov of VolkovLaw.