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Mitigate Bribery and Corruption Risk in Real-Time

 

Mitigate Bribery and Corruption Risk in Real-Time

 

 

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 Full transcript available below:

Hello everyone and welcome to todays webinar, hosted by me Joe Boyhan and John Kearney of MyComplianceOffice and compliance expert Michael Volkov. 

 

Here we're going to talk about, there are ... And I've written about this in my blog, if you follow my blog. I write that technology now is enhancing compliance capabilities and compliance controls. The thing about it is, the Justice Department and the SEC staff are just as aware of these technologies as you and I are. They don't want to hear the argument, if you're ever in a situation with the Justice Department or the SEC, where you have to say, "We didn't have enough money to implement this software solution." Their eyes sort of glaze over and they obviously think to themselves, "Well, this wasn't very important to you, or else you would have."

 

One of the ways that we see is technological changes, and sort of platforms, that are available to mitigate your risks. Similar to due diligence in a third party, and we know about all the vendors that are out there hustling and hustling and bustling their sort of third party risk mitigation programs. What we're seeing now is, and My Compliance Office is sort of a leader in this area, is that we're seeing that this technology and this platform can be used in another way, which is a very effective way for monitoring real time, and pre-approving real time requests to expend money on gifts, meals, entertainment, travel or hospitality.

 

We are no longer sort of in that situation where we're getting reimbursement requests and we have to try to unscramble the egg, or unscramble the activity, or document or remediate what was, let's say improper use of a gift, meal, or entertainment. Because we wouldn't have approved it, had we known about it in the beginning. We're able to transform the whole process into a real time monitoring process. That is what software and technology gives us, and this is important in this particular area. It also facilitates and makes ... Look, people who automate just routinely, I've experienced with all of my clients and people that I'm in contact with, that people are happier. They're happier once they have a third party solution. They're happier once they have a gifts, meals, entertainment solution as well.


 

This webinar was co-hosted with Michael Volkov of VolkovLaw.

 

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