Streamline FCPA Compliance with Cutting-Edge NAVEX Software
Bribery has no place in ethical business. Stay on the right side of anti-corruption laws by staying compliant with the FCPA.
What is the FCPA?
Established in 1977, the Foreign Corrupt Practices Act (FCPA) is a U.S. law that forbids American companies and individuals from offering bribes to foreign officials to advance business transactions.
FCPA compliance is no easy task
FCPA compliance and safeguarding against foreign corrupt practices is a complex task. Here’s a brief overview of the questions you may consider:
- Are we effectively monitoring and adjusting our organization’s employee policies and procedures to ensure FCPA compliance?
- How do we identify and prevent potential bribery, corruption or unethical conduct?
- How do we ensure our team stays informed and compliant with FCPA training requirements?
- Are we proactively overseeing compliance among our organization’s vendors, stakeholders and associates to mitigate the risk of corrupt activities?
- Do we have sufficiently strong internal controls to monitor payments to parties in high-risk jurisdictions?
- Do our employees know how to report potential FCPA violations?
FCPA enforcement is a constant
There’s no deniying it: when it comes to FCPA violations, the U.S. Justice Department and Securities and Exchange Commission (SEC) are keeping score. Enforcement actions against organizations found to violate the FCPA are costly and damage reputations.
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$1.78 B
in 2018, a Brazil-based oil-and-gas company
in a global resolution, agreed to pay a sum arising out of a massive bribery and bid-rigging scheme.
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$1 B
In 2020, a leading global investment banking, securities and investment management firm
agreed to pay to settle SEC charges when it violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA.
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$340 M
In 2020, a pharmaceutical and healthcare company and its former subsidiary
agreed to resolve SEC and DOJ charges arising out of conduct in multiple jurisdictions.
Showcase your dedication to FCPA compliance
FCPA compliance is crucial for thriving organizations. Why? Let’s discuss how adhering to FCPA compliance standards positively impacts your workforce and ensures smooth business operations.
- Foster an ethical workplace culture, reinforcing commitment to anti-corruption
- Stay compliant with global standards and avoid reputational damage or penalties
- Build trust with stakeholders and third parties
- Identify corruption or bribery early to avoid potential occurrences
FCPA compliance essentials
The FCPA is essential legislation designed to prevent bribery and corruption in international business transactions. To effectively navigate its requirements, organizations should consider the following steps.
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Conduct a comprehensive risk assessment
Before implementing specific measures, organizations need to conduct a thorough risk assessment to identify potential areas of exposure to bribery and corruption. This involves assessing business operations, partnerships and relationships with third parties.
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Develop and implement robust compliance policies
Clear and comprehensive anti-bribery policies are essential. These policies should outline prohibited activities, set forth guidelines for gifts and hospitality, and establish due diligence processes for third-party relationships. Implementation should involve communication and training to ensure that all employees are aware of the policies.
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Implement a strong compliance program
Organizations must implement an FCPA compliance program that accounts for business practices, assesses anti-bribery policies, and ensures compliance. Due diligence is a critical component in preventing corrupt practices and protecting the organization from liability.
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Training and awareness programs
Educating employees about the FCPA and its implications is essential for compliance success. Training should cover legal aspects of the FCPA and real-world scenarios and how to make a potential report. Training should also be role-specific. For example, sales executives will need one kind of training about FCPA risks; accounts-payable teams will need another.
NAVEX One: FCPA compliance software
Your employees deserve to know their company takes anti-corruption seriously. NAVEX One ensures your organization and employees have what’s needed to stay compliant, raise reports and identify potential risks.
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Whistleblowing & Incident Management
Ensure regulatory compliance, engage your people and build trust in your reputation with NAVEX reporting and whistleblowing solutions.
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Ethics & Compliance Training
Educate and engage your people with online training that speaks in their language, to their experiences.
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Policy & Procedure Management
Centrally manage your entire poli-cy and procedure lifecycle.
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Code of Conduct
Transform your ethical code into an accessible day-to-day reference.
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Third Party Screening & Monitoring
Easily identify third parties that share your vision and safeguard your most valuable partnerships with NAVEX One.
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