With the Dodd-Frank Act rulemaking nearly complete, 2013 might be a slightly quieter year for regulatory change in the United States. Not so for Europe and other global regions. Global regulators, accounting standard setters, and foreign enforcement agencies have a full pipeline of new initiatives, many of which will affect U.S. businesses. Here are 10 […]
Anti-Bribery
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Corruption Risks Increasing in China, Russia, and Mexico
Despite an intense focus on mitigating them, corruption risks are only increasing for companies that do business in places like China, Russia, and Mexico. Vigorous enforcement of the Foreign Corrupt Practices Act by the Justice Department and worsening corruption in several countries are making it increasingly difficult to get corruption risks under control for companies […]
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Russia Inching Toward Anti-Bribery Reforms
Companies that do business in Russia know that the corruption risks there are massive. Some new laws in Russia could help stem the threat, but anti-bribery law experts say they will believe it when they see it. Russia has long been viewed as a bastion for corrupt officials on the take. Transparency International, which issues […]
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Inside FCPA Guidance: What to Expect Next
Just in time for the season of giving, the Department of Justice and the Securities and Exchange Commission have doled out a much-anticipated gift of their own: a resource guide to the Foreign Corrupt Practice Act. By essentially unifying into a single document what previously existed as a piecemeal collection of informal opinions and case […]
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Fostering a Unified, Ethical, and Global Corporate Culture
Building an ethical corporate culture can be daunting under even the best of circumstances. Add to the mix a workforce located in multiple countries, each with its own culture, language, and legal system, and the challenges are magnified. Yet, companies can’t ignore these obstacles, given the increasingly global economy. In 2011, nearly half (46 percent) […]
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U.K. Provides New Guidance on Bribery Act Compliance
Britain’s Serious Fraud Office announced tough-talking new policies earlier this month on how it will enforce its new Bribery Act. The agency says it is now taking a harder line on facilitation payments and corporate hospitality, and providing fewer leniencies for self-reporting. Mostly the changes are a matter of tone rather than substance, lawyers say. […]
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Sharpening Third-Party Risk Mitigation
Never has third-party risk management been as high a priority as it is in today’s stringent anti-corruption enforcement environment. Yet, many companies still aren’t up to snuff when it comes to refining the processes used to mitigate third-party risks. They are in a “relative state of paralysis,” says Kenneth Kurtz, chief executive officer of Steele […]
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SFO Issues Revised Bribery Guidance
Britain’s Serious Fraud Office has published new guidance today that includes tougher standards for when a company may be prosecuted under the U.K. Bribery Act. The guidance issued Oct. 9 covers the SFO’s latest enforcement approach toward facilitation payments, gifts and hospitality, and self-reporting. SFO Director David Green said the latest changes have been made […]
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Building the Foundation for a Unified GRC Function
Building a compliance program from the ground up from a well-conceived blueprint is a luxury few compliance professionals enjoy. Most companies already have some initiatives in place—an environmental, health, and safety program or anti-money laundering policies, for example. While the existence of such programs is not necessarily bad in itself, building on to them can […]
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Tyco in Hot Water Once Again After FCPA Settlement
Anyone searching for some broader context to understand how Tyco International lurched into yet another bribery scandal—the third major misconduct meltdown to hit Tyco or one of its spin-off companies since 2002—would do well to ponder one of the most famous lines from The Godfather. “Just when I thought I was out,” crime boss Michael […]
