Transparency International UK has launched a new online tool that provides up-to-date and in-depth guidance for businesses in understanding and tackling bribery.
Drawing on expertise from over 120 compliance and legal practitioners, the guidance presents international best practice informed by the U.K. Bribery Act, the U.S. Foreign Corrupt Practices Act, other national legislation, as well as the ISO37001 standard. It recognises both the global nature of modern business and an emerging standard of anti-bribery procedures that extends beyond any single national requirement.
This free-to-use, 18 module guidance is the culmination of eight years of work by TI's in-house experts working with businesses, government, investigators and regulators, reflecting the daily reality of corruption risk for businesses and the expectations of legislation and enforcement regimes. The new online portal updates TI’s guidance published after the 2010 U.K. Bribery Act, which is already a standard reference point for legal and compliance specialists across the world, having been downloaded over 100,000 times.
The 18 modules include risk assessment, due diligence, managing third parties, aligning incentives to behaviour, and a free e-learning course. In addition to straightforward bribery, the guidance covers other areas of corruption risk that companies increasingly need to be aware of, such as political engagement, as well as transparency in corporate reporting.
“This new TI guidance will serve as an important tool for businesses looking to navigate the complex field of anti-bribery compliance in the modern world,” said Robert Barrington, executive director of Transparency International U.K.. “It should be saved in the bookmarks of every single compliance officer or in-house lawyer who is serious about the reputation of their organisation.”
This year, British engineering company Rolls Royce agreed to pay £671 million in fines to regulators in the United States, Brazil, and United Kingdom, after admitting to paying bribes in multiple jurisdictions. This guidance will help companies avoid both the financial and reputational cost that follows from bribery.
“Bribery scandals have often led to significant financial impacts for companies, as well as extensive damage to the corporate reputation,” Barrington said. “There has never been an excuse for engaging in corrupt activities, but with the release of this guidance, there can be no reason for a company to avoid having in place adequate procedures to prevent bribery.”
This guidance was published by Transparency International UK, the U.K. chapter of the global Transparency International movement, with the support of FTI Consulting and DLA Piper.