Bribery and corruption are particularly hot topics at present. Following a number of cases involving large banking corporations, the spotlight has changed to soccer’s world governing body, FIFA. The involvement of the FBI in FIFA’s bribery allegations is proof of how serious the accusations are and has done much to focus media attention on the topic.
What has caught the eye in the case of the FIFA allegations is the huge amounts of money being suggested. The alleged bribery is on a scale that’s simply mind-boggling. If this were to happen in YOUR organization, think of the reputational and commercial fallout that would inevitably follow.
In the past – prior to around the year 2,000 – bribery was seen as something of a ‘necessary evil’ in certain parts of the world, and an accepted part of business practice that was almost ‘built in’ to any significant business deal. More recently, however, this culture is changing, and measures to curb and prevent bribery and corruption are becoming much more widespread.
Despite changing attitudes to bribery, however, many compliance departments still struggle to keep up with the risks of corruption to their business. With that in mind, here are four key elements that you should include in your company’s Anti-Bribery Compliance program
1. Keep it current
Keep fully up to date with the latest anti-bribery and anti-corruption legislation and regulations. This changes on an ongoing basis, in response to new and emerging threats, so make sure you continuously upgrade your compliance training so that it aligns with the changing regulatory landscape.
2. Follow best practice
Evaluate current practices within your organization to identify any current threats to compliance. And as above, be aware that new threats are emerging on a regular basis, so make sure your evaluation is completely up to the minute. Remember, too, that your organization is unique, so may well have certain susceptibilities that other companies or sectors don’t.
3. Establish an anti-bribery culture
If your aim is to develop a compliance culture, it must start at the top of the organization. Management must lead by example, and this is particularly true in industries which have a history of disregarding best practice. The topic is so important that it could be included in the annual CEO addresses to staff, or anti-corruption and anti-bribery training could become part of the ongoing performance assessment of each individual.
Find out more about developing compliance culture in your firm in this Corporate Compliance Insight’s article – Speak Up! – Promoting a Compliance Culture.
4. Develop compliance training that works
You should prioritize compliance training across all levels of your organization. Bribery and corruption are not the preserves of senior management, but can exist and thrive at any level. So make sure that all your staff are fully up to date on best practice anti-bribery and anti-corruption compliance practices.
Training is an essential component of success in any organization. Awareness and understanding of compliance issues such as anti-bribery among your staff is vital to protect your business.
Learn more about effective compliance training programs in The Principles of Effective Compliance Training.
Paradoxically, perhaps, the fact that FIFA is in the global spotlight can be seen as a good thing. It shows that there is a global determination to stamp out bribery and corruption, and to do business in a fairer, more transparent, and more ethical manner.
We partner with global organizations to help develop their compliance training. If you’d like to know more about how we can help your firm implement best-in-class anti-bribery and corruption training – then contact us today.