Third party due diligence hasn't always been amongst the first priorities considered by businesses implementing 'adequate procedures' to tackle bribery & corruption. As a consequence many organisations struggle to put in place effective and proportionate due diligence processes aligned to their markets. However, the increase in regulatory scrutiny of ABC procedures; the expectations from US agencies that "Comprehensive due diligence demonstrates a genuine commitment to uncovering and preventing FCPA violations"; and from the UK Ministry of Justice that "the commercial organisation applies due diligence procedures" means this task is getting more attention.
These issues were touched on at the C5 Anti-Corruption Event in June where LexisNexis Business Information Solution's Due Diligence Segment Leader, Mark Dunn, hosted a workshop entitled 'Implementing Compliance Procedures in Your Joint Venture Partners and Subsidiaries'. The event brought together anti-corruption professionals including; senior officials from government, international financial institutions and NGOS; as well as in-house business leaders, counsel, ethics and compliance executives, and internal auditors from around the globe to network and discuss issues around bribery, corruption and compliance.
The outcomes of the workshop have been described in our free white paper 'Implementing a consistent and efficient third party due diligence process'. And, for a quick overview, here are Mark's 8 top tips.
Better understand your customers, employees and vendors to reduce risk, raise productivity, increase profitability and improve decision-making. Lexis Diligence brings together all the intelligence you need in one place to conduct consistent due diligence and comply with anti-money laundering and anti-bribery regulatory requirements. It's fast, intuitive and doesn't require any additional IT investment or training.