Transparency International’s UK chapter released an anti-bribery portal to provide businesses with up-to-date and in-depth guidance on bribery and corruption issues. This online tool provides consistent and implementable procedures for companies operating in multiple jurisdictions. The information provided draws on the expertise of over 120 leading compliance and legal practitioners and is based on legislation, such as the UK Bribery Act and the US Foreign and Corrupt Practices Act, as well as international standards like ISO 37001.
This portal was put together after eight years of work by TI’s in-house experts that worked with businesses, government, investigators and regulators. It is set up in 18 modules that include risk assessment, due diligence, managing third parties, aligning incentives to behavior and a free e-learning course.
The costs of bribery around the world was estimated by the IMF to be around $1.5 trillion per year. However, the costs of corruption are not only financial. Companies can face serious reputational costs from bribery scandals as well. This new tool helps businesses avoid both the financial and reputational costs of corruption and bribery. Executive Director of Transparency International UK Robert Barrington stated “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.”
Visit the site here.