Fighting Bribery and Corruption in Your Third-party Ecosystem

Bribery and corruption can ruin your organization’s reputation, decrease revenue, and increase costs, especially if you incur a regulatory fine. Your third-party vendors, suppliers, and other kinds of business partners pose the greatest risk to your organization’s anti-bribery and anti-corruption compliance. Learn how you can protect your business from bribery and corruption and sustain the ethical standard of your business ecosystem.

Transcript:

0:00 The United Nations has estimated that corruption costs are equivalent to as much as 5% of the world’s GDP, and those who are least able to afford it are most affected.

0:12 For organizations like yours, corruption impedes business growth, escalates costs, and poses serious and expensive reputational and legal risks, including millions or even billions of dollars in fines in addition to legal and remediation costs.

0:28 Your third-party risk management program is on the forefront of the fight against corruption. Year after year, more than 90% of enforcement actions related to the US Foreign Corrupt Practices Act are the result of the actions of a third party, such as a joint venture, subsidiary, broker, or other kinds of business partnerships.

0:49 And FCPA is only one of the regulations you need to comply with. Other countries also take corruption seriously, with laws like the UK Bribery Act, France’s SAPIN II, and proposed anti-bribery and corruption legislation around the world.

1:05 And regulators are increasingly collaborating across jurisdictions to bring joint action against violators.

1:13 Spreadsheets and emails aren’t adequate weapons in the fight against bribery and corruption.

1:18 To ensure that your third parties uphold the same standard of integrity you do, your third-party risk management team needs technology that can efficiently satisfy risk owners, business owners, and regulators.

1:33 A system that can:

• Centralize all of the data you collect from and about your third parties to create a single source of truth and a robust audit trail
• Empowers you to be confident in your compliance, enforce controls, and identify and mitigate risks through native alignment with guidance related to WEF, UK Bribery, FCPA, and ISO 37001
• Manage the assessment process efficiently, collecting data risk experts need to make decisions about risk exposure.
• Screen against government databases to verify beneficial ownership, confirm that the entities or individuals are not prone to sanctions or embargoes, identify any politically exposed persons (PEP), and provide a way to disposition results
• Provide enhanced due diligence when needed, including deep-dive assessments and integration with risk intelligence data providers like Refinitiv World-Check One
• Continuously monitor for – and alert you to – changes that could impact the third-party risk profile
• Automate issues and corrective actions workflows to ensure that any risk exposure is mitigated
• Support a robust process for terminating and off-boarding non-compliant third parties
• Deliver visibility with role-based dashboards and reporting
• Track gifts given to or received from employees to document compliance with policies
• Give you a 360-degree view of risk, including other risk domains like responsible sourcing, supply chain resilience, and information security.

3:18 With Aravo, you get all of this functionality in a pre-configured application so that you can be ready to launch your compliance program and fight corruption on day 1, but built on a flexible platform that lets you easily evolve your program and meet unique requirements. So it fits your program regardless of your maturity, whether you’re finally ready to abandon spreadsheets or you have a sophisticated risk control framework and need a tool to automate that process.

4:47 With a platform that is trusted by some of the world’s largest global organizations to protect their business from bribery and corruption risk.

4:00 See why Aravo is the definition of better business.