Fulcrium offers a range of supplier audit and compliance services that help clients to proactively manage, and respond to, their supplier bribery and corruption risks. We also help design control frameworks to ensure due diligence is performed over third party firms to mitigate undue risk.
The UK Bribery Act 2010 came into force on 1 July 2011 to address the requirements of the 1997 OECD anti-bribery Convention,and is regarded as setting the global standard for anti-bribery and anti-corruption legislation alongside the US Foreign Corrupt Practices Act (FCPA). However, the Act differs in several respects from the FCPA and compliance with the ECPA does not constitute compliance under the Act.
The first successful prosecution under the Bribery Act was of Standard Bank in November 2015 which required the bank to pay financial orders of $25.2 million, to pay the Government of Tanzania $7 million and to pay the Serious Fraud Office’s costs of £330,000.
These financial penalties have since been dramatically exceeded: in 2017 two companies in the Rolls-Royce group agreed to pay penalties of approximately £652 million as a result of 12 counts of bribery, corruption and fraud dating back to 1989 in the United States, Brazil, India, Russia, Nigeria and Indonesia. https://www.bevanbrittan.com/insights/articles/2017/rolls-royce-to-pay-652-million-for-bribery-and-corruption-offences/
Bribery prevention procedures should be:
Top-level management should:
The risk assessment should:
Due diligence should be:
Communication and training:
Regular monitoring and review should:
With unlimited fines and custodial sentences, the Bribery Act certainly has teeth. But there is no need to fear that there are gaps or cracks in your anti-bribery and anti-corruption programmes.
Fulcrium’s unique proprietary benchmarking database enables us to measure and compare the performance of anti-bribery and anti-corruption programmes against best practices in your own company, in peer companies, and across many geographies.
For evidence to prove your company is watertight on the UK Bribery Act, contact us today.