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The Foreign Corrupt Practices Act (FCPA) makes it unlawful to bribe foreign government officials to obtain new business or retain existing business.  There is also a provision that requires keeping books and records that accurately reflect all transactions and to maintain adequate internal accounting controls.

 

Very importantly, and often overlooked, the FCPA applies to more than any individual of a company but also to any "third party" or "intermediaries" such as stockholders, agents or "partners" acting on behalf of the company

 

For more information on the UK Bribery Act and its relationship to FCPA click here.

 

In order to avoid being held liable for corrupt third party actions, it is critical that companies exercise due diligence and take necessary precautions to ensure the third parties are reputable and qualified partners and representatives that are engaged in lawful transactions.

 

Furthermore, it is critical that all documents and processes for vetting third parties are captured and maintained on a regular basis.  Obviously this can be a time consuming and costly task.

 

Setting company policies and guidelines, developing manual methods of enforcement, and monitoring all activities and transactions for potential violations is time consuming and costly both in terms of resources and systems.  Furthermore, this does not ensure that these rules will be followed.

 

Take a proactive automated approach to ensure enforcement

Compliancy can help you take a more proactive and effective approach by automating your FCPA/Anti-corruption and related business policies and processes to integrate people, procedures, and documentation with strong security, internal controls, authorizations, complete record capture for auditing, and built-in, automated alerts for earlier identification and remediation of potential issues for improved compliance with FCPA regulations.

 

Most importantly, Compliancy can customize your FCPA and anti-corruption automation solution to meet your unique company and industry requirements and leverage and extend your existing processes and controls saving you time and money while improving the effectiveness of your compliance programs.

 

Work you have already done can be easily utilized and then transformed via automation for additional benefits that cannot be realized with spreadsheets, project management systems, or electronic documents.

 

Customer Partner Portal to ensure vetting and monitoring of third-parties

Compliancy can help you ensure due diligence is performed on third parties and that companies and individuals are properly vetted based on your policies and procedures.

 

Compliancy’s Customer Partner Portal provides an ideal solution for companies to provide secure, automated access to third parties for profiling, vetting and monitoring on a global basis at a greatly reduced cost while significantly reducing risk.

 

In addition, as with the entire Compliancy solution, the Customer Partner Portal can easily use a company’s current investments in policies and procedures and then easily customize them for changes, enhancements and integration across the various divisions and countries. 

 

Compliancy can help you take the next step for a more effective business and better assurance of meeting regulatory requirements.  

 

GlobalTrak provides a unique capability for more effective world-wide management

GlobalTrak provides color coded global maps with pop-up and charted statistical information to give managers a real-time, easy to use status on compliance performance and drill down capabilities to investigate details on any number of variables to quickly assess risk.

 

GlobalTrak can be tailored to track any key indicators such as risk level, resources, money spent, red flags, number of 3rd parties, and levels of compliance complete with alert generation.

 

GlobalTrak is the first available real-time global management tool that improves world-wide management effectiveness in identifying potential problem areas, setting action priorities, and following up on compliance requirements.  It can be especially useful in hard to track third party due diligence and risk areas associated with FCPA/Anti-corruption which is inherently a multi-country problem.

 

Click here to contact Compliancy for an interactive demonstration of GlobalTrak.

 

Capabilities that make a difference in reducing risk

The following are just a few of the benefits and capabilities gained with Compliancy.

  • Ensure enforcement and proof of compliance.  Comprehensive automated alerts, notifications and follow-up along with complete documentation, record keeping, and audit automation.  Everything needed for a more effective "adequate defense" if necessary.
  • Easier implementation, utilization and management.   Web based with re-utilization of current forms and processes, visual mapping, templates, Individualized Task Routing for reduced training and support and management Dashboard tools with drill down for faster and more effective risk management.  
  • Mobile access from smart phones and tablets.  Forms are optimized for each device; automatically detected by the system and users can switch between mobile and desktops/laptops on the same form.  
  • Granular access security and electronic sign-off.  Access control for any level of detail to ensure that the right individuals have access to only authorized processes, documentation, and systems.  Complete routing for approval at any and all levels for electronic signature. 
  • World-wide integration.  Consistent forms, documents, and processes across divisions, third-parties, and geographies to reduce cost and simplify utilization.
  • World-wide view of third parties and all compliance activities.  Customer Partner Portal for ensuring third party compliance and GlobalTrak for Dashboard level management and drill down of all company and third party activities.  

Contact Compliancy today to learn how to improve your FCPA compliance and reduce your risk.

 

For more information contact us at info@compliancy.com or call +1-919-806-4343.

 

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