Designing and Implementing an Effective FCPA and UKBA Compliance Program
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GLOBAL PERSPECTIVE 1765
Designing and Implementing an Effective
FCPA and UKBA Compliance Program
As India Inc goes global, compliance with anti-bribery legislations of the developed countries,
in particular the United States of America (the “US”) and the United Kingdom (the “UK”),
may become essential. The Foreign Corrupt Practices Act, 1977 ( the “FCPA”) was enacted
in the US and the Bribery Act, 2010 (the “UKBA”) was made effective in 2011 in the UK, to
act tough against cases of bribery. An attempt has been made in this article to describe, how
an effective compliance program can be designed and implemented, to ensure an adherence
to the anti-bribery laws of the US and the UK. Read on…
FCPA and UKBA for the purpose of obtaining or retaining business
Foreign Corrupt Practices Act, 1977 ( the “FCPA”) was or securing improper advantage. It also mandates
enacted by the US Congress in response to a maelstrom that companies registered with securities exchange
of outrage following the report by the Watergate commission to maintain accurate books and records
Special Prosecutor that US corporations were bribing of all transactions and an effective internal control
government officials in foreign lands. Following the system. It applies broadly to the US companies and
pressure mounted by the Organisation for Economic their foreign subsidiaries, individuals, companies that
Cooperation and Development and the US to act tough have issued securities registered in the US, directors,
against the bribery, the UK Parliament passed the employees and agents of the US businesses, and
Bribery Act 2010 (the “UKBA”) and brought the same foreign nationals and businesses that cause prohibited
into force from 1st July, 2011. acts in the US.
The FCPA prohibits direct or indirect bribing of The UKBA prohibits bribery of both government
foreign public officials, political parties or politicians, and private officials, whether in the UK or at
any place in the world by a person having ‘close
connection’ [defined under Section 12] with the
UK. Close connection is a very widely defined term
under the UKBA and includes individual holding UK
citizenship or nationality or a body incorporated in the
UK. A criminal offence will be committed under the
UKBA if an employee or ‘associated person’ [defined
under Section 8] acting for, or on behalf of, ‘relevant
commercial organisation’ [defined under Section 7]
offers, promises, gives, requests, receives or agrees
Paras Kumar Jain to receive a bribe; and if such relevant commercial
(The author is a Company organisation does not have the defense that it has
Secretary, who may be adequate procedures in place to prevent bribery by its
reached at paraskumar.j@
nuziveeduseeds.com.) employees or associated persons.
w ww.ica i.org THE CHARTERED ACCOUNTANT may 2013 1091766 GLOBAL PERSPECTIVE
Distinction between the FCPA and the UKBA:
While both the FCPA and the UKBA deal with anti-bribery provisions, following are the key differences:
Particulars FCPA UKBA
Type of Bribery Applies only to bribery of foreign Prohibits bribe to ‘any person’ (including bribe to
official individual or corporate)
Active and Giving bribe is an offence, but Both receiving and giving a bribe is an offence.
Passive Bribery receiving the same is not.
Mens rea It must be proved that person offered It is not required to prove the dishonest or corrupt
the bribe with a “dishonest or corrupt” intent in case of bribery to foreign public officials.
intent. The company is strictly liable for failure to prevent
acts of bribery.
Facilitation Allows facilitation payments under Facilitation payments are illegal.
Payment limited circumstances, provided such
payments are properly reported in the
company’s financial records.
Promotional Allows promotional expenses if it No such provision. However Ministry of Justice
expenses can be demonstrated that they were a (“MoJ”) has provided some comfort on this
reasonable and bona fide expenditure. aspect in its guidance by stating that hospitality
may be legitimate, provided it is reasonable and
proportionate for the organisations’ business.
Defense Existence of compliance program is While relevant commercial organisation is
not a defense; however it would be accountable for failing to prevent bribery, it is a
an essential factor for considering statutory defense if it is proved that the relevant
prosecution and the terms of commercial organisation had in place “adequate
settlement. procedures” designed to prevent bribery.
Liability of Senior officers (officer, director, Senior officers (director, manager, secretary or
senior officers supervisor, manager, or another person other similar officer of a body corporate) may not
having “control” over the conduct) be liable if such offence is committed without their
may be held liable for offence in their consent or connivance.
capacity as a ‘control person’.
Penalties Individual: Individual: Imprisonment upto 10 years and
Bribery. Imprisonment upto 5 years unlimited fines. Penalties may be levied under
and fine up to US$ 2,50,000 per other laws as well.
violation. Penalties may be levied
under other laws as well. Corporate: Unlimited fines. Penalties may be
levied under other laws as well.
Accounting Offence. Imprisonment
upto 20 years and fine up to
US$50,00,000 per violation. Penalties
may be levied under other legislations
as well.
Corporate:
Bribery. Fine up to US$ 20,00,000.
Penalties may be levied under other
laws as well.
Accounting Offence. US$ 250,00,000
or twice the benefit sought. Penalties
may be levied under other laws as
well.
1 1 0 T H E C H A RT E R E D AC C O U N TA N T m ay 2 0 1 3 w w w. i c a i . o r g GLOBAL PERSPECTIVE 1767
Relevance to Indian Companies SEC's allegations paid US$ 20,00,000 to settle the
a) Under the following circumstances, an Indian SEC's charges.
company ( including its directors, employees or 2) SEC vs. Westinghouse Air Brake Technologies
agents) is required to comply with the FCPA and Corporation: The SEC charged Westinghouse
the UKBA : Air Brake Technologies Corporation (“WATC”)
with violation of the FCPA for improper payments
FCPA UKBA that WATC's Indian subsidiary, Pioneer Friction
1) has principal place 1) it carries on a business Limited (“Pioneer”), made to employees of the
of business is US; or any part of a government of India in order to obtain or retain
or business in the UK;or business from the Indian railway.WATC without
2) is listed on the US 2) is listed on the UK admitting or denying the SEC's allegations paid
stock exchange(s); stock exchange(s); or approximately US$288,000 to settle the SEC's
or 3) is a branch or charges. Similarly, in a related matter, under
3) is required to subsidiary or a joint non prosecution agreement with Department of
file periodic venture of the UK Justice, US (the “DoJ”), WATC paid a penalty of
reports with the entity. US$ 3,00,000.
US Securities 3) SEC vs. Chandramowli Srinivasan: The SEC
and Exchange charged Mr. Chandramowli Srinivasan (“Mr.
commission (the Chandramouli”), the former president of A.T.
“SEC”); or Kearney India Limited (“ATK”) for his role in
4) is a branch or improper payment. Mr. Chandramowli without
subsidiary or a admitting or denying the SEC's allegations paid
joint venture of the US$70,000 to settle the SEC's charges. In related
US entity. administrative proceeding under file no. 3-12825
dated 25th September, 2007, Electronic Data
b) An Indian company positioning itself to act as Systems Corporation, holding company for ATK
an agent, representative, distributor, reseller, without admitting or denying the SEC's allegations
consultant, contractor, sub-contractor or as paid US$ 4,90,902 to settle the SEC's charges.
any other service provider, or for merger, joint 4) SEC vs. The Dow Chemical Co: The SEC charged
venture, acquisition, or foreign investment from an Dow Chemical Company (“Dow”) with violation
organisation, subject to the FCPA and the UKBA of the FCPA for improper payments by its Indian
(the “covered persons”), needs to ensure that it subsidiary to a government official to speed up
complies with the FCPA and the UKBA provisions, registration of its product. Dow without admitting
because the covered persons may: or denying the SEC's allegations paid US$3,25,000
1) conduct adequate and proportionate due diligence to settle the SEC's charges.
to ascertain past and present compliance with anti-
bribery laws; Designing and Implementing FCPA and UKBA
2) insist on representation, warranties and indemnities Compliance Framework
in the contracts on past, present and future Importance of designing and maintaining a strong
compliance with anti-bribery laws; compliance program for the FCPA and the UKBA
3) insist on the right to terminate the contract or as stems from the fact that:
mandatory ‘put option’ on the Indian company to a) it provides assurance to the stakeholders that the
exit in the event of violations of anti-bribery laws. company operates ethically and transparently;
c) FCPA cases relating to Indian Companies. b) under the FCPA, in case of violation, it may help in
1) SEC vs. Oracle Corporation: The SEC charged avoiding prosecution or reducing the penalty; and
Oracle Corporation (“Oracle”) with violation c) under the UKBA, it acts as full defense against
of the FCPA for failing to prevent its Indian liability if it is established that proper and adequate
subsidiary from secretly setting aside money off procedures were in place to prevent bribery.
the company's books that was eventually used to The DoJ in various cases settled under the FCPA
make unauthorised payments to phony vendors has prescribed best practices for the FCPA compliance
in India. Oracle without admitting or denying the program. The MOJ in accordance with Section 9 of
w ww.ica i.org THE CHARTERED ACCOUNTANT may 2013 1111768 GLOBAL PERSPECTIVE
the UKBA, on 30th March, 2011, published ‘adequate bodies and own employees, spot bribery risks
procedures’ guidance that relevant commercial inherent in those activities, and try to estimate the
organisations can put in place, to prevent their probability of the incidence of the risks and its
‘associated persons’ from committing bribery. impact on the business.
Combined analysis of the compliance programs The risk assessment procedures should be designed
prescribed under various deferred prosecution keeping in view the nature and size of the organisation,
agreements and non-prosecution agreements under its activities, customers and countries of operation.
the FCPA by the DoJ and the guidance of the MoJ on The risk assessment can be done using various
the ‘adequate procedures’ under the UKBA, reveal methodologies and tools including reviewing audit
that there are several important components to an reports, customer complaints, employee interviews,
effective FCPA and the UKBA compliance program surveys, review of targeted accounting records.
("compliance program"). Following are the practical Having identified the relevant areas of risk, the next
tips for a company to consider while designing and task is to establish relevant and proportionate policies,
implementing the compliance program: procedures and controls that address the likely areas
1. Top-level Commitment. The tone at the top is of bribery.
fundamental to an organisation’s culture and is 3. Proportionate Policies and Controls. The company
the foundation for building blocks of compliance should establish strong policies and controls to
program. Like any other important initiative, it is prevent and detect violation of applicable anti
impossible to effectively implement a compliance corruption laws and the organisation’s code of
program without support of the higher echelons. conduct. While the type of policies and procedures
The Board and the senior management should be may defer from organisation to organisation
educated about the anti bribery laws and the vigour depending on the nature and size of the business,
of the enforcement agencies. Additionally, it is vital and the countries of operation, but they all need
for the success of a compliance program to seek to be simple and complete. Effective policy is
participation and backing from an organisation’s one which explains, what constitutes an improper
various business leaders and stakeholders. The payment, dos and don’ts, and what to do if
buy-in for a compliance program would only come improper payment is requested. It is imperative that
when the importance of compliance and the value the policies and procedures should not be just on
it brings to the organisation is clearly articulated to paper, but should also be implemented in a manner
all concerned. Compliance program with top level that promotes “ethical conduct” and allegiance
commitment would essentially have : to compliance with applicable anti bribery laws.
• adequate financial and other resources; Following policies and controls are relevant for
• a senior management member overseeing effective implementation of compliance program:
the development and roll out of compliance (i) Code of Conduct: Code of conduct is an important
program; and ensures that it evolves and element of compliance program as it gives broad
functions the way it is designed to work; guidelines for expected ethical behaviour from all
• a “zero tolerance anti bribery policy” in every concerned. Code of conduct should detail required
facet of the organisation's operation; and standards of behaviour from directors, employees,
• explicit message of the consequences that all third parties, viz. agents, representatives, distributors,
concerned will suffer in the event they violate resellers, consultants, contractors, sub contractors or
the anti bribery policy. any other service provider (“business associate”).
2. Risk Assessment. It is only upon identification of
the risks, that efforts and resources can be directed Following are the best practices in drafting and
for developing a program for mitigating them. implementing an effective code of conduct:
Therefore, it is essential to begin the process with • code of conduct should act as a guide to apposite
the risk assessment. The risk assessment exercise conduct by detailing what is expected from the
interalia involves review of social and political employees and business associate in their dealings
environment of the geography, business activities, with the company and outside of the company;
business processes, local business practices and • ensure that all concerned understand their
customs, relationships with partners, suppliers, responsibilities under the code of conduct;
agents, consultants, intermediaries, government • consider conduct in relation to the code of
1 1 2 T H E C H A RT E R E D AC C O U N TA N T m ay 2 0 1 3 w w w. i c a i . o r g GLOBAL PERSPECTIVE 1769
conduct when evaluating employees or business as doing so. Also limit on receipt or giving of
relationships; genuine gift & entertainment and the procedure for
• roll out annual questionnaire on code of conduct to reporting the same shall be established. Following
be filed by all concerned; are best practices in drafting and implementing an
• all concerned to annually affirm compliance with effective gift & entertainment policy:
code of conduct; and • gift or entertainment should be in line with
• always act to stop violations of the code of conduct. customary regional practices, business policies,
(ii) Anti-Bribery Policy: Zero tolerance towards applicable laws and regulations;
bribery, consequences in case of breach, and • gift or entertainment should be reasonable and
the company’s aim to maintain anti bribery appropriate for the event;
compliance as business as usual rather than as a • the expense shouldn’t impose sense of obligation
one-off exercise should be made clear through this on the recipient;
policy. Following are the best practices in drafting • don’t allow offer or acceptance of gift or
and implementing an effective anti bribery policy: entertainment during the periods when important
• the policy should be commensurate with the decisions are to be made by them which will affect
company’s size, industry, culture and the level of the company;
risk the company faces; • cash shouldn’t be provided as gift;
• the policy should describe the company’s position • identify and exclude de minimis items (pen, coffee
on anti bribery, outline the process for identifying, mugs or other marketing items with the company’s
reporting and dealing with suspected anti bribery logo) from the purview of the policy;
cases; • gift or entertainment shouldn’t be lavish ;
• ensure that the applicability and procedures are • gift or entertainment should be transparent and
clear and employees and business associate are should be given in a manner that avoids intent and
aware of their responsibilities in terms of managing appearance of impropriety;
the risks associated with potential bribery; • gifts offered should be recorded in a separate
• provide real life examples for acceptable register; and
and unacceptable practices and how to deal • the expense shouldn’t exceed the reasonable fixed
appropriately; and value and must be completely and timely accounted
• specify names of the individual(s) who are charged for in books and records.
with the responsibility of enforcing and monitoring (v) Travel Policy: It should be made clear through this
compliance of the policy and who can be contacted policy, that the company will not pay or reimburse
in the case any guidance or clarification is required. third party travel expenses, such as airfare, lodging,
(iii)Facilitation Payment Policy: It should be made clear boarding and other incidentals, unless such
through this policy, that none should, on behalf of expenses relate to (i) promotion, demonstration, or
the company, offer, pay, and promise or provide explanation of the company’s products or services,
gifts or anything of value to a government official or (ii) execution or performance of a contract, and
in exchange for a business advantage. Following provided such costs are modest and in accordance
are best practices in drafting and implementing an with the third party’s own travel regulations and
effective facilitation payment policy: restrictions. Following are the best practices in
• don’t allow payment to be made, except when drafting and implementing an effective travel
faced with a imminent threat of, or fear of,violence policy :
or loss of liberty to the health, safety or welfare of • should comply with the stricter of any local laws or
an employee, family member or co-worker; and the company policies;
• where payment is determined to be unavoidable • the expense should be openly incurred;
and payment is made, this should be completely • the expense shouldn’t impose sense of obligation
and timely recorded for in books and records. on the recipient;
(iv) Gift & Entertainment Policy: It should be made clear • don’t select or recommend particular official for
through this policy, that no gift or entertainment travel;
should be given or received if doing so will • no side trip shall be allowed;
improperly influence a decision or create a sense of • avoid cash payments to officials to cover travel and
obligation or if there is a risk it could be perceived travel-related expenses;
w ww.ica i.org THE CHARTERED ACCOUNTANT may 2013 1131770 GLOBAL PERSPECTIVE
• don’t pay for or reimburse travel expenses incurred • specify reporting mechanism (designated
on designated official’s family members or friends; individuals, hotlines, websites, or suggestion
• preferably pay directly to the third-party service boxes) for making disclosure;
provider or reimburse against valid third party • explain how the disclosure will be investigated;
receipts; • make clear that disciplinary action or appropriate
• pay incidental and local transportation only when proceedings will be launched against those who
such expense is associated with the official's retaliate against whistleblowers;
participation in the relevant activities; and • encourages culture where all concerned can raise
• the expense is completely and timely accounted for concerns or draw attention to the breaches of the
in books and records. anti-bribery policy;
(vi) Political, Charitable Contributions and Sponsorship • management should demonstrate its commitment
Policy: Through this policy, guidance should be that it takes seriously any concerns raised in good
provided on political, charitable donations and faith and deal with them appropriately;
sponsorship, including a clear prohibition of the • inform progress of the disclosure to the whistle
sponsorship or payment of donations to political blower; and
parties or charities that are directly linked to • review effectiveness of the policy and procedures
obtaining new business or gaining a business on a regular basis.
advantage. Following are the best practices in (ix) HR Process: Thorough and effective system for
drafting and implementing an effective political, pre-employment verification should be introduced
charitable contributions and sponsorship policy: and regular training and awareness programs
• the expense should comply with the stricter of any should be conducted to ensure the company’s
local laws or the company policies; values and policies are understood and put into
• the expense shouldn’t impose sense of obligation practice at all levels.
on the recipient; (x) Due Diligence. To help employees identify
• the expense should not be incurred if it is intended warning signs of potential bribery practices and
to influence official action or secure an improper minimise the risk of potential liability for the
advantage; actions of a business associate, the company should
• payment to private account or in cash shouldn’t be adopt comprehensive anti bribery due diligence
permitted; procedures to screen and monitor such business
• should be incurred and given in a manner that associate prior to engaging them. Some of the
avoids intent and appearance of impropriety; steps that may be taken while engaging business
• obtain receipt or acknowledgement for the associate are :
payment; and 1) Online Check: Check online using search engines
• the expense is completely and timely accounted for to find out allegations of bribery against the
in books and records. proposed business associate.
(vii)Petty Cash Policy: Following are best practices in 2) Reference Check: obtain and verify three
drafting and implementing an effective petty cash references from reputable organisations, and check
policy. Petty cash should not be allowed for : with industry association or local chambers of
• any gifts, entertainment, travel, political or commerce.
charitable donations, or other expenses benefitting, 3) Contracts: The contract with the business associate
or at the request of, a government official; should include, among other things, the following
• payments to, or on behalf of, a government official; provisions:
• payments connected to seeking clearance from • the business associate’s obligation to strictly
government departments; comply with the applicable anti-bribery laws and
• payment to business associates; and strict adherence to the company’s policies;
• other items generally reimbursed through a • the business associate’s obligation to maintain
designated reporting process. separate books and records;
(viii)Whistle Blower Policy: Following are best • the company’s right to audit the business associate’s
practices in drafting and implementing an effective books and records, including documents pertaining
whistle blower policy: to the business associate’s interaction with
• clearly explain the legal position and the rights government officials on behalf of the company;
available to the whistle blower; • the business associate shall not assign or sub-
1 1 4 T H E C H A RT E R E D AC C O U N TA N T m ay 2 0 1 3 w w w. i c a i . o r g GLOBAL PERSPECTIVE 1771 contract work under the contract without the prior refuses to submit the required information; approval of the company; • the business associate makes unusual requests, • the business associate shall indemnify the such as to backdate invoices; company for any losses that result from the breach • the business associate requests that payment of any of the business associate’s representations; be made in cash or that cheques be made out to • payments shall always be by check or wire transfer; "bearer" or "cash," or seeks payment by some and other unusual means, such as payment be made to • the company’s right to forthwith and unilaterally a third party or in some other country than where terminate the contract, without penalty or claim for services are being provided; damages, in the event there is credible evidence • the business associate doesn’t want to appear with or reasonable belief that business associate has or the company official before officials or staff of may have violated applicable anti bribery laws or governmental agencies, embassies or multilateral the company’s anti bribery policy. organisations; 4) M&A Due Diligence: The company may be held • the business associate requests reimbursement of liable for past anti-bribery violations of the target vaguely described or questionable expenses; and there could be potential risk from target’s • the business associate makes unusually large or conduct that continues post-closing. Accordingly, frequent political contributions; the company must review, as part of its M&A due • the business associate appears to lack the adequate diligence exercise, target’s compliance with anti resources to perform the services contemplated by bribery laws and potential exposure stemming the contract or cannot provide references or cannot from its past activities. The due diligence process document its claimed experience; and should also address whether the target has • bribery concerns have been raised in the past about any weaknesses in accounting, record keeping similar transactions. requirements and internal controls systems. (xi) Accounting and Internal Control: Following Specific attention should be paid to the following: are the best practices in maintaining accounting • whether the target has ever been accused of records and internal controls: violating anti-bribery laws; • maintain detailed and accurate books and records • what percentage of target’s business is derived that reflect the transactions in reasonable detail. from government contracts; Documentation must not only record financial • the involvement of government officials in the facts related to any transaction, but must also target’s business (either as owners, directors or include relevant information alerting the assessor employees); to illegality, if any; and • the types and identities of agents and consultants • maintain system of internal controls commensurate engaged by the target and their compensation with the size of the organisation and adequate arrangements; and to provide reasonable assurances that, among • the condition of the target’s internal controls and other things, transactions have been conducted in books and records. accordance with management’s specific sanction 5) Warning Signals: Employees should be trained to and accounted in accordance with generally be alert for suspicious circumstances. Examples of accepted accounting principles. common warning signs are: 4. Communication and Training: Communication • the country where the transaction is taking place and training help people realise what is expected of has a history of bribery; them and make them accountable. End • the business associate was recommended by a result, everyone understands their roles and government official; responsibilities. Thus, effective communication • the business associate has family or business ties to and training throughout the organisation is pivotal the relevant government officials; to implementation of compliance program. • the business associate refuses to agree to abide by Following are the best practices for effective the anti-bribery policy of the company or refuses communication and training: to agree to or sign required representations, • training shall be part of the directors and warranties, or certifications; employee’s induction process and there should be • the business associate provides incomplete or regular training updates on how to implement and incorrect information in required disclosures or adhere to the policy; w ww.ica i.org THE CHARTERED ACCOUNTANT may 2013 115
1772 GLOBAL PERSPECTIVE
• training where necessary and appropriate, business the relationship. Following are best practices
associates, and prohibition on bribery must be in monitoring and evaluating effectiveness of
communicated to all business associates at the compliance program:
outset of the company’s business relationship with • development of annual anti-bribery compliance
them, and as appropriate during the course of their audit plan with particular focus on;
work for the company; - compliance of policy for engaging business
• training may be given through e-learning tools, face- associate;
to-face sessions and team briefings on various aspects - payments to business associate;
of a compliance program, depending on their role; - review of our compliance program;
• communication and training materials should - assurance that contracts with business associate
be developed in relevant languages to create have necessary safeguards to protect the
awareness of current issues, familiarise all company from potential violations of the anti
concerned with business conduct expectations, and bribery laws;
promote understanding of the company’s business - the internal reporting system, follow-up
values and philosophy; activities, and related investigations;
• introduce “train the trainers” concept by training - review of the company’s books and records
identified champions who would in turn train and pertaining to gift & entertainment, travel
carry anti bribery message within the company; and travel related expenditures on behalf of
• create dedicated intranet page which provides government officials; and
information related to the company’s compliance - review of any charitable contribution or
program, including anti-bribery policy with sponsorship or any other corporate social
supporting guidance. The company’s Code of responsibility activities; and
Conduct should be made available in the local - submission of compliance reports to
languages of relevant markets; the audit committee and the board of
• conduct face to face workshops to enable directors;
employees working in high risk areas (such as • designate senior level officer with authority to
government relations, procurement and business report matters directly to board of directors or any
development) have a realistic understanding of appropriate committee of the board, to monitor
the important issues. These workshops should effectiveness of, and ensure there is a review of the
use real life situations to challenge participants to implementation of policy, regularly considering
think about proper courses of action based on the its suitability, adequacy and effectiveness, shall
company’s policies; have to
• letters, posters, articles, newsletters, social media • establish hotline and additional means of
posts, and games may be used as communication communication for reporting and resolution of
mediums; questions and issues;
• maintaining records setting out what training was • usage of data analytical tools to identify risk
completed and when; and indicators; and
• seek declarations from all concerned certifying • monitor and review the records of personnel
compliance with the training requirements. working in high-risk areas.
5. Monitor, Audit and Evaluate: It is only periodic Conclusion
monitoring and evaluation exercise that would tell Both the FCPA and the UKBA contain a wide range
whether or not compliance program is on track and of anti-bribery provisions and empower the regulating
whether or not it achieved its objectives. Procedural agencies to enforce civil and criminal provisions.
and substantial compliance should be monitored The expansive and extraterritorial jurisdiction reach
and audited at regular intervals to identify of these two statutes encompasses many companies’
potential violation, to uncover new risks which global operations and sharpens the focus on issues of
have to be addressed and to assess effectiveness bribery. For organisations committed to conducting
and performance in various ways. Frequency and business ethically and lawfully, a robust compliance
depth of the monitoring and evaluation should program acts as a tool, for doing business—the right
be proportionate to the risk associated with way.
1 1 6 T H E C H A RT E R E D AC C O U N TA N T m ay 2 0 1 3 w w w. i c a i . o r gYou can also read
