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Measures against bribery and corruption
30 Jul 2018 1:00 pm by Rudi Kruger
- Due diligence
- Lexis Diligence
- Batch NameCheck
- Diligence Spotter
The prevention and mitigation of bribery and corruption is an obligation placed on companies by the UK Bribery Act 2010, which states that companies must implement effective controls, measures and due diligence to demonstrate their commitment towards preventing bribery as a matter of priority.
As a regulatory and moral responsibility, companies must demonstrate their commitment towards preventing bribery by implementing strict measures and protocols in this regard, says Rudi Kruger, general manager at LexisNexis Data Services.
“It begins with awareness around the risks, common corruption indicators as well as the many forms in which they emerge. These include but are not limited to abnormal cash payments; abuse of decision process or delegated powers; unfavourable contract negotiations; bypassing normal tendering / contractors / company procedures; lavish gifts being received or given; missing documents or records regarding meetings or decisions; supplier/provider preferences and more.”
He added: “Some of these activities are tell-tale signs of corruption that have already began. It is therefore in your organisation’s best interest to have in place comprehensive due diligence policies and procedures, which prove highly effective in mitigating risks.”
Prevention is achievable by having the following in place:
Policies and procedures – These should be aligned to the nature, scale and complexity of the organisation's activities, while also being clear, practical, accessible and effectively implemented.
Open communication – Preventative procedures and policies on bribery and corruption should be well understood throughout the organisation by means of open and clear communication.
Top level commitment – Management at the highest level need to commit to preventing bribery and corruption as it fosters a culture of non-acceptance.
Assess the risk – Risk assessments on the potential external and internal risks of bribery and corruption should be conducted regularly in order for anti-bribery measures to be effective.
Due diligence – If identified in time, bribery risks can mitigated. This is achievable with due diligence on relevant individuals and companies involved in your organisation. Ongoing monitoring and reviews of the procedures is also advisable.
Due diligence is streamlined with highly advanced solutions like Lexis® Diligence, a solution that helps clients mitigate operational, financial, legal, and reputational risk by providing the tools they need to understand their suppliers, partners, acquisition targets, contractors, resellers, grant applicants, and other associates effectively and efficiently. The online solution provides access to the intelligence needed to carry out due diligence checks on third parties in-house in accordance with The UK Bribery Act and highlights the rule of law and provides rules and guidelines to ensure the legality of all client and company procedure. Lexis Diligence comprises of a comprehensive database of more than 40 years of global archived news and data, designed to help a company perform the necessary due diligence in the areas of risk, compliance and fraud. This makes it a valuable tool for meeting anti-bribery, corruption and anti-money laundering requirements.
In addition to LexisDiligence, complementary solutions from LexisNexis Data Services that can assist with due diligence and investigations into Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) include Diligence Spotter and Batch NameCheck. Together, they work best together to perform the necessary due diligence in the areas of risk, compliance and fraud.
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