A REDEFINED FRAMEWORK FOR CORPORATE COMPLIANCE – ARE YOU READY FOR ISO 37001?
The past decade has seen a dramatic rise in the prosecution of organisations accused in bribery schemes. Often regarded in many regions as a standard operating procedure necessary to move business along, the practice of bribery is fast becoming a focal point for governments and global watchdogs intent on levying heavy fines and penalties for companies involved in the practice.
Some notable cases illustrate the point. Wal-Mart is facing at least $600m in fines for allegedly paying off officials in Mexico, India and China to fast-track zoning and building permits and sidestep licensing and environmental permits. The company has already racked up nearly $800m in legal fees and revamped compliance systems during the five-year investigation, which has yet to be settled. Elsewhere, Amsterdam-based VimpelCom Ltd. agreed this year to pay $795m to settle US and Dutch claims that it bribed officials in Uzbekistan to win business. In another case, Siemens AG paid a record $800m in a combined SEC-US Justice Department penalty in 2008. And US asset manager Och-Ziff Capital Management LP will pay $412m in penalties and fines to settle a US investigation into bribes that were paid across Africa.
Billions of dollars are being forfeited worldwide by companies unable to keep up with the varying maze of international regulations, laws and rules that stipulate the boundaries of bribery.
Oct-Dec 2017 Issue