Driving FCPA Compliance Globally
An overwhelming majority of companies (83%) reported that they could be doing more to mitigate against bribery risks by reconfiguring their expense processes, procedures, or tools. How mature is your company’s approach?
This will be explored on June 23 during the Strategies for Minimizing Bribery & FCPA Risks Webinar: Part 2.
According to Foreign Corrupt Practices Act (FCPA) expert Mike Koehler featured in the part one webinar on this topic, companies “without adequate internal controls allowable corporate hospitality can easily morph into problematic conduct.”
View the executive summary from part one.
Where’s the disconnect?
It’s important to break down internal silos and work across teams. Companies with more experience have learned that while evaluating travel and expense data is valuable, even more so, is ensuring that the teams leading the charge are proactively meeting with those who oversee both travel and expense reimbursement within the organization to uncover better ways to mitigate this risk.
Who’s in charge?
A first proactive step for those who oversee or manage expenses within their companies is to identify the internal team responsible for minimizing this risk. SAP Concur research shows that almost two-thirds of companies (64%) site compliance teams as leading bribery prevention programs. Other departments named include legal (22%) and finance departments (7%).
Many compliance and legal teams are unaware of how using a pre-spend request tool, audit rules, connecting to a third-party app and other strategies can contribute to the overall goal of minimizing bribery. This is where finance, AP, expense, travel managers or those who oversee the entire employee spend process can add significant value. Sometimes, compliance and legal departments will also contribute additional funds to help with the overall goal.
Register today for part two of this webinar on Tuesday, June 23, 2020. View the part one executive summary to learn more about how you can get creative with minimizing risk in your company today.
