Bribery and corruption are by their nature deceptive and each act or instance of bribery or corruption can severely impact not only the individuals involved but an entire organisation.
With increase in legislations, there are year-on-year increase in the numbers of organizations under investigation by the Department of Justice in the USA for breaches of the Foreign Corrupt Practices Act (FCPA), Serious Fraud Office for non-compliance under the UK Bribery Act and Regulatory Fraud Investigation Offices for violations under the prevention of corruption regulations. This is an incremental trend with a continuous upswing in the frequency and severity. Regulatory authorities likewise are tightening their grip in an effort to get on top of an increasing problem.
Within the context of expanding markets, broader legislation and global financial pressures, the potential key risks of bribery and corruption are wide reaching and include:
– Significant reputational damage at a corporate, personal and government level
– Convictions, fines and prison sentences for employees and officers
– Incurring substantial legal and professional fees, including increased cost of compliance through potential regulatory response
We recognize the requirement to ensure regulatory compliance and implement a comprehensive program for mitigating the risks of bribery and corruption for US and UK corporates operating out of India including Indian entities, with value added benefits to organizations.
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