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 Compliance with anti-corruption regulations is critical for business growth

 

 

 

 

 

 

 

"Accessing global customers, relationships and new markets may well now be the most important strategic tool for companies seeking to grow, especially as many continue to experience either limited growth domestically or are operating in a highly competitive saturated domestic market," according to a recent Grant Thornton report.  

In this international business landscape where risk mitigation is key, ensuring compliance with the Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other emerging anti-corruption and bribery regulations has become critical.  

"Considering the diversity of the people, cultures and countries that anti-corruption professionals may interact with, it is important to build a program that is adaptable to a variety of international and/or geographic settings," said Robert N. Tullar, CPM, Director, Alliances and Regulatory Compliance, General Dynamics Armament and Technical Products, Inc., a speaker at the upcoming marcus evans 10th Global Anti-Corruption Compliance Conference. "We should understand the culture of our international business partners and the workings of all our programs, wherever they are."  

Although corruption and bribery are clearly unacceptable practices wherever a company is located, some guidelines within the laws are not as straight-forward, Tullar pointed out. "Laws (or the interpretation of them) in some cultures can be vague. For instance, the rules on how you should (or if you can) pay hotel or other travel costs can depend on a negotiated agreement or dictated by local law. Often times it is not just the laws and guidelines of your native country that you need to consider, but also those of the countries where you are doing business. Make sure when considering international business that you are able to commit to and honor both."  

Tullar went on to say: "A risk often neglected is the difference between US laws and the laws of other countries. In some instances, laws may be interpreted more liberally. It is important others understand what you mean when you talk about anti-bribery and the FCPA. There should be a great deal of due diligence required with the country or people companies intend to do business with."

"A chain is only as strong as its weakest link," Tullar concluded. "Having a cross-industry dialogue on anti-corruption best practices would help us strengthen each other. Anti-Bribery/FCPA compliance practices are influenced by very dynamic and changing regulations that are impacted by the political, socio-economic and military views of the world. It is beneficial to benchmark and build your "tool set" through staying abreast of changes in the law and risks that are relevant to the current issues prevalent in the world today. The marcus evans Conference will make us all stronger in what we do."  

The marcus evans 10th Global Anti-Corruption Compliance Conference will take place in Arlington, Virginia, June 11-13, 2013. For more information, visit the event website.







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