With governments all over the world becoming less tolerant to bribery, the global regulations landscape witnesses additions in the form of anti-bribery and anti-corruption acts and legislations such as the UK anti-bribery act and the Foreign Corruption Practices Act (FCPA). These acts comprise of extremely detailed and intricate sections that describe offence types, clauses, applications, penalties, and other related fragments of the act. Penalties resulting from violations of these acts are enormous and stakes involved are extremely high. However, many companies are not aware of the exact scenarios or actions that may cause such serious offences. Their ignorance of the full-fledged implications of the act leaves them unprepared to manage the practical consequences. Often the internal departments are not well-equipped to identify, track and control malpractices effectively and avoid or manage violations of such acts.
MetricStream Anti-Bribery Program Software Solution
With the enforcement of the Anti-Corruption regulations, many companies from various industry verticals are looking at managing compliance to this regulation more efficiently. Preventive approach and investment in technology solutions that allow companies to be on top of the act’s requirements and ensure the mandates are followed consistently throughout the enterprise spell the emerging trends. Considering the stakes, high penalties and other severe repercussions that the all-encompassing act’s violations can expose businesses to, being proactive and investing in control is proving to be an extremely cost-effective and sustainable option to prevent violations.
Continuous monitoring and tracking of various related processes and ensuring awareness among all employees are some of the critical requirements in managing Bribery and Corruption related regulations. MetricStream provides a comprehensive framework and accompanying workflows to help enterprises streamline, automate and monitor important aspects of compliance while combining best-in-class technology with relevant regulatory content. Built on a single platform, the solution enables compliance management at multiple levels.
The solution, via its detailed workflows and complete integration, helps the ethics and compliance chief officers to set the right tone from the top of the organization which percolates to all levels and creates a culture of awareness and compliance. MetricStream Solution approaches anti-bribery and corruption related regulatory management in a holistic way covering all aspects to deal with incidents of non-compliance efficiently by:
- Identifying and assessing related risks
- Defining and managing risk controls
- Creating and organizing relevant training programs for employees
- Conducting regular audits based on previously identified risk areas
- Managing issues and putting in place a corrective action plan