Top companies operating in a range of industries including healthcare, pharmaceuticals, IT and retail, have been subjected to intense FCPA inquiries in recent times. As the US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) continue to aggressively enforce the FCPA to promote fair and transparent business practices, companies find themselves investing significant resources to combat the risk of non-compliance. With global markets proliferating at an unrelenting pace, identifying, cracking, and controlling possible FCPA violations across geographies can be taxing.
There also exists the risk of unknowingly engaging in what FCPA has labeled as corrupt practices. This could very well be routine procedures employees thought were permissible, or indirect violations. The heat has also intensified for business executives engaging in regular activities such as securing government permits, processing customs papers, and procuring sales licenses. Archaic due diligence practices, which require legal experts and consultants to rifle through bundles of papers, can prove ineffective. Though most countries have enforced their own versions of FCPA, the onus is on businesses to stay vigilant and steer clear of corruption risk, through systematic, standardized and reliable programs driven by well-informed strategies and advanced solutions.
MetricStream’s FCPA Compliance Software Solution
MetricStream’s integrated solution for managing FCPA compliance requirements, built on a centralized platform, can be leveraged by companies to manage and mitigate global corruption risk.
The solution provides advanced capabilities for continuous monitoring including a holistic framework and efficient workflows, to automate and streamline important aspects of FCPA compliance. It comprises a central data repository which helps companies effectively manage their policies. Companies can seamlessly create, publish, and distribute policies.
The solution is equipped with the latest tools to generate enterprise-wide awareness about the policies and protocol governing business conduct with overseas stakeholders. It is also integrated with external systems and applications, enabling companies to get regular news feeds and notifications relating to regulatory updates. Companies can also implement third-party FCPA training for suppliers and vendors as well as in-depth training for employees at risk. Advanced analytics and reporting capability with graphical dashboards help monitor training programs and provides real-time visibility into the organization’s FCPA training management system.
The solution’s sophisticated audit and risk management tools and techniques provide an integrated and flexible framework for documenting and assessing the exposure to FCPA risks, managing the complete audit lifecycle, identifying issues, and implementing recommendations. Enabling these are advanced risk heat maps, risk calculators and score cards. It is also possible to implement strong preventive risk controls that can be customized to suit the risk profile of the company.
The solution comprises cutting edge features and functionalities to identify issues such as FCPA non-conformance, exceptions, loss-events, and process deviations, and track, manage and report the status of investigations and remediation processes.
- A centralized compliance framework to effectively manage a wide range of regulations and varied compliance requirements
- Effective management of FCPA related policies, training programs, risks, internal controls, audits, issues and corrective action
- A unified view of the status of the organization’s compliance program
- In-built ability to track minute changes in the regulatory landscape through regulatory alerts and updates from external sources
- The ability to set the tone of regulatory accountability across the enterprise
- Effective collaboration in a secure manner across various stakeholders, through prompt reminders and email notifications
- Accurate and detailed insights into data and trends using advanced data analytics which facilitate smarter strategic decisions
We have engaged [on the MetricStream Community] throughout the implementation and found the interactions and materials quite useful.