Extracted 20OCT2011 from http://www.thecorporatecounsel.net/nonMember/InsideTrack/2011/10_26_Kaplan.htm
In this podcast, Jeff [Kaplan] explains the latest developments in the anti-corruption area including the results of a benchmarking study conducted with the FCPA Blog...
More than 100 companies took part in the survey and the results should, we believe, prove helpful to many organizations seeking to assess or improve their programs. A sampling of data includes the following:
- One third of respondents utilize a stand-alone, documented risk assessment process dedicated solely or largely to Anti-Corruption risk.
- Forty-three percent require some third-party intermediaries (“TPIs”) to certify periodically that they are in compliance with Anti-Corruption laws; 27% do so for all TPIs.
- More than half have formal standards for monitoring compliance by TPIs - such as requirements that, on an ongoing basis, business personnel review TPIs’ invoices to ensure that they do not suggest violations of Anti-Corruption laws.
- About two thirds have formal Anti-Corruption compliance integration procedures of acquisitions and joint ventures.
- Only 4% have not designated a senior company official to oversee the Anti-Corruption compliance program.
- Three out of every eight companies conduct stand-alone Anti-Corruption audits.