Foreign Corrupt Practices Act
Should you be afraid of what you don’t know about the Foreign Corrupt Practices Act?
If you conduct business internationally the legal risks of potential corruption should be top of mind. And what you don’t know about FCPA can result in multi-million dollar fines, high profile brand damage, and even prison.
In response to more stringent anti-corruption standards and increased cooperation among regulators in the international community, global corporations are finding themselves in the position of having to significantly change the manner in which they conduct business. Global compliance infrastructures are a necessity in today’s environment for not only a company’s employees, but also to its agents, contractors, investors and suppliers. As such, participants in the global marketplace must understand that regulators in jurisdictions far removed from corporate headquarters have an interest in enforcing anti-corruption initiatives, either directly or through cooperation with regulators in other jurisdictions.
It is now imperative to take proactive measures to drive internal (employee) and external trading partner compliance in order to mitigate your FCPA compliance risks.
Aravo can help
Aravo has helped many companies to automate and streamline ongoing FCPA oversight of employee, partner, intermediary and subsidiary relationships. The SaaS-based solution facilitates three key activities as part of an effective FCPA compliance initiative: compliance-based partner selection, relationship management, and compliance monitoring/audit management.
Leveraging Aravo, companies can establish a lower-cost, higher-quality partner management process through a single system of record for partner and customer information, automated activity reporting related to compliance, and a consistent and repeatable assessment process.
"Thanks to Aravo we have a much higher comfort level in maintaining our FCPA compliance and are no longer worried about an audit. We now have more control of the process and are happy that there is nothing to install, maintain or code."
Global 100 Pharmaceutical Compliance Officer