Understand and manage the bribery and corruption risks posed by third parties, including business partners, vendors, suppliers and potential acquisition targets.
Regulators, shareholders and empowered consumers all expect corporations to operate with integrity and ensure that their organization, together with the third parties they do business with, remain free of bribery and corruption. Yet, many of the levers that corporations use to grow –expansion into new markets, agency agreements, acquisition, and complex supply and distribution networks – all introduce bribery and corruption risk.
There is a growing body of anti-bribery and corruption (ABAC) legislation, including the U.S. Foreign Corrupt Practices Act (FCPA), the Organization for Economic Co-operation and Development (OECD) Anti-bribery Convention, and the UK Bribery Act. Together with mounting regulation, is an increased trend for enforcement agencies to cooperate across borders and jurisdictions, and more countries introducing individual criminal liability for bribery related offenses.
There have been many publicized enforcement actions by regulators which highlight the significant costs to companies of ABAC breaches by their third parties. In fact, EY have noted that more than 90% of reported FCPA cases involved third -party intermediaries.
With global companies transacting business through hundreds to hundreds of thousands of third parties, the stakes are high.
The Aravo Anti-Bribery & Anti-Corruption Application allows you to implement, manage and enforce consistent and objective ABAC compliance programs for all your third parties, regardless of scale. Best practice templates, distilled from working with Global 2000 companies, enable organizations to rapidly implement a control framework that mitigates key bribery and corruption risks, which can otherwise result in fines, reputational damage, and incarceration.
Rapid time to value
with prebuilt configurations and reporting
Best practice workflows
distilled from deep domain experience, and global implementations for leading brands
anti-bribery and corruption compliance on a global scale