June 15, 2011 posted by Allen Thompson
SAN FRANCISCO, Calif., June 15, 2011 – Aravo Solutions, Inc., the leading provider of on–demand B2B information and collaboration and Supplier Lifecycle Management solutions, announced that it has joined with Richards Kibbe & Orbe to deliver a must-see webinar for Pharmaceutical and Life Sciences companies addressing the Foreign Corrupt Practices Act (FCPA). The webinar, designed for in-house and retained counsel, compliance officers, and executives who manage third party intermediaries, will explore the key elements of successful FCPA programs, discuss real-world examples, and demonstrate how technology can automate critical compliance processes and documentation.
The FCPA and the business and legal risks of potential corruption have become top of mind for Pharmaceutical and Life Sciences companies around the world. In the U.S., the Department of Justice, FBI, and the Securities and Exchange Commission have begun a rigorous anti-corruption campaign, and the prosecution of non-compliant global businesses under the FCPA is on the rise. With the passage of similar legislation in the UK and other markets, anti-bribery compliance is now a global concern.
FCPA requirements apply to not only a company’s employees but also to its agents, contractors, investors and suppliers. “While relationships between suppliers and other business entities are generally opaque and difficult to track, many companies have discovered the hard way that “willful blindness” only increases their culpability in the eyes of federal regulators”, says Robert Shecterle, VP-Marketing, Aravo.
The webinar will explore the FCPA’s two key provisions: the anti-bribery provision and internal records and process standards. The anti-bribery provision prohibits companies from giving money, gifts, or anything of value to obtain or retain business. The internal records and process standards require companies keep accurate records and maintain clear, accurate, and adequate controls with employees and trading partners (including suppliers, intermediaries and subsidiaries) to protect against improper payments or influence.
“Today, lack of evidence to verify proper, compliant management of these trading relationships is the first line of defense when regulators come calling”, says William Barry, of Richards Kibbe & Orbe, LLP. “In fact, companies having no knowledge of corrupt payments can be prosecuted if they were aware of potential warning signs and consciously failed to conduct due diligence and implement controls.”
During the webinar, speakers will discuss examples of how top Pharmaceutical and Life Sciences companies are implementing FCPA programs and using technology to track and manage on-going FCPA compliance requirements. The one-hour webinar is scheduled for June 29, 2011 at 9am Pacific/ 12pm Eastern time. Interested parties can register at: FCPA and Pharma/Life Sciences or at wwwpreprod.aravo.com.
The world’s best-run businesses utilize Aravo’s SaaS-based Supplier Lifecycle Management (Aravo Enterprise) and B2B information and collaboration (Aravo Assure) solutions to find and manage trading partner relationships, reduce supply chain risk, ensure global regulatory compliance and lower the cost of managing suppliers by up to 72%. General Electric and Accenture rely on Aravo to manage information and processes for over 1.5 million global suppliers. Aravo is based in San Francisco, with offices in Chicago, Dallas, Portland and Ahmedabad, India, and is backed by over $50 million in investment from Cisco Systems, Big Sky Partners, and the Charles Schwab family. For more information regarding Aravo’s award-winning solutions please visit our websites https://www.aravo.com and http://www.aravoassure.com or view our blogs at http://www.2sustain.com and http://atrisk.net.
The world’s best-run businesses utilize Aravo’s Cloud-based Supplier Lifecycle Management solutions and Supplier Risk Services to find and manage trading partner relationships, reduce supply chain risk, ensure global regulatory compliance and lower the cost of managing suppliers by up to 72%. Aravo launched the market’s first SIM/SLM solution in 2004 and has been the leading innovator in the space ever since. Customers such as General Electric, Accenture, and Boston University rely on Aravo to manage information and processes for over 2 million global suppliers. Aravo is based in San Francisco, with offices in Chicago, Dallas, New York, Portland, Monterrey, Mexico and Ahmedabad, India, and is backed by over $50 million in investment from Cisco Systems, Big Sky Partners, and others. For more information regarding Aravo’s award-winning solutions please visit our website at https://www.aravo.com.
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