Compliance risk reviews

Enterprise Risk Management

Compliance risk reviews

Companies and government entities are required to comply with a range of laws, including legislation, industry codes, organisational standards, as well as standards of good corporate governance, ethics and community expectations.

As the Australian Standard AS 3806 Compliance Programs writes: “failure to embrace compliance values at all levels of an organisation’s operation risks exposing that organisation to a compliance failure.

On numerous occasions the courts have considered an organisation’s commitment to compliance when determining the appropriate penalty to be imposed for contraventions of relevant laws.”

Of particular concern to any Australian based organisation that either has operations overseas or connections through the use of intermediaries or agents is the risk of foreign bribery and corruption. Relevant legislation with global reach includes the US Foreign Corrupt Practices Act (FCPA) 1977, and theUK Bribery Act 2010. The Australian Commonwealth Criminal Code Act 1995 contains effectively similar provisions to the FCPA with Australians able to be prosecuted for actions overseas. US and UK authorities have published suggested compliance programs for organisations to mitigate this compliance risk as follows. We assist clients in all areas of developing these compliance programs.

US FCPA regulator compliance program guidance:

  1. Senior management commitment and clearly articulated policy against corruption
  2. Code of conduct and compliance policies and procedures
  3. Oversight, autonomy and resources
  4. Risk assessment
  5. Training and continuing advice
  6. Incentives and disciplinary measures
  7. Third party due diligence and payments
  8. Confidential reporting and internal investigation
  9. Continuous improvement: periodic testing and review
  10. Mergers and acquisitions: pre-acquisition due diligence and post-acquisition integration

UK Bribery Act regulator compliance program guidance:

  1. Proportionate bribery prevention procedures
  2. Top-level commitment (including Board level, bribery unacceptability or zero tolerance stance)
  3. Risk assessment (foreign bribery/ corruption) that is periodic, informed and documented
  4. Due diligence (on agents, intermediaries) for bribery risks
  5. Communication (including training on bribery prevention policies and procedures)
  6. Monitoring and review (making improvements where necessary including legislative changes as relevant)

We perform compliance risk reviews (including foreign bribery and corruption risk), including:

  • Risk assessments against any legislation/legal obligations
  • Foreign bribery and corruption compliance program assessment and compliance program elements design, implementation, monitoring, and review for continual improvement
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