What’s Your FCPA Compliance Risk Management Strategy?
The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law known primarily for two main provisions, namely accounting transparency requirements under the Securities Exchange Act of 1934 and bribery of foreign officials.
Increasing Regulatory Pressure
Increasing international regulatory pressures, the complexity of multinational corporations, the increasing scrutiny and active enforcement of related laws, stricter rules and harsher fines, as well as the implications and timing of self-disclosure mean high stakes for corporations to ensure FCPA compliance; driving the critical need for contract and risk management strategies. It’s not about managing just the corporate actions either, vendor and supplier and partner management are also paramount under FCPA.
Given the stakes for firms in the current FCPA environment*, the risks of non-compliance are too great to ignore. A well-defined FCPA compliance management program comprising corporate policies, business rule and approval workflow controls, employee training and compliance monitoring are critical strategies to mitigate risks, minimize fines and reputation damage as well as corporate and personal liability should a violation occur.
* There are international laws as well such as the UK Bribery Act, French Law No. 2000-595, etc.
Documented Proof of FCPA Compliance
ASC contract management software and compliance management solutions automate and streamline workflows, terms and conditions and other business processes required for industry and standards compliance concerns like FCPA. ASC contract lifecycle software and compliance solutions provide your business with assurance that contracts, legally binding agreements and other documents contain complete and correct versions of terms and conditions, that full corporate business rules and controls are adhered to and that all necessary information is captured in the correct format as required for FCPA standards compliance. The ability to find a document and track its complete change history (previous value, current value, who changed the contract/document, the date of change, etc.) is also an invaluable asset for business insights or when FCPA compliance proof or real-time disclosure audits are required.
More than Foreign Corrupt Practices Act (FCPA)
ASC contract lifecycle management (CLM) and compliance management solutions support compliance and risk management needs for a wide range of industry and regulatory standards. Those include SOX, Bill 198, NI 52-109, FCPA, HIPAA, Stark Law, Bill C-17/Vanessa's Law, SAB 101 and more.
Discover how ASC can help you address FCPA compliance and risk management issues -- request a demo today.