The ISO has developed an international standard to help organizations fight bribery and promote ethical business practices. ISO 37001 requires organizations design and implement an anti-corruption program appropriate to their specific risk factor.
The requirements specified by ISO 37001 address two key areas:
- Bribery by the organization, its personnel or business associates for its own gain
- Bribery of the organization, its personnel or business associates in relation to its activities
ISO 37001 certification enables you to protect and preserve the integrity of your organization by:
Opening your organization to external scrutiny of the effectiveness of your anti-bribery policies and processes
Demonstrating compliance to relevant legislation such as the UK Bribery Act 2010, FCPA and other anti-bribery laws
Collaborating with stakeholders to monitor and manage risk throughout your organization and supply chain
Ensuring that suppliers, sub-contractors and agents are committed to anti-bribery best practice
Through our partnership with PECB, an accredited ISO certification body, STEER is uniquely qualified to design, implement, monitor and audit anti-bribery management systems, leading to ISO 37001 certification.
In today’s competitive markets and in geographical locations where it is still common practice to make illicit payments to obtain business, international companies are often faced with challenges to comply with international laws and regulations.
Companies that have been in the unfortunate circumstance of being subject of a violation of International anti corruption regulations, such as the FCPA or UK bribery act know all to well the dramatic negative consequences of such an issue. The cost of penalties and related cost of investigations, remediation and mitigation often exceeds millions of dollars, with some exceeding hundreds of millions of dollars or, in exceptional cases, billions of dollars.
STEER offers to perform anti bribery compliance reviews (“ABCR”) designed to test the companies’ policies and procedures to prevent corruption. At times companies will perform this type of review under a deferred prosecution agreement after receiving government sanctions for bribery. We offer this service as part of our monitoring program but also as a proactive audit.
An ABCR’s objective is to identify violations of the company’s Code of Conduct with respect to corruption by assessing controls and processes within the business that have been designed to prevent and detect such violations. This involves a review of account balances as well as testing of transactions.
The result of an ABCR will identify weaknesses that management should remediate.
The first step in an ABCR is to develop a work plan that clearly identifies the tasks to be completed and the steps to be performed.
The action plan should include a description of the weakness, a specific individual assigned to remediate the weakness and a timeframe to do this.
At the closure of an ABCR a discussion with senior management should occur to agree on an action plan to remediate any weaknesses identified
Once this step has been completed a final report will be issued with the ABCR findings, as well as the remediation action plan.
It is the company’s responsibility to follow up and ensure corrective actions have been taken.
An ABCR not only provides insights into certain control weaknesses in a pro-active way, it can also serve as a company defense should a criminal violation occur and government agencies become involved.
Having this process in place and performing this type of review sends a strong signal to employees that the company is serious about corruption and creates a clear tone at the top.
At the closure of an ABCR a discussion with senior management should occur to agree on an action plan to remediate any weaknesses identified.