3rd Parties Are Still The Top Challenge For Companies When Dealing With Bribery And Corruption

When it comes to anti-corruption and anti-bribery measures, having an internal structure in place that combats corruption behavior is essential. Does this mean that your company is safe, even though you have a strong internal process? Having a strong internal process for dealing with corruption is great and helps promote for a corruption and bribery free work place, but there is only so much you can do internally. What about your external efforts? Are they just as important? In most cases, they are the most important.

I an article written by Rebekah Mintzer, of the Corporate Counsel website, a new survey conducted by KPMG International showed that third parties still remain the largest challenge for companies to avoid corruption and bribery. Also, more companies don’t seem to be taking the necessary measure to combat this within their 3^rd party partnerships.

As the demand for goods increases globally, companies are finding themselves having to deal with the complexities on how to monitor and control the actions of these 3^rd parties as they work on their behalf. As companies begin expanding and their supply chains become even more complex having the necessary resources to over see the operational and business conduct of these 3^rd parties becomes increasingly challenging.

What it may boils down to is the necessary data to make sure the correct business decision is made when concerning your vulnerability with risk:

“Lastly, the report took on the issue of data analytics for anti-bribery and corruption compliance. A full 49 percent of respondents said they didn’t use data analytics to track down potential violations in this area.”

3^rd parties are needed to do business in areas that are foreign for any company. But going into the market blind on risk does not need to happen. To understand what risks there are and to see way to effectively combat them in a global market, click here.