Foreign Corrupt Practices Act of 1977
The Foreign Corrupt Practices Act of 1977 (FCPA), was enacted to crackdown on U.S. citizens or companies bribing foreign officials to help them obtain or keep business specifically via the mail system or financial instruments. Originally FCPA applied to U.S. citizens reaching outward but as of 1998, it was extended to essentially apply to any firm or person attempting bribery within U.S. borders as well. It includes companies whose securities are listed in the United States and requires those companies to meet U.S. accounting provisions.
The BWise Solution for FCPA
As outlined in U.S. Department of Justice’s recent publication “A Resource Guide to the U.S. Foreign Corrupt Practices Act,” effective controls, documentation and education are the best defense for compliance to FCPA. BWise integrated enterprise governance, risk management and compliance (GRC) solutions have been designed to comply with this guidance. BWise puts you in control by enabling you to identify, track and manage these risks that may cause reputational damage and potential liabilities due to FCPA. BWise helps you:
- Oversee, measure and manage key organizational risks through a single, integrated system, using one common language for internal audit, risk, and compliance
- Quickly identify enterprise risks, and ensure that all vulnerabilities are below the acceptable risk threshold of your organization
- Prevent and detect any FCPA-related compliance issues with regular monitoring and documentation
- Record and report potential infractions and document both these and your efforts to prevent them in one integrated system
- Coordinate easily with your independent auditor with complete transparency and audit trails
- Cost-effectively review and gain attestations to annual compliance-related mandates with every employee, in every department, everywhere
- Conduct thorough due diligence on your customers and the business they undertake to understand their true nature and the financial transactions they impact, particularly for financial institutions
- Provide regular education, the hallmark of effective corporate compliance programs, with BWise Academy which can provide learning solutions illustrating the complexities of FCPA and the serious pitfalls of non-compliance
Many companies trust BWise to help them navigate the intricacies of FCPA. Find out how BWise can help yours.