ANTI-BRIBERY AND ANTI-CORRUPTION

Building an Effective Anti-Bribery and Anti-Corruption (ABAC) Program

The global vendor ecosystem has exposed more organizations than ever before to the risk of bribery- corruption, and money laundering—crimes with serious regulatory penalties, even when carried out at the third-party level.

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Cyber and Third-Party Risk Solutions
 

This guide will explore cost of third-party bribery and corruption, the basis of ABAC programs around the world, the different laws present in major jurisdictions, and best practices for running an ABAC program.

According to PWC, 24% of global organizations report being victims of bribery and corruption. Per the WEF, the annual cost of international corruption adds up to $3.6 trillion in bribes and stolen money. Bribery and corruption aren't just the risks of doing international business—they are threats that continue to shape the global economy. What's more, this issue is overwhelmingly centered on third-party relationships: Stanford Law School research shows that nearly 90% of Foreign Corrupt Practices Act (FCPA) cases involve the actions of third-party intermediaries. To stay on top of this problem, you need an effective third-party anti-bribery and anti-corruption (ABAC) program.

This guide will cover:

  • Penalties for FCPA and UKBA violations
  • Why companies adopt ABAC programs
  • ABAC laws and jurisdictions
  • Best practices for running an ABAC program
  • How technology can optimize ABAC practices

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