Managing Third Party Risk: Only as strong as your weakest link
Transparency International UK and Transparency International USA have published a new guidance for companies on third party anti-bribery management.
Managing third party risk: Only as strong as your weakest link provides practical advice on addressing the challenges of managing third party bribery risk. Although aimed at larger companies, the content may also be helpful to small and medium enterprises (SMEs) as well as regulators, prosecuting agencies and professional advisers.
Understanding who you do business with has been a priority for companies for many years and of particular importance since the UK Bribery Act was brought into force in 2011. Bribery and corruption risks posed by working with third parties remain the single largest corruption risk to companies – with bribery through agents, distributors and brokers representing 41 per cent of 427 enforcement actions concluded since the coming into force of the OECD Anti-Bribery Convention in 1999.
This guidance aims to bring fresh perspectives on best practice in this area, providing a set of principles, practical examples and case studies designed to help companies operate to high ethical standards and protect their reputations.
Additional tools are available here:
- Report published: Jun 2016