Aravo Webinar Will Address Best Practices for FCPA Compliance

June 24, 2011
Federal agencies are cracking down on businesses that aren't compliant with the Foreign Corrupt Practices Act (FCPA). The US Department of Justice, the Securities and Exchange Commission and the FBI are joining forces on a rigorous anti-corruption ...

Federal agencies are cracking down on businesses that aren't compliant with the Foreign Corrupt Practices Act (FCPA).

The US Department of Justice, the Securities and Exchange Commission and the FBI are joining forces on a rigorous anti-corruption campaign, targeting not only a company's employees, but also its agents, contractors, investors and suppliers.

It appears that Pharmaceutical and Life Sciences companies are at the top of the DOJ's list for investigations, and a leading firm in this sector recently agreed to pay $70 million in FCPA penalties. However, supply chain and procurement executives of all multi-national corporations now face distinct risks and business challenges.

In general terms, the FCPA consists of two core elements:

The anti-bribery provision, which prohibits companies from giving money, gifts, or anything of value to obtain or retain business.

The internal records and process standards provision, which requires companies to keep accurate records and maintain clear, detailed and adequate controls with employees and trading partners (including suppliers, intermediaries and subsidiaries) to protect against improper payments or influence.

Even though relationships between suppliers and other business entities are often opaque and difficult to track, too many companies have discovered the hard way that "willful blindness" only increases their culpability in the eyes of Federal regulators. Today, lack of evidence to verify proper, compliant management of these trading relationships is itself a cause for investigation. In fact, companies having no knowledge of corrupt payments can be prosecuted even if they were aware of potential warning signs and consciously failed to conduct due diligence and implement controls.

What can you do to mitigate your risk?

For starters, get informed. Aravo is hosting a one-hour webinar next Wednesday, June 29, 2011, at 9am Pacific (12 pm Eastern) so you can hear how leading pharma companies are working to ensure compliance with FCPA.

Please join us and our featured speaker William Barry, of Richards Kibbe & Orbe LLP, and learn best practices for FCPA program design and tracking around:

FCPA Prohibited Payments

Internal Compliance Programs

Record Keeping and Accounting Controls Provision

Related Laws for Foreign Business Transactions

FCPA Risk Mitigation Essentials

Due Diligence on Third Parties/Transactions

Ongoing Tracking and Risk Alerts

In addition, we'll explore how other Pharma and Life Sciences companies with FCPA program concerns have used automated solutions to effectively manage their programs.

After all, most companies are finding that it is enormously challenging to proactively drive internal (employee) and external (supplier and subsidiary) compliance with the FCPA. A company's visibility into global operations may be limited due to language differences, time zones, communication breakdowns, disparate cultural norms, or simple lack of oversight. What's more, supply chain executives tell Aravo that they have difficulty enforcing FCPA compliance policy due to challenges managing multiple supplier master databases, multi-tiered supplier relationships, limited resources and an inability to cost-effectively monitor and mitigate supplier risk in a global operating arena.

As a result, in many cases, proactive tracking of anti-corruption policy is simply non-existent.

Don't take that kind of risk, especially now that regulators are using large fines and high-profile public hearings to cracking down on violators.

Please join us on Wednesday, June 29, 2011, for our special webinar designed to help you tackle your FCPA concerns (registration required) and start minimizing the significant risk of non-compliance.

Popular Sponsored Recommendations

The Realist Guide to Sustainable Supply Chains

Sept. 28, 2023
A ‘roll up your sleeves’ guide to driving green line performance at your organization. Learn with this easy-to-understand ebook how to implement green supply chain management ...

See how 3M Enabled B2B Buyers with Trustworthy Self-Service Buying Experiences

Sept. 11, 2023
This one-pager explores the importance of enabling B2B buyers with self-service purchasing experiences that engender trust and provides insights into the steps businesses can ...

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

Are You Positioned To Tackle Supply Chain Risk?

Sept. 20, 2023
Supply chain disruption is here to stay, but you can keep ahead of potential issues — and identify new opportunities — by regularly assessing your suppliers. Download our supplier...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!