As the government puts more pressure on international regulations, it is important that you have some sort of strategy in place to comply with the Foreign Corrupt Practices Act of 1977, also known as FCPA. There are a few key components you need to have when creating your strategy to ensure that you remain compliant, including have FCPA compliance software. If you are found to be non-compliant with the FCPA guidelines, you could face many problems. This might just be a fine, or you could find yourself having to shut down operations or worse. There are certain components that you need to ensure you have, whether you use FCPA compliance services, software or some other resource.
What a Strategy Should Include
When you develop a FCPA compliance strategy, it should include your policies, training, monitoring of employees, workflow controls, business rule and other components. Workingwith a company that offers FCPA compliance services is one way to ensure that you remain within the guidelines of the law.
When you start to develop the strategy, first focus on what risks your company might face. The FCPA was set up to combat bribery, especially when working internationally and dealing with foreign officials. Certain elements, such as self-reporting, cooperation, and taking remedial actions right away helps you to avoid larger problems if something were to happen. By setting up your compliance program in a manner that is well-designed and efficient, you can reduce your risks and potential problems.
Oversight and Code of Conduct
When developing a program, it is important to start with the oversight. Your management and executive board should be strong promoters of the FCPA so that all departments feel obliged to comply, especially if you are using FCPA compliance services and other solutions. There should be a strong code of conduct that adheres to the guidelines and makes it easy to follow the code. This includes detailed policies and procedures that spell out how employees should and should not conduct themselves, and document their activities, in various circumstances. This should also include the disciplinary measures. Any oversight should be separate from management so that it remains an autonomous program. Be sure to train all employees in the processes and communicate the importance of adhering to the program. Make sure that employees feel comfortable to report violations as well.
How Does Software Help?
There are options for FCPA compliance software that help to automate certain components of your strategy, including the workflows and business processes. It also develops terms and conditions so that you remain within the industry standards and guidelines. It will help ensure that any documents, including legally binding agreements and contracts, are correct and abide by the FCPA. You can easily document and track the history of the document and see what needs to be fixed or updated to adhere to any new guidelines. It is also easy to find out when and how a document was changed to become non-compliant so that you can fix that error and avoid any repetitions of the error.
By taking steps to create a program that includes FCPA compliance software, you can reduce your risk of non-compliance. This will help you to build a stronger reputation, as well as avoid the fall out of finding yourself non-compliant.