Anti-Bribery Compliance Gets Global Standard

News, Wall Street JournalOctober 2016

Legal

In the Wall Street Journal's Risk & Compliance Journal, Bert Lacativo comments on the first-ever global standard for anti-bribery compliance programs.

As appeared in the Wall Street Journal, October 21, 2016

By Samuel Rubenfeld

An international standards body last week  issued the first-ever global standard for anti-bribery compliance programs, which experts said would provide companies with leverage when dealing with partners in high-risk countries.

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The standard includes a provision that allows third parties to issue a certification that says a company’s anti-corruption compliance program conforms to the standard. Bert Lacativo, a partner at RGL Forensics, a forensic accounting firm, noted in an email that companies could use the certification “as a lever of additional comfort” regarding the activities of their foreign partners, a potentially significant risk area.

“While appropriate due diligence, monitoring and anti-bribery contractual clauses are all requirements that won’t ever go away, U.S. companies may require that their foreign partners begin moving toward, and eventually obtain, 37001 certification to conduct business with them. This could prove especially valuable in territories with high corruption risk and limited local enforcement,” said Mr. Lacativo.

Read the rest of the article in the Wall Street Journal.

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