By Steve Biskie
Let’s take a breather from doom and gloom. The FCPA and other similar legislation do have a silver lining.
In the process of assuring FCPA and U.K. Bribery Act compliance, organizations are also combating fraud. The Association of Certified Fraud Examiners estimates that the average organization loses about 5% of annual revenues to fraud – a potential fraud loss of more than $2.9 trillion of the estimated 2009 Gross World Product. How much might that translate to for your organization?
And FCPA and U.K. Bribery Act compliance testing comes with some other pretty big standard business benefits. Tests for bribery risks can also double up to identify other risks in the Purchase-to-Pay, Travel & Entertainment, Procurement Cards, Payroll, and General Ledger areas – if the tests are correctly configured. Not too bad for a side effect.
Here are some other examples of where FCPA and U.K. Bribery Act compliance overlaps with other business risks:
Steve Biskie, CPA, CITP, CISA, is the Director of Customer Solutions, ACL Services.
ACL Services is a sponsor of the FCPA Blog.