Protiviti Governance Portal for Third-Party Anti-Corruption Helps
Organizations Comply With U.S. Foreign Corrupt Practices Act
MENLO PARK, Calif., July 9, 2014 /CNW/ -- Protiviti (www.protiviti.com), a
global consulting firm, has released the Protiviti Governance Portal for
Third-Party Anti-Corruption, enabling companies to develop and manage a
risk-based, third-party anti-corruption program that supports compliance with
the U.S. Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws.
The Governance Portal for Third-Party Anti-Corruption v4.1 is a new module of
the Protiviti Governance Portal, a GRC (governance, risk and compliance)
platform that helps organizations efficiently support multiple GRC activities.
With the new module, companies can manage corruption risk across their
third-party ecosystem from a single, centralized platform. Protiviti also
provides consulting services to support anti-corruption programs with
anti-corruption strategy, due diligence and remediation activities.
"For large companies, the most common source of FCPA violations comes from
third parties acting on their behalf," said Scott Moritz, managing director
and global lead of Protiviti's Investigations and Fraud Risk Management
practice and former FBI special agent. "Acknowledging the unique risks these
'intermediaries' present and having a well-conceived policy to combat them
simply aren't enough. To fully operationalize an anti-corruption program,
organizations must have the technology and content to manage the underlying
processes and align them with their internal controls and audit programs."
Third-party Due Diligence In November 2012, the Criminal Division of the U.S.
Department of Justice along with the U.S. Securities and Exchange Commission
jointly released "A Resource Guide to the Foreign Corrupt Practices Act." The
guide outlines 10 "Hallmarks of an Effective Compliance Program," one of which
relates to third-party due diligence and payments. According to the guide,
"DOJ's and SEC's FCPA enforcement actions demonstrate that third parties,
including agents, consultants, and distributors, are commonly used to conceal
the payment of bribes to foreign officials in international business
transactions. Risk-based due diligence is particularly important with third
parties and will also be considered by the DOJ and SEC in assessing the
effectiveness of a company's compliance program."
The Protiviti Governance Portal for Third-Party Anti-Corruption enables
-- Create a centralized repository for all program data and
-- Gather responses to third-party anti-corruption questionnaires
prior to contract approval.
-- Establish a risk-scoring model that aligns with the company's
overall anti-corruption policy and create scorecards for its
vendors and business partners.
-- Identify third parties with heightened risk, allowing
organizations to allocate resources on a risk basis for
additional investigation and follow-up.
-- Manage overall workflow, investigative cases and approvals.
-- Maintain a complete audit trail of activities.
-- Continuously monitor third parties against watch lists
"The Protiviti Governance Portal for Third-Party Anti-Corruption provides an
easy and cost-effective way for large organizations to create a sustainable,
consistent process for evaluating and managing the risks associated with their
agents and third-party business partners scattered around the world," said
Scott Wisniewski, managing director of Protiviti's Risk Technologies group.
"It also helps companies to develop a standardized risk-scoring methodology
based on their unique requirements and risk scorecards, allowing them to more
easily identify and take action against the entities that present the highest
risk to their organizations."
Complimentary Webinar on July 15 Protiviti will conduct a complimentary
webinar to explore effective third-party anti-corruption programs on July 15
at 10:00 a.m. PDT. The 60-minute webinar is eligible for CPE credit* and will
feature Protiviti's Moritz and guest speaker Chris McClean, principal analyst
and research director with Forrester Research, Inc. Please register for the
webinar at: http://bit.ly/1ozqenp.
The Governance Portal is a flexible technology solution that provides the
visibility and oversight organizations need to manage enterprise and
operational risks, optimize internal audit processes, monitor compliance risk,
reduce the cost of financial controls management and improve IT governance.
About Protiviti Inc. Protiviti (www.protiviti.com) is a global consulting
firm that helps companies solve problems in finance, technology, operations,
governance, risk and internal audit, and has served more than 40 percent of
FORTUNE 1000(®) and FORTUNE Global 500(®) companies. Protiviti and its
independently owned Member Firms serve clients through a network of more than
70 locations in over 20 countries. The firm also works with smaller, growing
companies, including those looking to go public, as well as with government
Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in
1948, Robert Half is a member of the S&P 500 index.
Protiviti is not licensed or registered as a public accounting firm and does
not issue opinions on financial statements or offer attestation services.
*Protiviti is registered with the National Association of State Boards of
Accountancy (NASBA) as a sponsor of continuing professional education on the
National Registry of CPE Sponsors. State boards of accountancy have final
authority on the acceptance of individual courses for CPE credit. Complaints
regarding registered sponsors may be submitted to the National Registry of CPE
Sponsors through its website: www.learningmarket.org.
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