Under the UK Bribery Act an organisation can be put at risk by the activities of another party acting on its behalf. In order to mitigate those risks, it is recommended that organisations assess third parties prior to entering agreements to determine the extent of any corruption risks and to eliminate them as far as possible. With many organisations working with tens of thousands of suppliers and other third parties (such as JV and consortium partners) this can seem an impossible task.
Appropriate levels of due diligence will vary enormously depending on the risks arising from particular relationships. GoodCorporation offers ethical and anti-bribery and corruption (ABC) due diligence services that will enable an organisation to identify the correct approach; design and undertake proportionate due diligence measures as well as implement a risk mitigation strategy where necessary.
GoodCorporation’s ABC due diligence services include:
- Risk Assessment design
- Third party screening to identify the level of risk third parties might pose
- Due diligence checks proportionate to the level of risk and the scale and complexity of the organisation including:
- Design decision trees to identify high-risk suppliers
- Due diligence questionnaires to engage suppliers
- Assessments of third party compliance
- Engagement, coaching and support to strengthen third parties’ ABC controls
- In-depth third party ABC compliance assessment conducted by GoodCorporation to provide assurance that robust anti-corruption measures are in place, or highlight any gaps identified. This is done through on-site assessments and detailed policy and process reviews.
- For third parties posing a significant risk, this provides greater assurance of likely ABC compliance. In addition where investigations into historical and current business activities are necessary we can recommend suitable investigation firms.
When assessing third parties, GoodCorporation will provide tailored risk-mitigation strategies to be implemented prior to entering into any agreement. We understand the importance of doing this especially when supplier relationships or joint-venture agreements are hard to avoid but the risks can be high.