Risk assessment is one of the six principles for demonstrating adequate procedures for preventing corruption in the Ministry of Justice guidance on the Bribery Act.
It is an essential first step in building a successful ABC compliance programme, enabling organisations to identify possible exposure, design effective mitigation measures and ensure that their anti-corruption procedures are relevant and proportionate.
GoodCorporation risk assessments are tailored to the needs of each organisation and are conducted at group or local level, as appropriate involving the relevant management team in order to:
- Understand the specific corruption risks
- Classify risks into four categories: low, medium, high and extreme
- Evaluate risks according to defined impact and likelihood
- Identify appropriate and proportionate risk mitigation actions
- Produce a clear picture of ABC risks to the company
- Help mitigate likelihood of prosecution by ensuring that the company can demonstrate that it has adequate procedures in place to address the bribery and corruption risks faced