Preventing Bribery Risks In Your Company - What Should You Do?

Bribery is a very serious legal offence that managers and employees may be subject to in a company, and it can lead to serious criminal convictions. Companies of all shapes and sizes need to be aware of the Bribery Act, even if they think they are running their business completely above reproach.

As an employer, you will ultimately be held accountable for the conduct of your employees so if they act on your behalf, you could end up facing imprisonment for something you were completely unaware of. Therefore, every business should establish policies of control and procedures that prevent and avoid committing this crime and seek legal consultancy from white-collar defense specialists, before and if it has been committed.

Types Of Bribery

There are four basic categories of bribery offences:

1. Offering or facilitating a bribe.

2. Accepting a bribe in return for a service or goods.

3. Bribing a public official.

4. Failure to prevent a bribe.

The legal penalties for engaging in any of the above can be quite severe. Indeed, the UK Bribery Act 2010 states that employers engaging in bribery could face up to 10 years in prison and a potentially unlimited fine. The business will also be forced to return any gains made as a result of the bribe, the directors will be forced to resign, and serious crime prevention orders will need to be implemented to ensure it never happens again.

Acting Against Bribery

Defining roles – Assigning clear roles is crucial to facilitating an anti-corruption system. This will underline the responsibilities of the board and managers and ensure that those holding top office are firmly anti-corruption and anti-bribery.

A culture of compliance – Creating a culture of compliance means embedding values and ethics into the very foundations of the company. This means that all levels of the company are aware of the moral rules at the center of the business. Communication and training are going to be key here.

Consistency – For larger businesses with many global centers, it’s imperative that there is consistency among all factions that hold the company name. This often requires the appointment of a Chief Compliance Officer to oversee all locations and achieve an international standard. Action should also be taken to ensure that the same standards are followed throughout the company supply chain and that all clients and partners hold the same values. This can be achieved by assuring all clients and partners are certified and demonstrate standard compliance.

Competition – If you can demonstrate you are actively fighting against bribery then it will give your business a major reputational advantage. You will also attract partners and clients that expect a greater level of transparency, and this is only going to help your business in the long term.