Last week Rolls-Royce agreed to pay £671 million to UK and US Authorities bringing to an end 25 years worth of cases with UK and US authorities. You can read the full story here.
Since introduced in 2014 this is the third settlement The UK’s Serious Fraud Office (SFO) have stuck, allowing Rolls-Royce to pay a hefty fine and as a result avoid prosecution.
The Bribery Act 2010 has been described as “the toughest anti-corruption legislation in the world”. As a UK organisation are you doing all that you can to ensure your company and employees are compliant?
Here’s our 5 ways in which you can reduce the risk facing your company.
Statement of Intent
It’s important you have a strong, clear anti-bribery statement that includes your company policies and how serious an offence under this act is. Your policy should be available on your website, intranet and made clear in the induction process and placed in your employee handbook.
We would also recommend its also shared with suppliers, old and new so that they are aware of your anti-bribery policy and how you’re meeting the legislation.
Conduct a risk assessment
As with any legislation, (the latest being Modern Slavery ) – it’s important to understand where your business may be vulnerable and falling to comply with the Bribery Act. Conducting an initial and then annual risk assessment is a great way of determining potential hazards.
Your Bribery Act risk assessment should evaluate the industry you’re in, job roles you have, countries you operate in, your supply chain and any other organisations/ individuals you have a relationship with.
It’s important your employees are not only vigilant but that they have ways to report any suspicious activities. Examples may include a dedicated hotline, email address and/or a designated contact within the business.
Education is key, it’s really important your employees are aware of the Bribery Act and how they could easily fail to comply. For example, do they know what counts as a bribe and that it’s a criminal offence that could lead to 10 years’ imprisonment + an unlimited fine for their employer?
We’re working with organisations across the UK delivering Bribery Act eLearning courses and assessments – our off the shelf Bribery act eLearning course is available today and can be deployed via our LMS system or yours. Alternatively we could create a custom designed Bribery Act eLearning module and design it specifically for your company and situations your employees are likely to face.
eLearning is not only a great way of delivering effective, engaging training to a mass audience the reporting allows you to prove that it’s been understood by groups and individuals – furthermore, you can identify knowledge gaps and provide the required training.
Monitor and review
As an organisation (regardless of size) it is your duty to inform the SFO of any anti-bribery occurrences. Failure to do so could lead to prosecution. Its, therefore, important you monitor and review the training delivered, keep ‘whistle blowing’ lines of communication open and continue to conduct risk assessments across your business.
If you’d like to understand the Bribery Act 2010 further and how eLamb can help reduce the risk facing your company drop us a note or give us a call.