“Implementing and communicating Adequate Procedures doesn’t have to be a burden”

SLOUGH, U.K. - July 17, 2013 - PRLog -- According to Kevin Davies, Chief Investigating Officer, the SFO is investigating two cases with six further cases that might lead to prosecutions http://www.trust.org/item/20130627105759-e3qmu/.

“The UK Bribery Act is the strictest legislation in the world, far more so than the US Foreign Corrupt Practices Act (FCPA), with penalties to match. These new cases being investigated by the SFO highlight that risks to businesses are growing on a daily basis, with global organisations becoming increasingly vulnerable,” states Jeremy Crame, CEO of GRC software specialist Hitec.

Exposure to SFO investigation is expected to increase due to organisations failing to implement a robust ‘Adequate Procedures’ Anti-Bribery Programme, resulting in potential fines and even possibly, imprisonment.

The SFO, Customers and Business Partners now expect organisations to demonstrate that ‘Adequate Procedures’ are in place, as outlined in the framework of BS 10500, the Standard designed to assist businesses to implement effective and robust Anti-Bribery Management Procedures.

Jeremy continues: “Many businesses believe that just having written Policies and Procedures in place is sufficient, but this is where they come unstuck. The key to compliance with the UK Bribery Act is ensuring that their Policies and Procedures are communicated appropriately and understood clearly by employees and Third Party Partners. Otherwise they are almost worthless and leave the business open to serious risk and financial liability.”

To demonstrate that ‘Adequate Procedures’ are implemented, businesses must be able to provide evidence that:

·         The Policies and Procedures have been communicated to recipients;

·         They have an acknowledgement from the recipient in the form of a Compliance Declaration;

·         Records are kept concerning who has and who has not provided a Declaration.

“Putting in place and communicating ‘Adequate Procedures’ need not be such a time consuming burden for businesses,” says Jeremy. “The simplest and most effective way to address the requirements of the UK Bribery Act and the related British Standard (BS 10500) is to deploy a built-for-purpose technology based solution, particularly in the case where there is a large distributed workforce involved.

Proactive management and communication of business critical Policies is vital in today’s heavily regulated markets so utilising a solution that effectively manages these challenges and is implemented as a central part of the business strategy greatly reduces risk and creates trust and credibility with all stakeholders. This mitigates the serious threats associated with non-compliance.

We are working with a growing number of organisations to assist with their ‘Adequate Procedure’ requirements and adherence to the UK Bribery Act and/or FCPA legislation. Our Customers have found that implementing a Policy Lifecycle Management solution has supported their compliance needs ensuring that the right Policies get to the right people, that they become accountable by signing up to them and that the entire process is recorded and auditable. This takes some pressure off the Compliance Department and supports them by reducing exposure to serious reputation and financial damage.”

For more information contact Hitec on 01628 600900, email: enquiries@hiteclabs.com or visit: www.hiteclabs.com.

Follow them on LinkedIn and the Hitec Blog.

About Hitec Laboratories:

For more than 20 years Hitec Laboratories has been helping Customers in the Financial, Commercial and Public/Government Sectors to address some of their most pressing business and operational challenges. Hitec solutions span Governance Risk & Compliance (GRC) and Enterprise Content Management (ECM), enabling organisations to reduce costs, increase efficiency, ensure compliance and protect against risk. Today, Hitec enjoys a large blue chip Customer base in over 30 Countries worldwide.

Hitec’s overriding belief in collaborating with Customers and Partners, has led to its rapid expansion, both organically and by acquisition. Their longstanding Customers of fifteen years or more are testament to their passion for partnership and desire to provide businesses with credible, tested software solutions which are continually evolving.

Hitec’s integrity is highlighted by the relationships they develop with their Customers and Industry Leaders and they continue to inspire and challenge the market as well as offering presentations and articles which aim to cultivate a co-operative business environment.