We believe, and experience shows, that most anti-corruption problems can be prevented by understanding risks and putting the right compliance programs in place. As businesses evolve, their risks evolve. Staying ahead of those risks is critical. This is why regulators in both the U.S. and abroad repeatedly underscore the importance of thoughtful and regularly-updated risk assessments as an essential component of any compliance program.
Understanding current and developing risks enables companies to make informed and practical decisions about what policies and procedures are necessary and what resources are needed to implement them effectively. Assessing evolving risks also informs the appropriate approach to effective compliance training such as the audience, content, frequency, and delivery system. Having a risk-based and appropriately tailored compliance program not only decreases the likelihood that problems will arise, but also places companies in the best position possible to detect and remediate problems if an issue does surface. Besides protecting a company’s reputation, this will also demonstrate to regulators that a company takes compliance with the law seriously.
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