Anti-Bribery Anti-Corruption (ABAC) legislation, such as the United States Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA), hold companies accountable for the behavior of third parties throughout their extended enterprise. Companies are held accountable whether or not they are aware of corrupt practices, and the penalties can be severe. To avoid non-compliance, penalties from regulators, and damage to their brands, companies must identify each relevant third party across their sales distribution channels, consultants, supply chain, and even associated non-profits to put effective controls in place to manage ABAC risk.
Collect information on all types of third parties, as well as the entities associated with those third parties (4th parties, 5th parties, etc.) which may also increase your risk exposure. Get visibility into each entity across your extended enterprise, the inherent risk of each relationship, assessment status, and residual risk.
Shift from spreadsheet and paper-based ABAC risk management to fully automated processes using Coupa to free up resources to extend 3rd-party risk coverage and automate record-keeping to streamline audit prep.
Automatically screen and monitor third parties for bribery and corruption risks by evaluating risk areas such as political exposure, state ownership, negative news and appearance on global watch lists.
Continually monitor and incorporate third-party bribery and corruption risk factors using customer data feeds from leading due-diligence data providers including Dow Jones or Thomson Reuters. Automatically receive alerts when risk factors reach their defined thresholds to enable proactive risk management. Easily order EDD (Enhanced Due Diligence) reports on companies of beneficial owners before deciding to approve or reject the supplier.
Integrate purchasing with ABAC risk management across the company to automatically channel spend to ABAC risk-assessed suppliers, avoiding "rouge spend" and risk with unknown suppliers.
Third-party risk is a growing threat. Discover how you can minimize and mitigate risk of your third-party relationships.
View the infographic for best practices on managing third parties for bribery and corruption risk.
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