Kicking off a year which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok last week. Devoted to the theme of “Compliance Across Asia”, the conference featured experts who discussed anti-corruption and compliance issues in the region.
Speaking on third party due diligence and cross-border anti-corruption programs, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from the Organisation for Economic Co-operation and Development (OECD), UNDP Regional Asia Pacific Office, National Anti-Corruption Commission of Thailand, Johnson & Johnson Pharmaceuticals, distinguished academia and other guest speakers..
Read on to learn about some key takeaways from the conference and access presentation slides from Leas’ sessions.
Speaking on third party due diligence & compliance
Delivering a presentation on third party due diligence, Leas explained why 2017 is the year organisations need to focus on knowing who they do business with, assessing their risk exposure and getting started towards 100% third party due diligence. This presentation outlines historical challenges and considerations to conducting due diligence and proposes best practice steps towards achieving due diligence on 100% of third party relationships in a cost-effective manner with ethiXbase 2.0.
On the topic, an attendee posed a question “when is the best time to implement a third party management program?”. Looking to the goal of any third party risk management program – which is to reduce risk by knowing who you do business with, Leas highlighted the importance of being prepared when it comes to third party management, and starting today. “Being curious will help you keep pace with the landscape. Take the time today to assess your options and get started on due diligence to understand any risks your third parties may pose – remember, risk actively hides so it is important to look closely at 100% of third party relationships.”, said Leas.
Speaking on cross-border anti-corruption programs
With 2016 marking a landmark year in anti-corruption developments globally, Leas also discussed key trends and the need for anti-corruption efforts to evolve to keep pace. He added that today’s anti-corruption programs need to factor cross-border considerations, covering an overview of various elements that make an effective cross-border anti-corruption program.
Also touching upon ISO 37001, the first international anti-bribery management systems standard launched in October 2016, Leas said this serves as good guidance for organisations to benchmark their programs and practices. While certification under ISO 37001 is optional, compliance to the standard not only signals to regulators that appropriate measures have been undertaken to prevent bribery, but also means that programs are benchmarked against internationally recognised good practice. “With rising expectations for corporates and public actors when it comes to anti-corruption compliance and corporate transparency, it is important that organisations establish robust anti-corruption programs while demonstrating ethical conduct to shield themselves from allegations of corruption within their supply chains”, said Leas.
As always here at ethiXbase we encourage every professional to take a look – at the market, recent developments, your own organisation and practices and make a change to help to create the type of transparent, open and honest business environment that you and your third party business partners wish to operate in. To learn more about how we can help you to take a look at your own third party network please visit ethixbase.com/2-0/.