The use of data analytics is often misunderstood in many forms of business, and even more so when involved in a risk management or compliance programme. Many organisations don’t fully understand how to collect and apply data to make informed decisions about their anti-bribery and corruption policy, which is often an integral part of understanding and showcasing your businesses commitment to anti-bribery and corruption (ABAC). Collecting data only for the sake of checking a box while not fully harnessing its power is a waste of time, resources, and energy. With the right resources, processes, and technology, businesses can effectively collect, analyse, and leverage data for anti-bribery and corruption and in turn, protect your business.
Why Utilise Data Analytics for Anti-Bribery and Corruption?
Properly taking advantage of data and analytics to improve your anti-bribery performance can benefit your company in a number of ways. It can help you understand the history of corruption in your business and your industry, create actionable anti-bribery and corruption policies for your organisation, and optimise reporting processes.
Understand Your History
Before applying data analytics to the future of anti-bribery and corruption within your organisation, you need to understand the history of corruption at your company and your company’s role in corruption within your industry. Utilising and analysing collected data throughout the organisation’s history can help you understand corruption trends, identify present risk indicators, and predict areas of risk in the future.
Turn Numbers into Policies
Every company is different in terms of what specific areas need to be addressed within formal anti-bribery and corruption policies. As with other important policies, ABAC policies can be impacted by a number of contributing factors, including but not limited to industry, geography, supply chains, and company size. Collecting and analysing the right data can help to create a framework for the areas that need to be addressed in your anti-bribery and corruption policies. For example, some countries have higher rates of bribery due to cultural expectations. If your organisation conducts high volumes of business in a country with a high bribery rate, your ABAC policy may be required to address that directly.
Governing agencies are implementing aggressive initiatives to curb bribery and corruption around the world, including the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and the Canadian Corruption of Foreign Public Officials Act (CFPOA). These and many more initiatives require agencies to collect extensive amounts of data from within and from companies to whom the initiatives apply. Having the right data collection protocols and technology in place is essential in ensuring that relevant and timely data is collected and reported. This also includes integrating third-party partner information to collect the all-important ABAC data that impacts your entire supply chain.
Taking Your Anti-Bribery and Corruption BAC Data to the Next Level
Start with a Questionnaire
Before you can begin reworking anti-bribery and corruption data analytics processes, it’s essential to know where your company currently stands in relation to third-party anti-bribery and corruption compliance. What areas need improvement, and which policies are currently successful? Taking the Anti-Bribery and Corruption Questionnaire from ethiXbase will provide an assessment into third-party ownership, management, government connections, compliance history, services, and data protection measures. This ensures that you are able to identify any gaps in your third parties’ policy, procedures, processes, or documentation.
Collect the Right Data
Similarly to how policies can be impacted by a number of factors, so can your data collection. While the instinct may be to collect any and all data, this costs time, energy, and resources. Keep in mind, data that is pertinent for one company may not be crucial for another. Consider important factors such as:
- Industry: the industry or industries in which your company operates can require different kinds and levels of data reporting. For example, a company within the healthcare sector may be required to report different data than one within private equity.
- Geography: as mentioned earlier, certain areas are more susceptible to high bribery and corruption rates. If your company conducts business in any of those areas, data on those operations should be analysed.
- Size: organisations of different sizes and assets have different levels of ABAC data reporting requirements.
- Third parties: the ABAC performance of your supply chains are just as important as the performance within your organisation. Integrate your data collection processes to ensure relevant data is being collected from your third-party partners.
- Governing agencies: companies from around the world are assessed and monitored for ABAC performance by different governing agencies. Stay informed of any regulatory changes announced by the agencies that directly affect your organisation.
The key to collecting the right data is to consider these factors to understand what data is most relevant for your organisation, and refine your data collection process accordingly.
The other essential element to the “right data” is also differentiating which data to disclose to which audiences. Governing agencies will require the disclosure of specific data and performance metrics, but you may consider showcasing other, differently relevant key performance indicators to your stakeholders and your internal teams. Understanding the correct data to present to different audiences can be extremely beneficial for proving, supporting, and perpetuating company ABAC endeavours.
Harness Anti-Bribery and Anti-Corruption Data Analytics Technology and Solutions
Utilising the leading anti-bribery and corruption data solution is the best way to collect the right data, analyse it for informed decision-making, apply it to real policies and practices, and effectively report it. Modern ABAC technology will automatically take into account any relevant data that is unique to your industry or location and will adjust its processes based on the most recent legislation.
The anti-bribery and corruption risk management solution from ethiXbase is designed to streamline ABAC analysis with an easy-to-use, integrated platform. Automate and consolidate end-to-end workflows for risk assessment, conduct multi-lingual risk-based due diligence, and effectively strategise the improvement of your policies and processes to prevent bribery and corruption in the future.
Optimise Your Company’s ABAC Data with the Right Solution
Ultimately, the data you collect won’t do you any good if it’s not being harnessed or applied properly to your anti-bribery and corruption policies. ethiXbase offers multiple resources to educate and modernise your approach to ABAC.
Now available as part of the ethiXbase 360 holistic supply chain risk management platform, our Anti-bribery and Corruption Third-party Communications and Training module is designed to educate your team and your supply chain on important ABAC processes. ethiXbase’s anti-bribery and corruption solution is designed to automate your data collection and analytics processes to help the future of ABAC at our company.
To learn more about the anti-bribery and corruption resources from ethiXbase, contact us today.