"The way that things have always been done” is changing in
many African countries
57.6 percent of
companies see the development of policies and procedures that can be
practically applied in all countries as the most challenging internal anti-corruption
and compliance issue.
This is one of the
topics discussed today at a webcast with Uche Orji, CEO and Managing Director,
Nigerian Sovereign Investment Authority (NSIA), hosted by Control Risks’ CEO
Richard Fenning
•
While FCPA and UKBA still lead anti-bribery and corruption regulation, in a
number of African countries the governments feel increasing pressure to join
the current trend of stronger enforcement of anti-bribery and corruption
regulation in developing countries
•
An integrated, global approach to mitigate corruption risk is important, but
local adjustment is key
•
“The way that things have always been done” is changing in many African
countries and often management determination and the acceptance of “wasted”
time and higher costs can avoid the need for bribes to secure business.
•
Only 66% of internationally operating companies have policies in place that
forbid facilitation payments
Tom
Griffin, Managing Director West Africa, Control Risks, comments on the
discussion:
“Often
companies try to roll-out a global anti-bribery and corruption programme from
Western headquarters and are then surprised that it is not effectively
implemented in other markets – this is not unique to African countries.
Companies need to adapt the policies and initiatives to the local culture, for
example the type of training for employees. Some of our clients with their
headquarters in Africa are more effective in their fight against bribery and
corruption than those headquartered elsewhere, as they have an anti-bribery and
corruption programme very focussed on the specific issues of their market.”
“Knowing
the local market and the country you are operating in is key to implementing a
successful anti-bribery and corruption programme.”
“Control
Risks sees a change in ‘how things have always been done’ in many African
countries. The fight against corruption is higher on the political agenda than
ever before and when we discuss the corruption problems in operating in these
countries, we need to acknowledge this.
For
more information and to receive the recording of the webcast, please click here:http://goo.gl/IZjnLF
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