Building and Maintaining a Compliance Program

Today, an anti-corruption compliance program is more important than ever before.  Enforcement of the U.S. Foreign Corrupt Practices Act (“FCPA”) remains high, with significant penalties being regularly imposed on companies, and other countries and authorities, including the World Bank, are following suit.  The collateral consequences of a violation of the FCPA or similar laws are sometimes as great as or greater than the costs of an enforcement action.   

At the same time, the expectations of enforcement authorities regarding corporate compliance efforts to prevent, detect, and remedy violations of law have increased.  The benefits of compliance can be significant.  Under the UK Bribery Act, “adequate procedures” are a defense to corporate criminal liability.  Under the U.S. FCPA, an effective program, while not a statutory defense, can result in a declination of corporate prosecution, reduce penalties if charges are brought, or affect how a company is charged.   Other jurisdictions are also developing compliance expectations.  

This program, presented by Steptoe and Johnson LLP partner Lucinda Low, reviews evolving regulatory standards and expectations for anti-corruption compliance programs and discusses how they are converging, as well as areas where differences remain.  

She also explores the elements of an effective program and key issues and challenges in building and maintaining a program that is “fit for purpose” and meets expectations of continuous improvement.  In addition, Ms. Low discuss areas where an anti-corruption program may be integrated with other aspects of international regulatory compliance; for example, economic sanctions and anti-money laundering.  

Learning Objectives:

I.      Detail the expectations of key regulatory authorities, such as the U.S. Department of Justice and Securities and Exchange Commission, the agencies that enforce the FCPA

II.     Understand how regulatory standards and expectations are converging and expanding and the implications for program design and execution

III.    Discuss the meaning of a “risk-based” system and what that implies for an anti-corruption program

IV.    Explore interfaces of anti-corruption compliance with other international regulatory regimes and the extent to which a program can successfully integrate multiple regimes

V.     Consider how to make a program a living program rather than simply a paper-based program

VI.    Evaluate strategies for dealing with areas of cultural conflict around the globe, such as gifts and entertainment  

VII.   Identify strategies and options for program buy-in and evaluation of effectiveness