Our own Ethical Leadership Group Vice President Ed Petry’s article, “Addressing corruption and bribery: five practical steps you need to take now” was published in Oil & Gas Financial Journal today. As the title indicates, Ed reviews five steps that should be part of any ethics and compliance program.
“A recent study from Ernst & Young noted that over the past four years the oil and gas industry has faced the most prosecutions for bribery and corruption in the UK. In fact, corruption and bribery is the number one ethics and compliance challenge for companies in the oil and gas industry. To some extent corruption and bribery is a predictable risk, given the parts of the world where we operate, but now the matter has taken on more urgency as governments and enforcement agencies have increasingly made combating corruption and bribery a top priority.
Your company probably already has policies and a Code of Conduct that address the requirements of the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, and you likely have training on these matters, especially for your most at-risk employees. Your company may also flag for urgent attention hotline calls that refer to possible bribery. (If your company doesn’t have at least this much in place it’s time to get busy.).
Prudent companies will want to go further and take the following steps to ensure that the message is being delivered loud and clear…”
To read more, please visit: https://www.ogfj.com/articles/2012/08/addressing-corruption-and-bribery.html