Managing bribery and corruption risks – IMPACT ANALYSIS – The FSA’s thematic review of anti bribery systems and controls found that most firms had not properly taken account of FSA rules before or after the Bribery Act 2010. Evidence suggested that organisations had only put systems and controls in place post Bribery Act. According to Tracey McDermott, acting director of enforcement and financial crime at the FSA, the investment banking sector was found to have been ‘too slow’ and ‘too reactive’ in managing bribery and corruption risks.
Weaknesses related in particular to: a limited understanding of the applicable legal and regulatory regimes; incomplete or inadequate bribery and corruption risk assessments; a lack of senior management oversight and a failure to monitor the effective implementation of and compliance with, anti bribery and corruption policies and procedures.
Read THOMSON REUTERS – IMPACT ANALYSIS and visit the FSA Guidance Consultation paper to learn more about good and poor practices accoring to the FSA.
» DOWNLOAD THOMSON REUTERS – IMPACT ANALYSIS – http://img.en25.com/Web/ThomsonReutersGRC/FSA%20Campaign%20-%20April%202012.pdf
read the FSA documents
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