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Build A Compliance Program That Can Weather The Storm

With this mix of risks, companies should absolutely be scared of doing business in China, but that doesn’t mean they shouldn’t engage in business at all. Companies should leverage their fear and make sure that their anti-corruption compliance programs are targeted to mitigate these risks.

Train your high-risk employees. Anyone doing business should receive regular anti-corruption training targeted to their operational functions. Sales people should be trained on proper improper gifts and entertainment while accounting department personnel should be trained to recognize suspicious circumstances, such as an invoice without sufficient detail.

Communicate your expectations geographically. While an anti-corruption compliance program is global in scope, target communications to geographic regions that reflect the risks faced. Make your employees in China aware that you know about the culture of gift giving – and that you can support them to stay on the right side of the law.

Conduct Due Diligence. Although opaque corporate, criminal, and investigative records in China pose significant difficulties in conducting sufficient due diligence, that does not mean it cannot be done. Take the time to thoroughly vet your third party business partners, incorporating reference-checking policies. Pay special attention to an entity that does not seem to have any corporate history and dig down until you discover beneficial owners.

Be Proactive. Audit frequently. Make sure policies and procedures are being followed, as training and communication are useless if no one actually implements your internal controls. Look for trends that might be indicative of fraud.

Change Your Policies. Some policies may be too risky or too open for exploitation, especially in high-risk countries. If a policy cannot be administered properly , it may be time to consider banning that activity for the time being.

While you will never be able to fully eliminate the risks of doing business in China, you may be able to mitigate them to make doing business in China a little less scary.


原文見: Build A Compliance Program That Can Weather The Storm | SourceEC - Corporate Gifts Malaysia | Promotional Gifts | Door Gifts Blog
Build A Compliance Program That Can Weather The Storm Reviewed by Unknown on 9:28 AM Rating: 5

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