|By Marketwired .||
|August 4, 2014 09:37 PM EDT||
SAN FRANCISCO, CA--(Marketwired - August 04, 2014) -
How do companies get away with bribery -- and why?
STEELE Compliance & Investigation Services (CIS), a global business advisory and compliance intelligence firm, is offering a rare "insider" look at what it takes to commit bribery in each of the BRIC nations (Brazil, Russia, India and China).
The "Anatomy of a Bribe" series of articles is designed to help companies combat bribery and corruption through better understanding of the local cultures that allow it to take place. In the first of the series, Anatomy of a Bribe in Russia, STEELE uses two examples of bribery, involving Diebold and Mercedes, to provide a window into the practical steps that companies and their third parties follow to commit bribery.
"Third parties may have a number of reasons to commit bribery, including the pressure to deliver results, lack of oversight, or a belief that it is the only way to conduct business because 'everyone else is paying bribes,'" says Dennis Haist, General Counsel and Compliance Advisor for San Francisco-based STEELE CIS, a leading global business advisory and compliance intelligence firm. "In-country managers, under pressure to deliver results and often unable to navigate 'red tape' may also revert to paying bribes. In nations where there is a high level of corruption, the probability that an executive will resort to illegal means goes up. The best way to combat this is for companies to better understand the local cultures where they operate."
Mr. Haist, co-author of the series on bribery, says that the Diebold and Mercedes cases illustrate common Russian bribery maneuvers and the steps multinationals might take for prevention. In the case of Daimler -- which pleaded guilty to violating the Foreign Corrupt Practices Act (FCPA) and paid a $93.6 million fine -- a tried-and-true over-billing scheme facilitated kickbacks to government officials. Diebold used phony service contracts to cover the transfer of bribes to bank officials in Russia, China and Indonesia. The company agreed to a fine of 25.2 million USD to the US DOJ, and 22.9 million USD to the US Securities and Exchange Commission to settle the charges.
"Companies can analyze 'red flags' associated with individuals and/or transactions to uncover bribery," Mr. Haist points out. "These can range from third parties appearing under-capitalized to third parties' inconsistent or ineffective internal financial controls and a record of civil and/or criminal actions. Third-party due diligence is critical to uncovering corrupt third parties and preventing compliance violations. As we are now seeing, executives of multinationals whose third parties engage in corrupt practices risk not only being fined, but even jailed. Many more countries are taking that hard line."
A copy of "Anatomy of a Bribe in Russia" is available free from STEELE CIS by clicking http://info.steelecis.com/anatomy-of-a-bribe-russia.html.
About STEELE CIS
STEELE Compliance and Investigation Services (CIS) is a global business advisory and compliance intelligence firm offering comprehensive third-party due diligence solutions that help organizations comply with regulatory requirements and align with best practices. With more than 20 years of experience, STEELE CIS provides Fortune 1000 companies and mid-sized businesses with pragmatic solutions, including Regulatory Due Diligence, Third-Party Program Advisory Services, Program Management Services, and Compliance Analytics and Benchmarking Services. With engagements in over 170 countries, STEELE CIS delivers local and regional expertise with 'on-the-ground' resources.
For additional information regarding risk-based third-party management, please contact a STEELE CIS third-party compliance expert. Call +1.415.781.4300, email [email protected], or visit www.steelecis.com
The following files are available for download:
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 28, 2016 12:00 PM EDT Reads: 517
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 28, 2016 11:15 AM EDT Reads: 1,200
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 28, 2016 11:00 AM EDT Reads: 4,041
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 28, 2016 11:00 AM EDT Reads: 1,406
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 28, 2016 10:45 AM EDT Reads: 1,612
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 28, 2016 10:30 AM EDT Reads: 1,378
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 28, 2016 10:00 AM EDT Reads: 517
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 28, 2016 09:45 AM EDT Reads: 2,252
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 28, 2016 09:45 AM EDT Reads: 593
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 28, 2016 09:15 AM EDT Reads: 1,178
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 28, 2016 09:00 AM EDT Reads: 2,420
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 28, 2016 08:45 AM EDT Reads: 1,970
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 28, 2016 08:00 AM EDT Reads: 2,555
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 28, 2016 07:15 AM EDT Reads: 2,655
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 28, 2016 06:00 AM EDT Reads: 2,243