As the risk environment increases for companies worldwide, Transparency International (TI) today published the latest edition of a cutting-edge multi-stakeholder code that sets out best practice for companies seeking to address the threat of bribery.
Changes to foreign bribery laws and a recent trend towards more vigorous enforcement of such laws have shown that a failure to address bribery can exact a very high cost on companies. The 2009 edition of the Business Principles for Countering Bribery is a useful and current tool for companies dealing with the challenge and risks posed by bribery. The tool reflects recent developments in anti-bribery practice worldwide and incorporates approaches by business, academia and civil society.
“The current economic crisis is a sobering reminder of what can happen when companies ignore or fail to manage risks to their business,” noted Jermyn Brooks, Director of Private Sector Programmes at Transparency International. “In these difficult economic times, companies may be tempted to relax their consideration of risk in order to reduce costs or in their search for new markets,” cautioned Brooks
See full Press Release.
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