Chapter 6: Compliance best practices and the fundamentals of conducting a risk assessment
Having an element-specific understanding of the FCPA’s provisions and how they are enforced is a critical first step toward minimizing risk. However, you also need to be knowledgeable about the wide body of so-called compliance “best practices” and Chapter 6 begins by highlighting various potentially relevant sources. At first blush these various sources may seem a bit overwhelming, but this chapter breaks these best practices into bite-size pieces that are easier for you to digest. A common thread in all sources of best practices is the importance of conducting a risk assessment. After all, rarely does a compliance professional receive questions tied to specific legal elements such as “is this customer an instrumentality of a foreign government such that its employees may be deemed a ‘foreign official’ under the FCPA” or “does this planned corporate hospitality event represent a ‘reasonable’ and ‘bona fide’ expenditure ‘directly related’ to a business purpose.” Rather, in the real world compliance professionals listen to stories or receive information and from these real-world stories and information are expected to spot risk. Chapter 6 graduates you to the next level of compliance proficiency by highlighting the fundamentals of conducting a risk assessment. From there, and with your “FCPA goggles” on, you will complete a skills exercise by reviewing generic business information of a real company and categorizing the company’s unique risk points. Perhaps the company’s customer base presents risk; perhaps the company’s unique product or service presents risk; or perhaps the company’s go-to-market strategy presents risk? It will be up to you and your “FCPA goggles” to spot the risk and devise strategies for minimizing the risk.
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