Organizations operating internationally need to be aware of bribery and corruption risks and have measures in place to curb their exposures. Laws and guidelines barring bribery of foreign officials, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, detail which activities are unacceptable and outline penalties that will be imposed on companies that breach the rules. But offering bribes, gifts or other facilitation payments often is seen as simply a cost of doing business, and breaking longtime habits is a difficult task.
This latest white paper from Business Insurance details the laws that organizations need to comply with, examines trends in the enforcement of the laws, offers a framework for managing the risk, explains how insurance coverage might respond to liabilities arising out of bribery incidents, and analyzes defenses available to executives accused of corruption.
This article originally appeared on businessinsurance