Case Study | Rolls-Royce and ABAC Policies: Lessons Learned
In this ABAC policies case study, we analysed the Rolls Royce performance in terms of anti-bribery and anti-corruption policies within the scope of ISO 37001 provision.
Rolls Royce has been involved in several large-scale investigations in recent years, making it especially interesting to explore how it has changed its policies in this sphere to address the identified deficiencies. The findings indicate that Rolls-Royce has addressed these problems by cooperating with a globally recognised external auditor, revising its corporate policies, and implementing additional employee training. In terms of risks, the scope of company operations presumes high degrees of risk since it operates in 150 countries and experiences severe rivalry in the defence contracts industry, the energy sector, and the aerospace industry.
The presently utilised measures imply an efficient internal reporting system and the supervision of financial processes performed by several departments, which provides for the right level of transparency. However, the effectiveness of the REACH monitoring programme may depend on the availability of corporate resources since the legal team, the governance team, and the export team have to supervise all potentially fraudulent operations in multiple countries. This suggests the need to prioritise the contexts characterised by high corruption levels.
Some critical questions are being posed to business leaders today: Has your organisation implemented reasonable and proportionate measures to prevent bribery? How will you know if your anti-bribery and anti-corruption controls are adequate? Are you aware of the latest best practices in preventing corruption? In short, are you ready for ISO 37001?
ABAC policies case study: Rolls Royce
Long-lasting benefits of ISO 37001 ABMS certification in deterring Bribery Risk
ISO 37001 provides a strong framework for addressing and isolating risk factors in all industries. The benefits of certification are far-reaching, impacting not just the primary organisation but also influencing contractors, clients, and raising the profile of the company as an ethical entity that is a good trading partner. Even more effective, ABAC® tailors IS0 37001 to the specific needs of the client.
By achieving ISO 37001:2016 certification, an organisation will ensure that it is implementing a viable anti-bribery management system utilising widely accepted controls and systems. It will also assure management, investors, business associates, personnel and other stakeholders that the organisation is actively pursuing internationally recognised and accepted processes to prevent bribery and corruption. Today, companies cannot afford to be reactive to threats of bribery and corruption. By achieving ISO 37001 Anti-Bribery Management System certification today, an organisation will remain in compliance and better positioned to address risks head-on.
ABAC® programs protect your organisation from damaging litigation & safeguard your business in the global marketplace by providing certification & training in internationally recognised ISO standards, such as ISO 37001 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000 Risk Management Systems.
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