ICC launches an Anti-corruption Third Party Due Diligence guide for small and medium size entities

October 10, 2020

International Chamber of Commerce (ICC) has launched an Anti-corruption Third Party Due Diligence guide for small and medium size entities. SMEs are often on the receiving end of burdensome due diligence procedures of large multi-national companies. These requirements can be overwhelming and often companies feel they do not have sufficient resources to meet them. This ICC Guide aims to address these concerns and inspire Small and Medium size Enterprises (SMEs) to engage in due diligence by creating achievable and manageable due diligence goals. Following the ICC Guide a company can:

  • Know and have confidence in their counterparties;
  • Through such knowledge and confidence meet the conditions for responsible investment;
  • Avoid prosecution/reputational/financial damage from being implicated in an anti-corruption issue;
  • Develop an ethical brand;
  • Provide assurance to business partners, in particular larger organisations that they are an ethical
    company.

SMEs must also develop robust anti-corruption ethics and compliance procedures to ensure they minimise the risk of corruption and adhere to international anti-corruption standards. Understandably, many SMEs are overwhelmed by the extensive international anti-corruption legislation and the complex ethics and compliance procedures in place in larger, multi-national companies. However, ethics and compliance does not necessarily need to be on a grand scale and supported by a dedicated legal department. There are manageable ways in which smaller companies can protect themselves by better managing corruption risks. A key element to a simple but effective ethics and compliance programme is due diligence. This is the focus of this ICC Guide which sets out what due diligence is, why it is necessary, when it is necessary and how it can be implemented to protect a company from the risk of corruption as much as possible.

ICC Guide provides practical advice on how SMEs can cost-effectively conduct due diligence on third parties they engage to perform services on their behalf. It focuses on corruption risks associated with engaging third party suppliers, contractors and consultants in an international and domestic setting and how those risks can be managed. This ICC tool will also assist SMEs create an effective due diligence procedure that fits into an overall ethics and compliance programme. For SMEs that do not have any ethics and compliance procedures in place, it can be considered a good starting point. The ICC Guide can be used by any SME, of any size (even very small companies) or industry and it can be adapted so that the due diligence programme is tailored to the specifics needs and industry in which the company operates.

ICC is the institutional representative of more than 45 million companies in over 100 countries. Through a unique mix of advocacy, solutions and standard setting, ICC promotes international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services. ICC members include many of the world’s leading companies, SMEs, business associations and local chambers of commerce. Read more about ICC here!

Adoption of this ICC Guide by SMEs will provide reassurance to prospective customers and can be used as evidence of an overall compliance commitment; the commercial benefits of which should not be underestimated.

GET THE DOCUMENT HERE

This guide is also available in:

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ABAC® Center of Excellence is an independent certification body powered by CRI Group. ABAC® offers a complete suite of services and solutions designed to educate, equip and support the world’s leading business organisations with the latest best-in-practice risk & performance assessments, systems improvement & standards certification. Find out more about ABAC®!

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 SystemsISO 19600 Compliance Management Systems and ISO 31000 Risk Management Systems.

Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business IntelligenceDue Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle. Contact CRI Group today for further information on how CRI Group can help your business.

ABAC® Center of Excellence is an independent certification body powered by CRI Group. ABAC® offers a complete suite of services and solutions designed to educate, equip and support the world’s leading business organisations with the latest best-in-practice risk & performance assessments, systems improvement & standards certification. Find out more about ABAC®!

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 SystemsISO 19600 Compliance Management Systems and ISO 31000 Risk Management Systems.

Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business IntelligenceDue Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle. Contact CRI Group today for further information on how CRI Group can help your business.

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The HEBA survey is designed to evaluate your compliance with the adequate procedures to prevent bribery and corruption across the organisation. This survey is monitored and evaluated by qualified ABAC® professionals with Business Ethics, Legal and Compliance background. The questions are open-ended to encourage a qualitative analysis of your Compliance Program and to facilitate the gap analysis process.

The survey takes around 10 minutes to complete. TAKE THE SURVEY HERE!