In response to customer demand and increased regulatory scrutiny and enforcement, ACL has launched a new Anti-Bribery and Anti-Corruption Solution. The packaged offering, built upon ACL software, consulting services and best practices templates distilled from working with Fortune 500 companies, enables organizations to rapidly implement a proven internal control framework that mitigates key bribery and corruption risks, which can otherwise result in costly fines, corporate reputational damage, and incarceration.
ACL is a developer of cloud-based governance, risk management and compliance solutions for business, government and non-profit organizations.
ACL’s latest offering packages ACL technology with expert consulting services to support 30 key controls monitored with 20 analytical tests that automatically comb massive quantities of data for suspicious patterns and share results for reporting and remediation.
By using the ACL solution, organizations are able to implement the technology and internal processes required to assess, monitor, and share anti-bribery results in a matter of weeks, as opposed to several months or years. By combining robust technology with expert implementation, users benefit from ACL’s extensive anti-bribery and anti-corruption experience and best practices knowledge, while avoiding the pitfalls associated with one-off solutions that are usually scattered across the business.
“Most companies don’t know where to begin when it comes to combating bribery and corruption. We have packaged together software, consulting, and best practices templates, including risk and control matrices, audit programs, and analytical tests, to help organizations immediately get started,” said Dan Zitting, Vice President, Product Management & Design at ACL. “We understand the value of integrating processes, technology, and knowledge for improved visibility, demonstrability and awareness of anti-bribery and anti-corruption efforts, as well as the need to empower organizations to take immediate defensive action if problems arise.”
Although most companies have a mature internal control framework in place with regard to financial reporting, these control activities seldom detect issues of bribery and corruption. One-off, haphazard approaches that lead to gaps in the monitoring and identification of instances of corruption, as well as a lack of technical skills required to establish technology-enabled anti-bribery mitigation, leave organizations dangerously exposed.
ACL’s proven methodology has helped a wide range of organizations implement defensible, data-driven compliance with the U.S. Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and numerous regional and industry-specific legislation.