The AIM-PROGRESS Business Integrity work stream plans to produce a third party anti-corruption risk management protocol to assist member companies in managing corruption risk in their value chains.
As the work stream leader, Emeka Nwankpah of Kellogg, has warned repeatedly, corruption is a global issue that affects every business but especially multinationals. Governments, like the US, are levying multi-million dollar fines on companies who violate their law - often precisely because of the actions of their third party intermediaries. In response, companies around the world are recognizing the need to manage corruption risk effectively. But these companies often ask “How?” and “Where do I start?”.
The protocol will:
· Highlight best practices in managing and reducing third party corruption risk
· Benchmark program elements from CPG companies and other industries
The protocol will cover:
· The identification and classification of third parties
· Thorough risk assessment processes
· Robust due diligence procedures
· Proper governance roles and responsibilities and coordination practices
· Monitoring and measuring for effectiveness
· Unbiased recommendations of systems, tools and resources
We are working with a third party ConsultingEthic to deliver this. The member release is planned for the June AIM-PROGRESS membership meeting.
