Increasing ABAC Legislation

ABAC legislation is designed to combat bribery and corruption and is overseen and enforced by multiple agencies. ABAC legislation is relatively common across North America and Europe, but also exists to varying degrees in other nations across the globe.

Led by the Organization for Economic Cooperation and Development (OECD), the international push for ABAC legislation and compliance continues to grow. Companies that do business with third parties are responsible for their third parties’ actions. Ignorance or inaction are no excuse. Even if companies are not aware of the illegal activities of their third parties or the bribes were never actually paid, they still face fines and imprisonment.

 

Regulator

  • State Administration for Industry & Commerce (China)
  • Ministry of Transparency, Monitoring and Control (Brazil)
  • Royal Canadian Mounted Police
  • SEC and US Department of Justice
  • German Public Prosecutions Office
  • UK Ministry of Justice
  • Singapore Corrupt Practices Investigation Bureau

Hiperos 3PM ABAC Accelerator

Hiperos 3PM ABAC Accelerator enables companies to reduce the time and costs of ABAC compliance by automatically identifying which third parties pose bribery and corruption risks, performing due diligence, managing the review and approval process, monitoring risk factors continuously and generating auditable reports.

Benefits

  • Reduce the time, costs and resources required for third party ABAC compliance
  • Minimize inconsistencies & manual errors
  • Connect with leading due diligence data providers Dow Jones and Thomson Reuters
  • Enable code-of-conduct trainingon-going monitoring, alerts and risk assessment
  • Demonstrate practices that follow regulatory guidance
  • Provide a central “book of record” with a verifiable audit trail