It is commonly understood that risk-based monitoring is an essential part of any anticorruption compliance program, as it allows companies to proactively identify, deter and remediate misconduct in real time. However, multinational companies understandably struggle with the practical realities of implementing such a monitoring protocol, often asking questions such as:
- Who should conduct the testing/monitoring? Compliance? Internal audit? An outside party?
- Should monitoring be conducted under attorney-client privilege?
- How much monitoring is enough?
- What type of monitoring is most effective?
- How do you address unique local risks while maintaining a global compliance platform?
- Should third parties or joint venture partners be monitored in the same way that employees are?
As set forth below, the key to developing an effective monitoring platform is establishing procedures that are tailored to the business and take geographical differences into consideration. These procedures will determine what supporting documentation is ultimately available for testing of expenses, and whether audit rights exist to test compliance of third parties acting on the company’s behalf.
Internal Monitoring
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