The Bribery Act has been in effect for nearly a year but many companies still are unclear about its impact on their business and what they should be doing in accordance with it. London Registrars (https://www.london-registrars.co.uk/) helps ensure company compliance with the Bribery Act by advising on how the Act affects issues such as policies, contracts, recruitment and disciplinary procedures.
The Bribery Act was put in place to address the increasingly prevalent problem of bribery and its damaging ramifications on society as a whole, particularly in developing and emerging economies. The Bribery Act should not be taken lightly by organisations: not only is it bad for business in general, but individual companies will suffer reputational risks if they fail to instigate proper procedures to ensure compliance with the Act.
As a company secretary services provider, London Registrars advises on how to minimise the risk of persons within the organization taking or offering a bribe, while also giving clear guidelines on steps a company must take within the confines of the Act. Here are some of the key areas companies should be examining to ensure compliance with the Bribery Act:
Anti-Bribery Policies Many employers will not have an anti-bribery policy. This policy should stipulate a “zero tolerance” approach to bribery to clearly indicate the employer’s stance on the issue.
Whistleblowing Policies This important policy is designed to facilitate the reporting of bribery by employees. Existing whistleblowing policies will need to be updated to take into account the Bribery Act.
Disciplinary procedures Acts of bribery should be included into existing disciplinary procedures as gross misconduct offences.
Recruitment and training Due diligence should be carried out into issues of bribery with all potential new recruits. Training procedures of new and existing staff must be updated to include the new anti-bribery policy.
Find out the full and comprehensive corporate support services from London Registrars which will help companies comply with the Bribery Act at https://www.london-registrars.co.uk/.