Leading compliance platform provider Opus today announced the introduction of the Hiperos 3PM™ ABAC Accelerator, a preconfigured compliance solution for Anti-Bribery/Anti-Corruption (ABAC). The Accelerator significantly reduces the time to deploy an ABAC compliance process to guard against regulatory infractions and prevent fines.
Emanuele Conti, Opus CEO, said: “The Hiperos 3PM ABAC Accelerator is unique in the way it enables enterprises to more quickly implement, manage and enforce consistent oversight of third parties.” He continued: “So far this year the FCPA (U.S. Foreign Corrupt Practices Act) violations in the US alone resulted in fines amounting to $1billion, highlighting the importance of ensuring ABAC compliance.”
The FCPA makes it unlawful for any U.S. company to make a direct or indirect payment to a foreign official or firm for the purposes of obtaining or retaining business. The UK Bribery Act is similar and goes even further by including bribes made to any domestic official or firm. Companies must ensure that they and their third parties comply with anti-bribery/anti-corruption guidelines. With potentially thousands of third parties, this can be a slow, resource-intensive process. The 3PM ABAC Accelerator shortens the time and resources required to prevent regulatory fines and criminal prosecutions that damage revenues and reputations due to actions of third parties.
Using a two-step review process, the 3PM ABAC Accelerator expedites the onboarding of third parties and assesses them against eight dimensions of risk. The solution facilitates screening and due diligence, using a combination of a third party questionnaire, an internal questionnaire and integration with data providers. Multiple pre-configured reports are included and the results are accessible to all stakeholders. In addition to monitoring third-party activity throughout the life of the relationship, the Accelerator also provides a verifiable audit trail.