One of the most detrimental mistakes companies can make, especially during times of economic recessions is to not follow the statutes of the FCPA, Foreign Corrupt Practices Act. Although pressures to perform are creating stress in workers and those in management, concerning employment security, the staff and the companies they work for must not be tempted to waver from the laws outlined in the FCPA. Officials in the enforcement responsible for ensuring that all those conducting business transactions are following the guidelines and the laws have noted publicly that the risks of breaking these laws is heightened in the current economic climate.
One of the challenges in such an economy is that companies experiencing financial difficulties, may not be able to afford the third party anti-corruption agencies. The result is that there is a chance that compliance may falter as the risks one may take when considering a bribe or falsification of accounting documents, for some employees, may be outweighed by the lure of creating new income through new business ventures or ensuring remaining business to continue. These conditions created by a fragile economy has corporate officers considering the ways in which they can stretch their resources in order to continue the maintenance of the compliance to the FCPA requirements.
Company presidents and managers can take steps on their own. They can become familiar with the laws and take care to implement them on their own. Programs that are based in risk assessment are determine the kind of transactions that the company is in the business of conducting and with in whom their are involving their interests and assets, be it where the business takes place, the use of third parties necessary in conducting that business and the number of agents or representatives necessary from outside sources. The careful consideration in those aspects of risk, the due diligence each company practices on their own will greatly affect the determination of the need of third party advisers, and will provide the knowledge and the well being to be gained when it is certain that the laws governing ethical business practices are being followed.
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