Somerville, N.J.—Nov. 12, 2012—Hiperos, a provider of Software as a Service (SaaS) solutions for third-party management published its “Blueprint for FCPA Compliance,” to guide organizations through the key steps necessary to create, maintain and enforce a compliance program for the Foreign Corrupt Practice Act (FCPA).
“The Foreign Corrupt Practices Act has become a major topic and concern in boardrooms across the country,” said Greg Dickinson, Chief Executive Officer of Hiperos. “Executives tasked with ensuring FCPA compliance need robust information and tools to implement appropriate internal controls. Through the work we’ve done with some of the largest corporations in the world, Hiperos thoroughly understands and appreciates the intricacies of FCPA compliance. Drawing on this comprehensive knowledge base, we’ve developed a tried and tested Blueprint to help corporate stakeholders take appropriate, proactive steps to develop and implement a successful compliance program.”
Originally signed into law in 1977, the FCPA makes it unlawful for multinational companies traded on the U.S. stock exchanges, individuals and third-party intermediaries to pay foreign government officials to help retain or obtain business. Increased focus and enforcement by the Department of Justice has seen FCPA-related fines rise from less than $11 million in 2004 to almost $2 billion in fiscal 2009 and 2010. Significantly, 90 percent of FCPA penalties awarded in 2010 were attributed to a third-party violation. With organizations now relying on third parties to handle a major percentage of their business functions, such third parties represent tremendous business value as well as risk.
Hiperos’ Blueprint was developed in conjunction with a number of recognized industry experts, corporate executives and subject matter specialists, including lawyers and corporate counsel from Fortune 500 companies.
The “Blueprint for FCPA Compliance” is divided into seven key steps that walk an organization through the process for FCPA compliance. These sections provide critical, actionable steps to define company policies and procedures and which include data collection; assessing and segmenting third parties; training; review and monitoring processes, and when and how to seek professional guidance from forensic and legal services.