With bribery and financial fraud at the forefront of the global regulatory agenda, BankersAccuity is introducing the Anti-Bribery and Corruption Solution to enable businesses to reduce exposure to bribery and corruption risk.

"Bribery and corruption are serious issues for firms today," notes Henry Balani, Managing Director at BankersAccuity. "As we've seen from the numerous high-profile cases over the last few years, firms with lax bribery or corruption controls face significant financial penalties, shareholder lawsuits, reputational damage, stock price drops, and even imprisonment for executives and employees. Firms must be responsible for having stringent controls in place to mitigate any potential risk. We have developed the Anti-Bribery and Corruption Solution to help firms establish and enforce their internal policies and controls."

With regulators looking to enforce non-compliance as part of the United States Foreign Corrupt Practices Act (FCPA) and UK Bribery Act (UKBA), firms must implement the proper processes to demonstrate compliance. The Anti-Bribery and Corruption Solution provides a single, standardised means to achieve compliance, pinpoint issues firm-wide, realise transparency and measure and audit performance across departments or geographies.

Part of the ComplianceMAX platform, the Anti-Bribery and Corruption Solution provides the most effective real-time screening, workflow management, tracking and reporting capabilities available today. The solution offers an On-Boarding Module and a Gifts and Entertainment Module with powerful screening, review approval, and reporting capabilities, while integrating with the most complete sanctions and Politically Exposed Persons (PEPs) data, powered by WorldCompliance, in the industry. By using this new solution, clients can benefit from a lowered cost of compliance and a proven process to demonstrate their commitment to compliance with anti-bribery and corruption regulations.

Balani adds, "Across a range of industries, from multi-national oil and gas companies to pharmaceutical and insurance firms, we are helping companies address the growing bribery and corruption risk they face. Enforcement is on the rise - in 2010, FCPA enforcements nearly doubled from the year before. We created the Anti-Bribery and Corruption Solution to provide firms with a seamless and comprehensive way in which to address the growing risk and create a better business environment."