Chris Wakem On How To Reduce Risk Of Non Compliance With New Laws

REDUCING RISK OF NON-COMPLIANCE WITH NEW LAWSChris Wakem, Lightbringer Solutions

The UK recently introduced the 2013 Bribery Act which requires all public officials in the Isle of Man to immediately report any suspicions of bribery to authorities.

While the rest of the law is virtually identically to existing UK legislation, this particular clause is unprecedented, and should be duly noted by businesses in the region, as those convicted of bribery could be look at harsh fines and as many as 10 years in prison.

There is no such law in the UK, where officials who are offered a bribe, or know of an offer made to someone else, have no legal obligation to report what they’ve witnessed. Experts speculate the law was drafted out of concern about the small size and interconnectedness of the Isle of Man parliament, deeply incentivising against whistleblowing.

With the passage of section 13, officials who do not disclose any offers received are committing a punishable offence.

Here are some tips for reducing your company’s risk of non-compliance with new legislation:

1. ASSESS YOUR BUSINESS’S SUSCEPTIBILITY TO AND FROM BRIBERY.

2. CREATE AND IMPLEMENT AN ANTI-BRIBERY POLICY WITH SPECIFIC PROCEDURES.

3. CREATE A CULTURE OF ZERO BRIBERY TOLERANCE FROM THE TOP DOWN. COMMUNICATE THIS EXPLICITLY WITHIN THE COMPANY, AND IN RELATIONS WITH THE PUBLIC.

4. PROVIDE TRAINING TO ALL EMPLOYEES.

5. DO YOUR RESEARCH BEFORE ESTABLISHING A RELATIONSHIP WITH A THIRD PARTY OR A NEW MARKET.