Somerville, NJ (PRWEB) November 12, 2012
Hiperos, the leading provider of Software as a Service solutions for 3rd party management (3PM) today announced that it has published an important new publication: “Blueprint for FCPA Compliance”. The Blueprint, 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, is designed to guide organizations through the key steps necessary to create, maintain, and enforce a compliance program for the Foreign Corrupt Practice Act (FCPA).
Hiperos’ Blueprint comes in the wake of landmark bribery allegations, inquires, and resulting fines associated with the FCPA. Originally signed into law in 1977, the FCPA makes it unlawful for multinational companies traded on the U.S. stock exchanges, individuals and 3rd 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% of FCPA penalties awarded in 2010 were attributed to a 3rd party violation. With organizations now relying on 3rd parties to handle a major percentage of their business functions, such 3rd parties represent tremendous business value as well as risk.
“The Foreign Corrupt Practices Act has become a major topic and concern in boardrooms across the country,” noted Greg Dickinson, CEO 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.”
Hiperos’ “Blueprint for FCPA Compliance” is available for download from Hiperos' website here. The Blueprint is divided into seven key steps that walk an organization through the process for FCPA compliance. These sections provide critical, actionable steps that include: define company policies and procedures; data collection; assessing and segmenting 3rd parties; training; review and monitoring processes, and; when and how to seek professional guidance from forensic and legal services.
Hiperos has proven success in risk identification and management, working with some of the world’s leading companies. Its software solutions for 3rd party management help customers oversee and monitor a complex and dynamic network of 3rd party partners that are integral to the multi-billion dollar transaction of goods and services around the world.
Hiperos simplifies the complexity of 3rd Party Management (3PM). Through its flagship SaaS (Software-as-a-Service) solution, Hiperos helps companies avoid a value shortfall and fully realize the benefits of using 3rd parties to maximize the value and minimize the risk around brand reputation, achieve regulatory compliance and optimize the customer experience. Hiperos’ clients include many of the world’s leading companies such as Aetna, AON, Astra Zeneca, Bank of Montreal, CA Technologies, Charles Schwab, MasterCard, Microsoft, PNC Bank, State Street, TD Bank, and United Technologies. For more information, visit http://www.hiperos.com.
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