“Corruption remains the number one ethics and compliance challenge for companies in the oil and gas industry, and this is largely because production takes place in emerging markets,” said Greg Dickinson.
Somerville, NJ (PRWEB) September 17, 2013
Hiperos, the leading provider of the industry’s first automated, intelligent Software as a Service (SaaS) solution for third party management, announced today that CEO Greg Dickinson will be presenting at the Oil & Gas Anti-Corruption and Compliance Congress taking place this month in Houston, Texas on September 23-24. Dickinson’s presentation scheduled for 1:45pm CDT on September 23 will discuss risk-based vetting, screening, and monitoring strategies for third parties.
Joining a panel of other industry experts and practitioners, Dickinson will outline how companies are implementing robust, defensible anti-corruption/Foreign Corrupt Practices Act (FCPA) programs by leveraging technology to ensure consistent, initial due diligence of their third parties, as well as on-going monitoring, training and compliance certification.
Bribery and corruption continues to be the top legal and regulatory concern for companies in the oil and gas industry: companies in this sector remain the most likely to be prosecuted under the FCPA. Given the oil and gas industry’s reliance on a vast and complex global network of strategic partners, contractors, sales agents, distributors, and third party suppliers, oil and gas-related businesses must have ongoing processes in place to manage costs and protect their bottom line profits by ensuring that their supply chain of third parties and partners are in compliance.
An increasing number of countries are enacting or broadening the scope of their anti-bribery and anti-corruption (ABAC) laws extra-territorially. According to a report by global law firm CMS, over the past 2 years, more than 40% of European and BRIC (Brazil, Russia, India and China) countries have strengthened their anti-corruption legislation. Ninety-five percent of countries now criminalize corrupt practices of foreign citizens resident in their country for bribery committed beyond their borders; in 2011, this figure stood at just 68 percent.
“Corruption remains the number one ethics and compliance challenge for companies in the oil and gas industry, and this is largely because production takes place in emerging markets, where compliance standards are difficult to enforce,” said Greg Dickinson. “Regulatory compliance, specific to bribery and corruption, is not a new topic for oil and gas companies. However, the complexities of today’s business and regulatory environment has them drowning in paper in an effort to manage and demonstrate compliance. Increasingly, oil and gas companies are turning to technology-based solutions; we are pleased that a number of them have adopted Hiperos’ solution in an effort to improve their ABAC compliance challenge and get back to the valuable aspects of their work versus managing paper and spreadsheets.”
For information on this event, please visit http://momentumevents.co/acoilgas/. Interested parties can also visit http://www.hiperos.com for more information on anti-corruption strategies and solutions.
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, AXA, Bank of Montreal, CA Technologies, Charles Schwab, Huntington Bank, Mondelez, Microsoft, PNC Bank, State Street, Thomas & Betts, TD Bank, and United Technologies. For more information, visit http://www.hiperos.com.
Ignite Public Relations