Analyst Insight: The Gartner® Market Guide for IT Vendor Risk Management Solutions

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Foreign Corrupt Practices Act (FCPA) Compliance

Assess and monitor third parties for anti-bribery and corruption

Originally passed into law in 1977, the U.S. Foreign Corrupt Practices Act makes it unlawful for U.S. citizens and companies to make payments to foreign government officials to assist in obtaining or retaining business. The law also contains provisions prohibiting foreign representatives from doing the same within the territory of the United States. Finally, the FCPA requires companies whose securities are listed in the U.S. to keep records and maintain internal accounting controls to detect such transactions.

With fines for violations of up to $5 million and 20 years in prison, and $25 million for companies, it is important to ensure that not only your organization's practices, but also your third-party vendor's and supplier's practices, are compliant with FCPA to avoid a business-impacting disruption or reputational damage.

Relevant Requirements

  • File annual documentation with the Securities & Exchange Commission (SEC) attesting to adherence to FCPA provisions (for publicly traded companies)

  • Keep financial records for all transaction in scope, which are auditable at any time

  • Maintain internal accounting controls and monitoring to track and prevent potential violations

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Meeting FCPA Requirements with the Prevalent Third-Party Risk Management Platform

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    Supplier Pre-Screening

    Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.

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    Comprehensive Supplier Profile

    Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights and maps potentially risky 4th-party relationships.

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    Inherent Risk Scoring

    Use a simple assessment with clear scoring to track and quantify inherent risks and chart the right path for a complete ABAC assessment.

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    ABAC & Ethics Risk Assessment

    Leverage Prevalent's built-in Anti-Bribery and Ethics assessments to determine adherence to policies and identify potential areas of concern. Review and approve assessment responses to automatically register risks or reject responses and request additional input.

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    Supplier Reputation Monitoring

    Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, adverse media, conflicts of interest and more.

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    Financial & Investment Monitoring

    Tap into financial information from a global network of 365 million businesses. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds transparency, and more.

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    Global Sanctions Monitoring

    Simultaneously screen against the world’s most important sanctions lists (including OFAC, EU, UN, BOE, FBI, BIS, etc.), over 1,000 global enforcement lists, and court filings (such as the FDA, US HHS, UK FSA, SEC and more) to proactively identify prohibited business relationships.

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    Politically Exposed Persons (PEP) Screening

    Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to identify potential leadership risks.

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    Corruption Perception Index Scoring

    Corruption Perception Index (CPI) scores of company head office countries add more business context to vendor risk analysis by delivering insights into a vendor’s viability and ethics.

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    State-Owned Enterprise Screening

    Avoid conflicts of interest by checking companies against a proprietary list of government-owned and government-linked enterprises.

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    Central Risk Register

    Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.

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    Built-in Remediation Guidance

    Take actionable steps to reduce vendor risk with built-in remediation recommendations and guidance.

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    Document & Evidence Management

    Store and manage ABAC policy documents, evidence and more for dialog and attestation.

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    Relationship Mapping

    Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and risks in your extended vendor ecosystem.

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    Compliance Reporting

    Visualize and address compliance requirements by automatically mapping assessment results to ABAC requirements.

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    Risk Reporting

    Identify, alert and communicate exceptions to common behavior with built-in report templates.

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