Earlier this month, Kinstellar and risk solutions provider Kroll organised an interactive discussion in London focusing on how to effectively manage the risks associated with bribery and corruption in the CEE/CIS region.
The event was timed to coincide with the international anti-corruption summit held in London and hosted by prime minister David Cameron. The seminar, entitled It’s Not as Easy as ABC, emphasised that it is not just the FCPA, UK Bribery Act or other foreign legislation, but also local anti-corruption legislation across the CEE/CIS region that has an impact on companies operating in CEE/CIS.
Case studies from the Czech Republic, Romania and Ukraine showed how different the level of enforcement is within CEE/CIS and set out the reasons for these differences.
Not only is the behaviour of companies changing because of the new business environment (with corporate criminal liability being incorporated in most countries, better enforcement, and the awareness that reputation does matter), but the risks companies are exposed to are also different now. The nature of high-risk parties and high-risk payments is, for example, changing as the wrongdoers also adapt to the new environment. Conflict of interest between companies and personal interests has been identified as a regional issue.
