How not to get bitten by the Bribery Act
One in four business leaders unaware of how technology can protect their company from expense fraud
London, UK – June 28, 2011 – With just days to go before new Bribery Act comes into force on 1 July 2011, research by Coleman Parks for Iron Mountain reveals that companies remain worryingly unprepared for the new legislation.
The survey of 100 business leaders with responsibility for information management found that, despite widespread media coverage of the new legislation and its implications for business, more than a third (36 per cent) of respondents were unaware of the forthcoming Act; 30 per cent said their company did not have adequate procedures in place to prevent bribery from occurring; and less than half (48 per cent) understood the implications of failing to adhere to the new Act.
Technology has a vital part to play in helping companies to introduce, manage and communicate effective anti-corruption controls. However, the research found that over a quarter (27 per cent) of respondents did not appreciate how IT could help them to protect their business, particularly from fraudulent expense claims.
This is particularly worrying in view of the fact that according to the Act an organisation can defend itself against the new charge of ‘failing to prevent bribery’ if it can demonstrate that it has put in place adequate procedures to prevent it.
Three ways in which technology can help you to protect your business:
About Iron Mountain:
Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organisations lower the costs, risks and inefficiencies of managing their physical and digital data. The Company’s solutions enable customers to protect and better use their information—regardless of its format, location or lifecycle stage—so they can optimise their business and ensure proper recovery, compliance and discovery. Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organisations around the world. Visit www.ironmountain.co.uk for more information.