Dow Jones Anti-Corruption is First to Confirm Effectiveness of Workforce Training, Ethics Policies; Helps Institutions Limit Exposure to Corruption, Manage Risk
SAN FRANCISCO and LONDON, Dec 09, 2008 /PRNewswire via COMTEX/—To assist corporations and financial institutions working to meet anti-corruption regulations worldwide, Dow Jones Risk & Compliance announced the release of its groundbreaking Dow Jones Anti-Corruption global database.
The solution enables organizations to guard against exposure to risk by identifying entities requiring more oversight and control due to global anti-corruption regulation.
With Dow Jones Anti-Corruption, senior management can effectively address risk by verifying information from their workforce and third party agents, screening employees and business partners, and auditing the accuracy of existing records.
“Knowing the true background of your business partners, clients and contractors is becoming especially important as authorities begin to investigate if the anti-corruption ‘Tone at the Top’ of an organization is actually being implemented in practice,” said Rupert de Ruig, Managing Director of Dow Jones Risk & Compliance. “Dow Jones Anti-Corruption is a powerful new tool that enables firms to implement efficient and effective audit processes and, therefore, trust but verify the behavior and business practices of their staff and business associates. This verification represents the next step in anti-corruption compliance because organizations can now confirm if traditional measures, such as ethics policies and workforce training, are properly employed by staff and third party agents, and proactively address trouble areas that are identified.”
The database’s release also coincides with the global recession which is causing many organizations to seek business opportunities in new markets with new customers and unfamiliar intermediaries, all of whom pose a potential corruption risk.
“The result of these tougher times, means businesses cannot afford to ignore opportunities outside of the regions and customer base they are familiar and comfortable with,” said Mr. de Ruig. “Dow Jones Anti-Corruption enables organizations to assess new markets and business relationships so they can confidently expand their business while staying within their risk tolerance.”
Dow Jones Anti-Corruption was developed following the request of a consortium of U.S. financial institutions which approached Dow Jones in 2007 to build a solution for managing exposure from the Foreign Corrupt Practices Act and other anti-corruption regulations. The institutions were subscribers of the Dow Jones Watchlist service (formerly Factiva Public Figures & Associates) and believed Dow Jones had the experience, resources and capability to develop a truly global anti-corruption solution.
Dow Jones Anti-Corruption covers politically exposed entities, current and former public officials, and other individuals or entities of potentially heightened-risk. Information is compiled by highly-skilled researchers who continuously monitor credible, open source information, using their unique linguistic and country expertise to ensure the most accurate and up-to-date information available.
The global database is the first of Dow Jones’s dedicated anti-corruption solutions. On February 4-5 in New York City, Dow Jones will host the Global Ethics Summit ( www.globalethicssummit.com) with Ethisphere. The two-day conference features corporate and legal executives discussing strategies for and trends in developing and implementing global anti-corruption initiatives.
Click here to learn more about Dow Jones Risk & Compliance or contact Kim Gagliardi at +1 (603) 864-8873.