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TECHNOLOGY NEWS

 
     
 

Helping oil & gas companies prepare for The Bribery Act

Posted: 29 June 2011

BusinessPort, a leading provider of Business Management System software, is offering oil & gas companies the opportunity to view the latest version of their Agility Business Management System in order to demonstrate how it can help them remain compliant with The Bribery Act.

The Bribery Act comes into effect on July 1st 2011. The penalties for any individual or organisation found guilty of committing this offence are extremely severe and punishment can range from a heavy fine to up to ten years in prison.

Companies can also be subject to debarment from the bidding for EU contracts and can have the value of their corruptly obtained contracts confiscated.

Six key principles have been identified to help companies ensure bribery does not take place. Of these six, one is the effective implementation of a system that goes beyond 'paper compliance' so that an anti-bribery culture can be embedded into an organisation’s internal controls.

The guidelines also state that communicating policies and procedures to staff that are comprehensive, clear, practical and accessible is a vital part of ensuring bribery isn’t committed.

BusinessPort’s own research has shown that heavily text based documents are ineffective at communicating policy and process information and that this then results in poor compliance rates. To this end the Agility software generates policies and procedures in a visual format in a simple, structured process map that everyone can understand.

By helping organisations to display information in an easy and effective manner it means that companies are able to inform their entire workforce to ensure that risks are reduced and that they remain compliant.

"Many oil & gas companies will have a knee jerk reaction to The Bribery Act, processes and policies will be documented because people think that it’s what they need to do," said Peter Shields, BusinessPort MD.

"However, what the Agility system does is streamline existing processes so that an anti-bribery ethos is driven into the heart of your business through every policy and procedure you have.

"The Bribery Act being introduced means that it is more vital than ever to ensure that organisations have their processes and procedures in place. We have developed a methodology and software that is proven and people centric which helps to deliver continuous improvement by embedding an anti-bribery stance into the culture of a company. To put it simply, Agility ensures that companies can deliver their anti-bribery message from the top down. What makes our software unique in the marketplace is that we have developed an integrated approach that encapsulates business process, risk and compliance and which it is a system that is also completely auditable."

 

 
     

 

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