How do you track and record all gifts and hospitality?
Bribery can result in severe legal and reputational costs for your organisation. In some jurisdictions, such as the UK, failing to prevent an employee from bribing someone is in itself an offence. Demonstrating that adequate procedures were in place to prevent bribery could be crucial to a defence in 'failure to prevent' proceedings. A gifts register is a critical procedure and protection to any organisation.
Companies often have complex procedures regarding approvals, thresholds and recording of gifts and hospitality. Determining whether gifts comply with laws and policies across multiple jurisdictions can also prove complicated for administrators, especially for gifts sent overseas. Shortcomings in your reporting systems can be taken advantage of by those seeking to abuse their position. But they could also lead to oversights and honest mistakes too.
