Bribery, Fraud and Corruption (BFC) Business and Process Issues that avoid BFC factors that often cause costs to spiral out of control
The unified Copenhagen Charter framework on BFC lays down the strategic and comprehensive strategy for successful BFC business and process control - providing accountability, transparency and efficiency across the enterprise.
Due to the regulatory activities of The FCPA and The UK Bribery Act, most global companies, are stepping up to face the challenges of managing BFC in a holistic and strategic manner.
Most BFC stakeholders agree that in coming years, companies will create BFC business process based on governance, risk and compliance (GRC) architectures, develop risk intelligence, and implement BFC platforms, along with centralized communication and training on corporate BFC policies and procedures.
Taking the above Copenhagen Charter on BFC system there will be a further evolution of the enterprise role based on:
- GRC domain expertise, investing in automated solutions
- Automate end-to-end GRC activities
- BFC governance and oversight related to enterprise risk management, internal controls, control testing, remediation and case management are important components of the Copenhagen Charter BFC Business process approach.
Global organizations are being challenged to navigate through the proliferation of new BFC standards. The stakeholder expectations are on effective performance objectives, sustainable value, and protecting the company's brand.
All corporations have to comply with BFC regulations and at the same time demonstrate their ability to satisfy investors, stakeholders, and win the public goodwill. However many struggle to bring these factors together because it can be a long and bumpy ride to converge the different, yet entwined disciplines of the BFC to the components of Governance, Risk, and Compliance (GRC) processes and activities.
The high costs of BFC compliance, organizations are now increasingly demanding more from their GRC compliance approaches. In particular, they need to replace siloed GRC solutions that address different compliance issues with a more holistic approach that can support numerous BFC mandates and better align with business strategies and objectives.
Copenhagen Charter means disqualifying the siloed approach that increases the overall business risk for the organizations. The siloed approach will often result in inconsistent.
documentation, unreliable tests, and the extensive use of excel spreadsheets that result in errors, fraud and redundancy.
Copenhagen Charter approach encourages the concept of a cross-functional convergence of BFC activities that constitute a innovative approach to avoid the above problems and issues. Our approach replaces the traditional fragmented or silo mentality and helps you to overcome the problems caused by the fragmented approach to BFC business and process issues.