Blockchain – the Future of Anti-corruption
With over US$ 1 trillion paid in bribes each year, corruption is among the world’s most destructive and challenging issues. Corruption introduces uncertainties into commercial transactions, increases the cost of doing business, the cost of goods and services, and diminishes the quality of products and services, which overall erodes public trust.
Virtually every industry sector is exposed to corruption problems.
Today businesses need to comply with an increasing number of legislations: FCPA, UK Bribery Act, Loi Sapin, Law Decree 231, and many others.
We protect your business from the consequences of corruption.
We manage your compliance requirements on the blockchain to provide the appropriate measures and controls for monitoring regulated operations, decisions and financial flows.
Contact our anti-corruption practice team
Dr Carmelo Bisognano
Example Use Cases: Blockchain for anti-corruption
Our goal is to find efficiencies while delivering on your risk management objectives. The first key pillars of ISO37001 anti-bribery management system is to understand your organization’s context and the related risks. As such, we conduct a mapping of your policies, applicable standards and regulations in place to identify the most profitable blockchain digital transformation opportunities.
Implement effective controls to manage financial transactions. Record these transactions accurately, completely and in a timely manner. Leverage the blockchain on top of the organization’s legacy IT system to maintain the appropriate tiered levels of authority for the placement of orders, processing of payments and auditing.
A due diligence of your business associates is required by law for certain organizations to evaluate the scope, scale, and nature of the relationship as part of the organization’s risk management. KYC performed by the organization on business associates by using a blockchain-based solution prevents duplication and desynchronization of information that happens with multiple stakeholders and international teams.