August 14, 2020
The COVID-19 pandemic has increased incentives for non-compliant behavior, and companies could be held liable if their third-party suppliers break the law. Kobre & Kim’s Vasu Muthyala walked through the risks and the management strategies companies need to be aware of in order to reduce their exposure during the first session for AMCHAM India’s Anti-Corruption Compliance and Risk Management Master Class on August 13, 2020.
The session, “Best practice to address third party risks in a COVID world and beyond,” was joined by Baker McKenzie’s Mini vandePol and Sunny Mann. The panel discussed how third-party liability might arise out of the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. Often, the only good defense a company can make is to demonstrate it had the proper procedures in place for due diligence and the management of third parties. These include examining payment structures, creating contract provisions and training, and improving internal whistleblowing programs and cybersecurity.
Muthyala will speak again at AMCHAM India’s Anti-Corruption Compliance and Risk Management Master Class on August 20, 2020, focusing on “Global & Local Compliance Trends.”