Risk & Reward: Are You Doing Enough To Prevent A Compliance Failure?
Sustainable competitiveness for scarce resources is a fact of life for players in the extractive industry today.
Maintaining a competitive edge in global markets such as the oil and gas industry whether a large or a mid-sized company, increasingly carries a 'compliance premium' to insure that a company can prevent and remedy compliance failures in a complex regulatory environment where the risks and costs of detection are greater than ever.
Competition compliance has thus become a component of a company's value proposition. Unsurprisingly, competition authorities around the globe are actively encouraging companies to adopt robust compliance programmes, the latest of which is the French Competition Authority in February 2012. Their approach goes a step further by rewarding firms that adopt best practices in a settlement procedure.
A common thread runs through the best practice guidelines meeting the approval of the UK Office of Fair Trading, the French Competition Authority and the US Department of Justice. A similar approach is taken by the OECD in its Good Practice Guidance to fight corruption and there lies a take-away: converging standards in the area of competition and anti-corruption compliance provide an opportunity for compliance efficiencies and integration into a broader programme, thereby reinforcing a company's global response to enterprise risk with a view to preserving its competitive advantage.
In this White Paper learn how to implement an effective competition law compliance programme including:
- Cost versus benefits
- Rewarding compliance
- Identifying the key components of a strategic antitrust compliance programme
- Practical steps to an effective antitrust compliance programme
Establishing the appropriate controls
LEARN MORE: Foreign Corrupt Practices Act with Thomas Fox
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