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Third Parties: The Achilles' Heel of FCPA Compliance
The alleged use of third-party intermediaries to pay bribes to foreign government officials soared from 42% of U.S. Foreign Corrupt Practices Act (FCPA) enforcement actions in 2005 to 100% in 2011, according to our analysis of U.S. Securities & Exchange Commission (SEC) and U.S. Department of Justice (DOJ) FCPA enforcement actions reported in the Sherman & Sterling LLP 2012 FCPA Digest. (See Chart 1 below).
Nevertheless, some companies may not be adapting their FCPA compliance programs quickly enough to keep up with this trend. According to an informal online poll of business executives taken in December 2011 during a Deloitte webcast, “Third-Party Business Relationships: Emerging Issues and Regulatory Risks,” 42.9% of 1,339 respondents estimated that their organizations perform due diligence and risk assessments on only half or fewer of third-party business partners, while just 13.4% estimated that their assessments covered between 76% and 100% of such third parties.
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