PowerPoint Presentation · ongoing and unresolved FCPA-related investigation > High dollar cases continue (Total fourth largest case in the history of FCPA enforcement)
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> Shifts the burden of screening third parties away from companies
> Eliminates most of the expense and delay associated with the vetting process
> Enables third parties to share their verified due diligence information with all of their business partners
> Offers ongoing monitoring of third party relationships with daily screening of names against international sanctions and enforcement lists.
> Provides certified intermediaries with a valuable business credential and companies with the confidence they are looking for in selecting business partners
> Simplifies third party recertification process for companies
> Based on social media principles, this global online platform captures, assesses, and shares baseline due diligence information on organizations and individuals across complex supply chains and assigns a universal ID number (TRAC number) to all approved applicants.
> A detailed review, analysis and approval process than enables candidates to own their verified due diligence reports. Candidates are required to complete a mandatory anti-bribery online training course and update their due diligence information annually.
Together TRAC and TRACEcertification provide companies and their business partners with a practical and comprehensive solution to
> any company, entity, charity, business association or individual committed to transparency and improving their efficiency;
> most useful for suppliers, vendors, and other intermediaries to prove their identity, and verify their location;
Relying on TRACE’s traditional shared‐cost compliance model, entities receive a TRAC number and profile which will be available at no charge to anyone the TRAC‐holder designates
> the TRAC holder company, entity, charity, or individual uses the TRAC system to demonstrate transparency and improve their efficiency managing compliance;
> companies use the TRAC system to vet their supply chains and bring discipline to their procurement process by requiring partners and suppliers to obtain a TRAC;
> banks use TRAC to meet their know their customer requirements
> companies and private equity firms for initial screen on acquisition targets
> Other uses: identification program in aid programs, clinical trials, etc.
> there is no charge to use as a compliance tool; TRAC holders pay US$80;
> identify a manageable set of initial vendors or business partners; need a list containing only a name and email address;
> get set up as a multinational company user of TRAC and send a custom message through the TRAC system to your supplier list that also contains model language explaining the TRAC process and directing them to the TRAC site to apply for a TRAC number;
> require TRAC number as part of accounts payable process;
> review TRAC profiles as necessary or in accordance with internal compliance program and expand use of TRAC on suppliers and business partners
> The need for unbiased, trustworthy reporting on global business partners has never been greater as both compliance expectations and expenses rise.
> Corporations can no longer bear the expense in time and dollars of obtaining due diligence reports on every single business partner around the globe with whom they work.
Value of TRAC and TRACEcertification to Large Multinationals
> Reduce costs and labor along the supply and marketing chain
> Provide ongoing monitoring of third party relationships with constant screening of names against international sanctions and enforcement lists that are updated every 24 hours
> Mitigate risk across complex supply and marketing chains
> Turn supply chain compliance into a reality for corporations with thousands or hundreds of thousands of suppliers
> Corporations pay nothing to access verified due diligence information
> Provide compliance certifications on issues such as anti-bribery, forced labor, and conflict minerals
> Encourage supply chain entities to think about compliance issues and their reputation