Companies spend millions investigating bribery and corruption. The world's largest brewer is using technology to prevent it before it happens.
By Dylan Tokar Jan. 17, 2020 5:30 am ET For many multinational companies, preventing bribery and corruption involves sending lawyers to far-flung places, holding meetings and web-based surveys, and interviewing uncooperative or uninformed employees.
“They have achieved something I have not seen anyone else achieve when it comes to integrating their various operational and financial data,” said Hui Chen, an independent consultant who helped prepare U.S. Justice Department guidance on evaluating corporate compliance programs and who has seen the platform up close.
Companies typically examine the compliance practices of acquired businesses, looking for areas that need stronger safeguards. Such assessments can involve basic data analysis, but they traditionally rely heavily on the judgment of lawyers or auditors who are flown around the world to interview local employees about how the business works.
Related Today, BrewRight pulls data from more than a dozen enterprise resource planning systems—mainly related to accounts payable—as well as expense, compliance and investigations records, and external data from sources such as sanctions lists and Transparency International’s Corruption Perceptions Index.
One probe into a certain type of third-party vendor in three countries cost AB InBev about $1.8 million before BrewRight, Mr. Galvin said. Replicated with the new platform, another investigation into the same type of vendor in six countries cost about $250,000, he said. Other companies, including Microsoft Corp. and Walmart Inc., which have faced their own foreign bribery probes, have built analytics tools to deal with risky areas of their businesses. But the scope and ambition of AB InBev’s platform—which has been designed to do everything from help prevent money laundering and antitrust violations to catch duplicative payments and track beer giveaways—sets the brewer apart.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
5 reasons Netflix's 'Cheer' is the feel-good show you need right nowPrepare to shamelessly, wholeheartedly root for the Navarro College cheerleading team.
Weiterlesen »
Rep. Ayanna Pressley Opens Up About Hair Loss, Alopecia'I didn't have the luxury of mourning what felt like the loss of a limb.'
Weiterlesen »
Squeezing Flavor, Variety, and Character from RootsWhile the cold weather reigns, cooking with root vegetables fills our plates with nourishment and color
Weiterlesen »
Treadmill or Elliptical? Here’s When to Use Both to Reach Your GoalsNot all cardio machines were created equally.
Weiterlesen »
Chicharito signs with Galaxy to become highest-paid MLS star: reportMajor League Soccer's Los Angeles Galaxy have signed Mexican goal machine J...
Weiterlesen »
Hear David Bowie's Acoustic Version of 'I Can't Read '97' From 'Is It Any Wonder?' EPStripped-down solo rendition of the Tin Machine track was originally recorded during Earthling sessions
Weiterlesen »