Interaction with counterparties and partners

Interaction with counterparties and partners is an integral part of implementing compliance. The connections with the russian federation are currently one of the key compliance risks when verifying third parties. In addition, the business faces constant updating and expansion of sanctions lists, including both individuals and legal entities, the introduction of new bans, strict export controls, etc.

We would like to show you the steps that should be taken to establish effective and transparent cooperation with partners.

1. Establishment of rules of interaction with state bodies and companies

Cooperation with government bodies and companies often requires additional security measures - for example, in the case of interaction with politically significant persons (so-called "PEPs").

2. Development of procurement procedures carried out by the company, as well as establishing the procedure for the company's participation in public and private procurement (if the company is participating)

The company's procurement and the company participation in third-party procurement must be carried out in accordance with specially developed procedures, regulated authorities and restrictions established by both law and company policies.

3. Inclusion of anti-corruption and other compliance clauses in contracts with counterparties

The level of detail and severity of compliance warnings may vary depending on the level of risk that has been established for a specific type of counterparty. At the same time, if the company wishes not to spend resources on the gradation of counterparties and the application of different types of clauses, then the approach of including the most "tough" compliance clauses for all types of counterparties can be used. Also, it is necessary to be prepared for more complex and lengthy negotiations with such counterparties.

Check for the next selection of partner engagement tips next Friday.

We wish you good luck!

Detailed instructions for business "Basic principles of risk identification and their minimization" at the link:  http://bit.ly/3lu1w0D