Bhutan’s Business Sector Urged to Embrace Anti-Bribery and Corruption Compliance
As Bhutan continues to integrate into the global economy, the country’s business sector is being urged to prioritize anti-bribery and corruption compliance (ABAC) to maintain a transparent and ethical business environment. The implementation of an ABAC framework is crucial for companies operating in Bhutan to prevent, detect, and address unethical and unlawful practices.
Why Implement an ABAC Framework?
Having a robust ABAC framework in place can help organizations bridge existing gaps, gain a competitive edge in attracting investors from multiple jurisdictions, prevent administrative penalties from local and international regulators, and avoid personal liability for cases of bribery and corruption.
PwC’s Services
To support Bhutanese businesses in their compliance efforts, PwC offers a range of services, including:
- Governance and Policies: Developing tailored ABAC policies that reflect the specific size, circumstances, and industry of the business.
- Implementation: Conducting an independent anti-corruption compliance unit to identify risks, implement strategic projects, and define adequate risk management measures.
- Forensics: Detecting and investigating cases of alleged bribery and corruption through internal assessments, investigations, and litigation support.
Importance of Incident Response Planning
In the event of a major incident, companies can emerge stronger by committing to creating and maintaining a culture of compliance and ethical behavior. This requires identifying and remediating root causes, assessing potential risk factors, and implementing effective controls, policies, and training programs.
PwC’s crisis management team will work with clients to:
- Identify, scope, and prioritize key issues and actions
- Formulate a plan of action
- Establish clear responsibilities for responding to incidents
The firm also offers an independent review of existing ABAC frameworks to assess their effectiveness.
Conclusion
As Bhutan continues to open up its economy, the business sector must prioritize anti-bribery and corruption compliance to maintain a transparent and ethical business environment. By implementing effective ABAC frameworks and incident response planning measures, organizations can mitigate risks, prevent reputational damage, and attract investors from around the world.