ABSTRACT
This chapter explores that the corruption is being battled upon various levels: at the supranational level; regionally, at the national level; and through private industrial associations. It looks at UN conventions at the supranational level, at the American, European, and Organization on Economic Cooperation and Development (OECD) regional organizations, and two examples of industrial unions in the fight against corruption. Corruption, as a type of risk management, has changed how we view risk. To minimize risk, a company must review its internal controls and procedures, both in domestic and foreign operations. The Security and Exchange Commission (SEC) and US Department of Justice have said that companies are legally required to report any improper conduct or breakdowns in internal controls related to the US Foreign Corrupt Practices Act. The most effective anti-corruption agreements are those enacted internationally. International agreements are preferable to regional and industry agreements as they are broader in scope and help to harmonize standards.
