Debunking common compliance myths

27 July 2023

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  ✘ MYTH
Legal authorities only go after big companies—they won’t bother with enforcement actions against small- and medium-sized enterprises (SMEs).

✘ FACT

SMEs are often central to foreign bribery cases, where smaller sales agents, distributors or suppliers are found to have bribed foreign officials on behalf of their larger multinational clients. SMEs can avoid irreversible legal and reputational damage by implementing a robust compliance program, creating a culture of ethical business and establishing a shared knowledge base among employees.

✘ MYTH

Compliance programs are too complicated and expensive for SMEs to implement.

✘ FACT

TRACE’s SME membership offers a shared-cost option for companies with fewer than 250 employees to:

- implement a best-in-class compliance training curriculum;
- launch or refine a robust compliance program;
- facilitate professional development and keep pace with evolving regulatory requirements; and
- demonstrate commitment to doing business ethically and transparently.

 

As a TRACE SME member, your company will receive:

  • access to TRACE’s Learning Management System and multilingual eLearning;
  • advanced training for individuals in the field of compliance or who are regularly exposed to risk;
  • TRACE’s SME compliance program starter kit, access to our Resource Center and TRACE Compendium; and
  • invitations to TRACE webinars on the latest topics in compliance.

 

TRACE SME members pay an annual membership fee and commit to a high level of transparency in their commercial transactions. Members are required to sign a membership agreement, provide business registration and implement a Code of Conduct, for which we provide a model upon request.

 

DOWNLOAD BROCHURE

 

To learn more, write to [email protected]. 

 

TRACE does not provide legal advice, due diligence or compliance certifications. Membership is designed to help companies implement widely accepted best practices.