Managing Third Party Risk and the UK Government Bribery Act (Summary)

Network Outputs - Corporate Governance

Meeting Details

Host: ITW Networks

Venue: The Caledonian Club, 9 Halkin Street, SW1X 7DR

Theme: 1. Managing Third Party Risk 2. UK Government Bribery Act

Guest Speakers: Mark Stringer, Corporate Risk Manager, British Airways - Jean Samuel, Former Compliance Director, SP Corp and Pfizer - Roderick Macauley, Bribery Act Manager, Ministry of Justice - Victoria Mayo, Head of Stakeholder Communications, Ministry of Justice

Members at this IRG:

• Shared their key areas of focus in compliance and stated the elements within third party risk and the Bribery Act that were most important to them.
• Heard two case studies on how to manage third party risk and shared best practice on risk strategies.
• Were updated by the Ministry of Justice on the Bribery Act’s ‘adequate procedures’ and the implementation process of the Act. The group debated the implications and shared views as to the best methods for adoption.

Meeting Agenda: Innovation and research group 1

09:00 Arrival and coffee

09:30 Welcome and introductions Matthew Wolstenholme, Managing Director, ITW Networks

Roundtable of introductions and priority business issues

09:45 Best practice debate 1 Managing third party risk: company snapshots

• Jean Samuel, former Compliance Director, SP Corp and Pfizer
• Mark Stringer, Corporate Risk Manager, British Airways

Two guests will be invited to provide a ten minute snapshot of their organisations approach to the management of third party risk and the methods being employed to address them. Case studies will be highlighted to illustrate.

10:20 Open debate: third party risk

A facilitated, experience sharing discussion will follow addressing themes such as:

• Understanding, prioritising and mitigating third party risks
• Best practices in compliance, visibility and governance throughout the value chain
• Best practices in aligning incentives, measures and decision making.

Building on the presentations and discussing, the group will be asked to offer their conclusions on best practice on the key issues.

10:50 Tea and coffee

11:00 Best practice debate 2 The UK government Bribery Act

• Roderick Macauley, Bribery Act Manager, Ministry of Justice
• Victoria Mayo, Head of Stakeholder Communications, Ministry of Justice

The MoJ launched its Bribery Act consultation period on the 14th September. This guidance will be published early in 2011 to allow businesses an adequate familiarisation period before the Act comes into force in April 2011. Roderick and Victoria will outline the Act and her work programme, highlighting the key issues and areas with the most impact and change.

11:30 Open debate: Bribery Act implementation Members will share their experience on preparing for the Act including their definition of “adequate procedures”.

12:15 Summary from the debate, conclusion and next steps for the network

12:30 ESG Concludes Guests will be invited to a networking lunch.