This means that publishers using our DDB service can not only demonstrate compliance with anti-bribery legislation - a legal requirement for all publishers and societies. They can also demonstrate observance of Article 4 of the UN's Universal Declaration of Human Rights.
What is Due Diligence and why does it matter to you?
Due Diligence is a legal requirement; all "relevant commercial organisations"; including publishers and societies, are required to conduct due diligence.
Publishers are required to conduct due diligence with respect to all intermediaries and "associated persons".
A number of publishers have fallen foul of the Anti-Bribery Act since it came into force in 2011. Many publishers are unaware of their obligations.
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What is the risk?
If your organisation does not have an adequate compliance programme there is a significant risk of huge fines, profit confiscation, law suits and/or custodial sentences.
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What does PSI's Due Diligence Service offer?
The service offers peace of mind, allowing organisations to demonstrate compliance and protect their reputation.
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The Due Diligence Bureau:
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Helps publishers to educate all intermediaries of the appropriate levels of conduct.
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Secures assurances from intermediaries that the law will be adhered to.
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Allows publishers to demonstrate the measures they’ve taken to prevent unlawful behaviour.
How does it work?
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All intermediaries receive a training video advising them of the appropriate levels of conduct
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All intermediaries are asked to complete a compliance questionnaire.
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All intermediaries are researched by DDB using Lexis Nexis and additional local data sources.
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All company data, reports and evidence are available within the DDB database.
STM endorsement of PSI's Due Diligence Bureau for compliance with anti-bribery and corruption legislation was announced in 2014. See here for the statement published by the STM.