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.
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.
The Due Diligence Bureau:
Helps publishers to educate all intermediaries of the appropriate levels of conduct.
Secures assurances from intermediaries that the law will be adhered to.
Allows publishers to demonstrate the measures they’ve taken to prevent unlawful behaviour.
How does it work?
All intermediaries receive a training video advising them of the appropriate levels of conduct
All intermediaries are asked to complete a compliance questionnaire.
All intermediaries are researched by DDB using Lexis Nexis and additional local data sources.
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.