Risk audit and gap analysis

Why a risk audit and gap analysis is essential

Countries worldwide are waking up to the damage bribery, corruption and modern slavery does to their society and economy. Anti-corruption laws are getting tougher, at a time when many more companies are moving into new markets. Some of these markets may have a higher risk of corruption. You need to know where the potential problems lie both inside your organisation and with external partners and suppliers – and how to prevent them.

How the ethical risk audit works

Calling on our many years of hard-won experience, Interchange will conduct an in-depth audit of your business and its value chain to identify and quantify risks of bribery, corruption and modern slavery. We can also provide guidance and a review of your Corporate Social Responsibility (CSR) or the appropriate elements of your ESG programme. (societal and governance elements)The ethical risk audit will indicate integrity weaknesses so you can reduce the likelihood of an incident or criminal allegation.– with all the financial and reputational costs that would bring. It gives you the certainty you need to get on with doing business.

We can provide a regular ethical risk audit that will help you avoid nasty surprises by checking compliance right across your organisation and its value chain. We can also carry out spot-check audits of areas of high risk on your behalf if you do not have the resources.

From our findings, we will recommend how to address the vulnerabilities in your organisation through changes to policies and procedures and other remedial business measures.

Auditing standards

We can audit your company’s anti-corruption procedures against the requirements of the UK Bribery Act, and ISO37001, where required the US Foreign Corrupt Practices Act, the guidance to the Modern Slavery Act 2015 and SA8000 (an auditable certification standard that encourages organizations to develop, maintain, and apply socially acceptable practices in the workplace.)

A risk audit or gap analysis is an essential tool in preparing for the implementation of the ISO37001:2016 standard.