TRACE Inaugural 'Innovation in Anti-Bribery Compliance' Award Goes To Dell Inc. Medical Device Manufacturer Covidien Earns Honorable Mention
WASHINGTON, March 27, 2014 /PRNewswire/ -- TRACE International today announced that Texas-based technology giant Dell has been named the winner of the first TRACE Innovation in Anti-Bribery Compliance Award for its outstanding third party due diligence and monitoring program. The honor recognizes creative, far-reaching efforts by multi-national companies to develop anti-bribery practices that enhance transparency in business. Medical device manufacturer Covidien, headquartered in Dublin, Ireland, earned an honorable mention from TRACE for its "LATAM Ethics Circle" program designed to create a culture of compliance.
TRACE, the leading global anti-bribery standard setting organization, initiated the award to acknowledge the monumental growth and acceptance of anti-bribery compliance as standard business practice. The extraordinary range of submissions was judged on four criteria: creativity; context and sustainability; how well the compliance program fit the needs of the company; and the legacy for excellence.
"Ten years ago, anti-bribery compliance was still in its infancy and many companies were slow to adopt meaningful procedures," said Alexandra Wrage, president of TRACE. "More recently, companies have invested heavily in compliance, but without always seeing improvement commensurate with their investment. Today, the business community recognizes the reputational and economic value of implementing robust anti-bribery compliance and due diligence programs, but also the need to innovate and ensure that compliance dollars are spent effectively. Dell was an early adopter, embracing these cost-effective business concepts. This award is in keeping with their reputation as a company that wins with integrity."
For Dell, the award is recognition of its ongoing efforts to use best-in-class technology to develop a top-ranked global compliance and due diligence program.
"Dell is committed to acting ethically in all we do," said Dell's Chief Ethics and Compliance Officer, Michael McLaughlin. "That commitment includes striving to do business with only those partners who share our values. By vetting those partners thoroughly with our due diligence process, we hope to ensure that all Dell partners share our values and that the ethical bar keeps getting raised."
Dell was presented with its TRACE Innovation Award at the TRACE Forum, an annual meeting of compliance professionals in Washington, D.C.
TRACE provides an end-to-end, cost-effective and practical solution for anti-bribery and third party compliance. TRACE International, the leading anti-bribery standard setting business association, pools resources to provide members with technology-enabled compliance tools and an expansive knowledge center. TRACE members include hundreds of multinational corporations, as well as thousands of small and medium-sized enterprises throughout the world. TRACE International works with TRACE Incorporated to offer both members and non-members customizable risk-based due diligence, training and advisory services. With a shared mission to advance commercial transparency, TRACE International and TRACE Incorporated provide companies with one complete anti-bribery and third party compliance solution.
For more information, visit www.TRACEinternational.org.
Dell Inc. listens to customers and delivers innovative technology and services that give them the power to do more. Dell's culture of a higher standard of integrity is based on the understanding that integrating ethics and compliance into daily decision-making is also good business and important to its customers, suppliers and strategic partners. For more information, visit www.dell.com.