On Wed, Mar 5, 2014 at 12:45 PM, Mariani, Carolyn
<[log in to unmask]>wrote:

> Because of requirements of the Foreign Corrupt Practices Act (FCPA) and
> the UK Bribery Act, when arranging a contract with an off-shore vendor,
> companies will conduct due diligence which may include asking the vendor to
> complete a questionnaire.  The answers may lead to an additional
> investigation to make sure that any 'red flags' that arise will not pose a
> risk to the company.
>
> We need to decide how long to keep these questionnaires for vendors we
> contract with as well as for those we reject.  It seems that for audit
> purposes we need to keep them for the life of the contract, but how long
> after that? The standard 6 years? In most cases these may be electronic
> documents that are on a system disassociated from the contract itself.
>  What is the risk of destroying these too soon?
>
> Has anyone had to deal with this issue and been provided guidance on a
> best practice?  All suggestions are welcomed.
>
> Carolyn
>

--Original Message-----
From: Behalf Of Mariani, Carolyn
Sent: Wednesday, March 05, 2014 12:45 PM
Subject: [RM] Retention period for due diligence records under the FCPA

Because of requirements of the Foreign Corrupt Practices Act (FCPA) and the
UK Bribery Act, when arranging a contract with an off-shore vendor,
companies will conduct due diligence which may include asking the vendor to
complete a questionnaire.  The answers may lead to an additional
investigation to make sure that any 'red flags' that arise will not pose a
risk to the company.

We need to decide how long to keep these questionnaires for vendors we
contract with as well as for those we reject.  It seems that for audit
purposes we need to keep them for the life of the contract, but how long
after that? The standard 6 years? In most cases these may be electronic
documents that are on a system disassociated from the contract itself.
What is the risk of destroying these too soon?

Has anyone had to deal with this issue and been provided guidance on a best
practice?  All suggestions are welcomed.

http://www.justice.gov/criminal/fraud/fcpa/docs/fcpa-english.pdf

Says records must be produced whenever requested, so I'd say they must be
retained as long as you are involved in a business relationship with anyone
you've requested responses from.

No telling how long after you are no longer in a business engagement with a
firm, or after you've elected NOT TO enter into a business engagement with
them the DOJ may ask you to produce the documents.

Maybe you can find some guidance in here:

http://www.archives.gov/records-mgmt/rcs/schedules/departments/department-of-justice/rg-0423/nc-174-000099_sf115.pdf


Larry
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-- 


*Lawrence J. Medina Danville, CARIM Professional since 1972*

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