Universal Weather signs with Trace to mitigate bribery risk
Universal Weather and Aviation (Booth 363) announced here that it has started working with anti-bribery consultancy Trace to help mitigate its clients’ risk of bribery and corruption violations.
Using its Trac (Trace Registered Access Code) platform, Trace captures, assesses and shares baseline due diligence information on organizations and individuals and issues universal ID numbers to approved applicants. Universal and all of its Universal Aviation worldwide ground support locations have registered with Trac. The system provides transparency and efficiency between companies and their intermediaries and continually runs suppliers’ names against international watch lists.
“With increasing enforcement of anti-bribery and corruption violations on a global basis and associated multi-million dollar fines being assessed, our clients want assurance that the companies and third-party suppliers they work with comply with all applicable compliance laws and regulations,” said Bobby Butler, Universal Weather’s senior vice president and chief compliance officer.
Pete Lewis, Universal Weather’s senior vice president for global partnership management, said his team is now working to have its thousands of global suppliers register with Trac.
“We’re working to make it easier for our clients by reducing the risk associated with an increasing number of international business partners and business transactions across borders,” said Lewis. “An additional benefit to Trac is that is serves as a single baseline of due diligence, which reduces the complexity associated with duplicative requests of compliance proof from multiple partners. We encourage the entire business aviation industry to adopt Trac to provide greater transparency in the fight against bribery, corruption and other compliance violations.”