A FRICA L AW T ODAY , Issue 2 (2015) would be well advised to devote sufficient attention and resources to adequate anti-corruption risk analysis and management in the relevant country and industry of operations. To that end, companies operating in Africa can resort to a diversified compliance toolbox, which includes: • Risk Assessment: As part of elaborating an investment strategy, or at least when considering a potential transaction in Africa, investors should conduct a risk analysis of the relevant economic and political environment and define their risk profile. Once the transaction has been executed, the investor should monitor geopolitical and economic developments and reassess the level and nature of risks to which it may be exposed. • Policies & Procedures: Company policies and procedures prohibiting corrupt practices can play a fundamental role in mitigating the risk of corruption. As such, investors should seek to ensure that they have in place effective and tailored anti-corruption policies and procedures, and that such policies and procedures are incorporated into their business activities.

For example, companies entering into joint venture relationships should take steps to ensure that their partners adhere to the same principles to which they hold themselves, and in the event of an acquisition, companies should review the extent to which the target entity comports with such requirements and react accordingly. • Third Party Due Diligence: As seen in this Article, significant compliance risks can arise out of third party relationships. Prior to entering into any new relationship, foreign investors should conduct thorough due diligence on third parties, including agents, joint venture or consortium partners, and monitor any developments in these relationships that may require a re-evaluation of their due diligence. This process often entails seeking assurances and certifications from agents and partners, and emphasizes the importance of knowing and understanding the business and political dynamics of the local environment. • Training & Awareness: Adequate training and awareness are pillars of anti-corruption prevention.

Investors should consider offering training to relevant internal personal as well as third parties, and, to the extent possible, encourage participation in local events or organizations that promote a culture of compliance, transparency and ethical business practices. Host States, for their part, should find value in such an approach, for it encourages competitive practices and long-term commitments. Their resolve, however, may be tested by political realities, which are often driven by short term interests, and the fact that not all foreign investors are expected to adhere to the same norms of conduct in their home jurisdiction. It remains to be seen whether all capital exporting jurisdictions will express sufficient desire and will to enforce anti-corruption standards internationally, assuming they have the tools to do so.

Host States with a demonstrated ability to curtail corruption in their business environments should see their attractiveness increase. In this context, regional organizations such as the African Union could be well poised to play a key role in supporting individual host jurisdictions and coordinating actions in the fight against corruption in international business. As seen, they can already draw on a number of existing mechanisms to that effect. 26 .