The Unknown Known: The Knowledge Standard for Bribes by Third Parties

Unfortunately for companies seeking a way to avoid liability in countries known for corruption, not knowing what a third party is doing on the company's behalf can be more dangerous than knowing. A company can protect itself against what it actually knows—the "known knowns." But a company must also seek to anticipate and protect against what it doesn't know—the "known unknowns" and the "unknown unknowns," by assessing risks, conducting due diligence, and monitoring the third parties very carefully. However, what the company truly is going to get in trouble for is ignoring what it knows the third party is doing, i.e., pretending that the known is unknown.

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