Once a potential FCPA violation is discovered, the question looms large: Should the company voluntarily report the internal investigation to the government? The DOJ and SEC emphasize the importance of self-reporting, arguing that it can lead to credit for cooperation in a settlement and even the brass ring, a declination. But a company may ask why it should report an issue that the agencies are unaware of, and indeed, may never discover absent self-disclosure. This guest article by Joe D. Whitley and Jason R. Edgecombe, partner and associate, respectively, at Greenberg Traurig, describes the landscape and summarizes the risks and benefits of both disclosure and non-disclosure so that counsel and their clients can make educated decisions about what is in their best interest once an FCPA violation is discovered. See also “When and How Should Companies Self-Report FCPA Violations? (Part One of Two)” (Jun. 6, 2012); Part Two of Two (Jun. 20, 2012).