According to recent estimates, state-owned enterprises (SOEs) account for over 10% of the world’s GDP and more than a fifth of the world’s largest companies.The increasing presence of SOEs in the global economy has resulted in a number of high-profile corruption and bribery cases. These cases represent a profound compliance challenge for entities engaging with SOEs, requiring enhanced due diligence . Decrypting bribery...
FCPA Fines Skyrocket to New Heights, Signalling Continued Pressure on Anti-Bribery Corruption Risk Management Programmes So far, 2020 has been a year of extraordinary events. The COVID-19 pandemic shut down has led to the greatest global economic disruption in nearly a century. In combination with growing social unrest, the economic crisis has increased the risk of bribery, corruption, and other illicit activities....
A new report from the European Banking Authority (EBA) warns that payments firms and banks in the EU often insufficiently identify and manage the risk of money laundering and terrorist financing, despite the heightened risk of both within the sector. This blog looks at the report’s findings and suggests takeaways for firms, including the need for a comprehensive due diligence process which uses authoritative data and...
When it comes to business, it’s important to have high standards—especially when evaluating risk and protecting your reputation. To do so requires a comprehensive due diligence process that’s powered by information that you can trust. And with so many other responsibilities to manage, it can be difficult to perform an appropriately thorough due diligence investigation on a short timeline. If you’re looking to bring...
With the rise of mandatory due diligence legislation, it is no longer sufficient for compliance officers to screen a third party for indicators of bribery and corruption alone. Effective due diligence in the modern business environment should also encompass Environmental, Social and Governance (ESG) factors like a company’s human rights record and environmental impact. More countries have adopted—or are considering...
Consumer attitudes have shifted dramatically since the onset of the pandemic, bringing a striking increase in their desire for transparency in supply chain ethics. From the consumer level to the statutory level, there is a greater focus on ensuring these laws are enforced and embraced across the whole of the supply chain: from farm to fork. In 2021, a global study found that 78 percent of consumers prioritize buying...
A multinational telecommunications company has pleaded guilty to breaching the anti-bribery provisions of the US Foreign Corrupt Practices Act and must pay a $206 million penalty. In this blog, we look at the judgement by the US Department of Justice, and highlight the legal, financial, reputational and strategic risks of a compliance failure. We also outline how Nexis® Solutions can help companies to improve their due...
Over the past few months, companies from a wide range of jurisdictions and industries had to pay hundreds of millions of dollars in fines for alleged failures of compliance and due diligence. In this blog, we dive deeper into some of these enforcement actions and draw out lessons companies can learn to mitigate the legal, financial, reputational and strategic risks of a regulatory breach. We also explain how Nexis Solutions...
ESG screening , or environmental, social and governance screening, is becoming an increasingly important part of due diligence for companies around the world. Legislation mandating ESG due diligence is being introduced in many countries, and even where it is not yet required, consumers, investors, and employees are demanding ethical practices from companies. Improving ESG due diligence processes is essential for companies...
Germany’s Supply Chain Due Diligence Act has been effective since 1 st January 2023. The new law requires large companies operating in Germany to carry out human rights and environmental due diligence on their business and its suppliers. Now, many countries are considering following Germany’s lead with similar regulations. In this blog, we look at how all companies can improve their compliance and due diligence processes...
Alleged compliance breaches have led to combined fines and settlements worth hundreds of millions of dollars in Q2 of 2023. Regulators have taken enforcement action against companies over their activities in jurisdictions spanning four continents. In this blog, we look at some of the most significant regulatory interventions in recent months and suggest how companies should retool their compliance approach to mitigate...
Millennials have long been the most hated generation. From Baby Boomers calling them “lazy” to Gen Z calling them “cheugy” and “cliché,” it seems like the now 27- to 42-year-olds can’t catch a break. But the biggest complaint from older generations is actually proof that millennials are important: Boomers notably lament the fact that millennials shook things up—they “ killed” the cereal industry, housing market and many...
Your due diligence process should inform you of any potential risks before you make a major decision, such as whether to move forward with a merger and acquisition (M&A) or hire a c-suite candidate for your company. But if you don’t have access to the right data, in the right context, and in the right format, then your due diligence will likely be riddled with blind spots. Luckily, Nexis Diligence + offers an unmatched...