When it comes to the data used for predictive modeling and risk management, you can’t afford to leave anything to chance. Risk managers today have an ever-increasing number of AI applications and risk...
Risk management is paramount to the upkeep and success of a business. To make sure you are staying compliant, you should continuously check all operations for potential pitfalls, like illegal trades or...
In the quest to achieve unrivaled business growth, organizations show increasing interest in Decision Intelligence (DI) . Whether you use DI to augment, recommend, or automate decisions, the effectiveness...
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...
Companies operating in today’s global business environment must navigate ever-strengthening anti-bribery and corruption regulations. Some of the most significant recent enforcement actions against companies...
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 growing legal, financial, reputational and strategic risks.
Regulators continue to proactively enforce ever-stronger anti-bribery and corruption legislation. The latest major fines and settlements include:
The cases above reinforce the need for companies to constantly review and strengthen their due diligence and compliance processes. Each of these alleged failures of due diligence and compliance not only carried significant financial and legal implications for the companies involved, but they also inflicted reputational damage through widespread media coverage and strategic costs of dealing with the investigation and applying remediations.
Three trends stand out from these recent regulatory actions, which should inform how companies approach compliance:
In response to growing regulatory interventions, companies must make it a priority to mitigate the financial, legal, reputational and strategic risks of a compliance failure. The best way to do that is to leverage data and technology to strengthen your due diligence process. This will help you to better detect any indication of wrongdoing happening within your business or by a customer, supplier or other third party.
Nexis Solutions helps firms to implement a more efficient and effective due diligence process to identify and mitigate third party risk by providing companies with authoritative data from the most relevant sources, including:
Nexis Solutions helps support firms to deploy technology across these sources to improve their approach to due diligence and risk management, including: