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The landscape of risk and compliance is always changing. In the last few months alone, there have been developments in global regulations for anti-bribery and corruption and due diligence, and major enforcement actions against companies who have allegedly failed to comply. There have also been significant changes to national and supranational sanctions regimes, and louder calls for companies to demonstrate their ESG impact. In this blog, we capture the most pressing recent trends in risk and compliance in the EU, US, Brazil, Hong Kong and Singapore. We then explain how Nexis® Solutions can help companies to identify and manage these evolving risks and improve their overall compliance.
Many countries are reviewing current anti-bribery & corruption measures, and wider ethical business conduct standards, prompting companies to revisit their due diligence systems and controls. Recent developments include:
Not only is this legislation getting tougher, but supervisory and other agencies continue to actively investigate compliance failures and enforce regulatory measures. A noteworthy trend is that regulators often collaborate with their counterparts in other jurisdictions. Mutual legal assistance between countries makes it more likely that illicit cross-border money flows will be detected. Recent examples of this include:
2022 has been a landmark year for sanctions. There have been wholesale changes to sanctions regimes in multiple jurisdictions since the start of the conflict in the Ukraine. More sanctions are also expected in other markets in 2022. For example, in August the US announced new sanctions against companies in Hong Kong and Singapore over the sale of Iranian oil and petrochemical products. The extent and frequency of sanctions changes mean that companies need to ensure they understand any sanctions affecting their clients, suppliers and other third parties, or individuals related to them.
Environmental, Social and Governance (ESG) performance is no longer only seen as something that companies should aspire to, but it has become a core expectation by consumers, investors and other key stakeholders. Businesses should therefore make ESG a priority in their risk management work and investment strategies. This might mean that companies need to review their compliance operations–and acquire new data to support their due diligence process–to ensure they are mitigating ESG risks.
Over the last months we have seen four main developments around ESG:
The best way for companies to respond to these trends is to implement robust compliance policies underpinned by a risk-based approach to due diligence. As compliance risks become more sophisticated, companies need to leverage technology and data by:
Nexis Solutions supports firms to deploy technology across our vast collection of data to help companies manage risk and improve compliance. For example: