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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® can help to transform your due diligence approach.
Regulators around the world appear to be more willing than ever before to take enforcement action against a company if its activities–or those of its subsidiaries and third parties–do not comply with legislation. Allegations of bribery and corruption have been a major driver of recent fines. High-profile examples include:
MORE: Do the Values of Your Third-Party Business Associates Align With Your ESG Commitments?
While legislation against corporate bribery and corruption has generally been in place for decades, more recent legislation has introduced new requirements for companies to carry out environmental and human rights due diligence. This trend is reflected in recent developments including:
With Germany’s Supply Chain Due Diligence Act coming into force in January 2023, and similar legislation expected to follow in other countries soon, we are likely to see more and more examples of enforcement action in this area. Companies should therefore retool their due diligence approach to include data on ESG factors.
Recent fines reveal five key trends in the approach taken by regulators. Companies should ensure they are aware of these trends and consider them while auditing their own compliance and due diligence operations. These trends are:
MORE: Why ESG Risk Should Be the Top of Your Due Diligence Agenda
This blog makes an overwhelming case for companies to do more to mitigate the financial, legal, reputational and strategic risks of a compliance failure. The best way to do this 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:
We support firms to deploy technology across these sources to improve their approach to due diligence and risk management. For example: