Performing due diligence on third-party entities is a crucial part of any risk management program. However, traditional manual approaches often fall short, proving inadequate for regularly screening large volumes of partners, vendors, customers and more...
This year’s Kroll Financial Crime Report found companies are growing increasingly concerned that third parties are driving a higher risk of financial crime. We read through the report to pull out lessons for companies from this survey of 400 executives...
There have been major developments driving rapid regulatory changes across the world with regards to financial crime monitoring. In this blog, we explore seven ways companies should respond to these emerging regulatory risks. Implementing these best...
Financial crime regulations have changed rapidly in recent years–from Switzerland to Singapore, from Brazil to Bahrain. In this blog, we identify and summarize four major developments which are driving regulatory changes across the world to help...
Over the last five years, the dominant regulatory trend in global compliance has been the spread of legislation which mandates companies to carry out Human Rights and ESG Due Diligence (HRDD) on third parties and suppliers. This has significant implications...
Financial crimes, such as bribery and corruption, are becoming more common and more complex. One of the most common reasons for a company to become implicated in alleged financial crime is its exposure to the activities of its third parties and suppliers...
Global companies have been fined hundreds of millions of dollars for alleged compliance breaches in the last year. Whether the allegations against them related to bribery and corruption or breaches of new human rights due diligence legislation, a recurring...
Due diligence is a crucial step of any company’s business plan, especially when working with third parties like donors, board members or vendors. And within this often-overlooked sector is an even more undermined component: beneficial ownership...
Regulators increasingly require corporate and financial services firms to incorporate Environmental, Social and Governance (ESG) risks into their due diligence and reputational risk management processes. The year of 2023 alone has seen massive increases...
One of the major themes in compliance in recent years has been the rise of Human Rights Due Diligence (HRDD) legislation in Europe and the US. Now, this trend appears to be expanding into the Asia-Pacific region after a recent initiative by the Japanese...
If you’re a risk manager, the creation of an efficient and effective risk management workflow should be at the top of your priority list. Because risk managers are now juggling so many pieces, it can too often seem like you can have fast or effective...
Trust may not appear in a company’s financial accounts, but trust has been called “the most powerful currency in business.” Customers, investors, employees and suppliers all want to work with companies that they consider to be trustworthy...
The 2022 rules from the National Collegiate Athletic Association (NCAA) allowed student athletes to benefit financially from their name, image, and likeness—known as “NIL” —for the first time. US collegiate sport was already a...
Many companies have deficiencies in their sanctions risk management and customer due diligence processes, according to a survey by the UK’s financial regulator. The EU has also published new expectations about companies’ third party due diligence...
The EU’s proposed new Directive would mandate large companies in the EU or doing business there to implement strict new due diligence obligations. The regulation is now close to being finalized, which would start the clock ticking for individual...