This year’s Kroll Fraud and 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...
Millions of companies around the world have been impacted by regulations which mandate them to carry out ESG and human rights due diligence (HRDD in the last few years–or they soon will be. These regulations...
From Stricter Sanctions to Broken Supply Chains: What the Ukrainian War has Meant for Third Party Risk Management February 2024 will mark two years since the latest conflict in Ukraine began. As well...
Third parties help companies to deliver their products and services, but they also expose them to regulatory, financial, strategic and reputational risks. In the latest blog in our third party risk series...
Financial crimes such as bribery, corruption and money laundering are becoming more common and more complex. One of the most common reasons for a company becoming implicated in alleged financial crime...
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: