Insight : GOVERNANCE, RISK AND COMPLIANCE

GOVERNANCE, RISK AND COMPLIANCE

Virtual Assets: Managing the Regulatory and Financial Crime Compliance Risks


ICA’s latest report ‘Virtual Assets: Managing the Regulatory and Financial Crime Compliance Risks’ provides a range of expert insight and analysis on virtual assets....More

 Merisha Stevenson, Head of Quality, Risk and Audit, ICA

Five minutes with...Merisha Stevenson


We caught up with Merisha Stevenson, Head of Quality, Risk and Audit, ICA, to find out what makes her tick and why becoming an auditor is a more attractive, rewarding career path than you might think.

Russia sanctions – so far


A revealing look at the impact of sanctions imposed upon Russian entities 6 months into the war in Ukraine.....More

FCA warns challenger banks in thematic review


In April 2022, the UK’s FCA published a thematic review, highlighting a range of financial crime issues that required remediation.

Adaptability: An overlooked, and underrated, compliance skill


This Insight article explores the importance of adaptability as a soft skill for compliance professionals, focusing on the different types of adaptability skills, the reasons why adaptability is so important for compliance professionals and the ways in which to improve upon your adaptability.....More

Risk, Compliance and Cultural Change Series


This series on culture change will demonstrate how studying human behaviour can help alleviate some of the challenges of our profession, helping you, your colleagues and your firm.

How compliance can help prevent human trafficking


30th July is the United Nations World Day Against Trafficking in Persons, this article will look at what compliance professionals can do to help prevent this awful activity from happening....More

Men arguing at work

The smartest guys in the room – how to deal with cultural arrogance


Arrogance is an unpleasant trait to deal with in our career. It is, however, everywhere. Learning how and when to face it will be a long-term useful skill.

Mind your language


Words matter, as risk and compliance professionals it is vital that this is understood and acted upon. A misunderstanding can lead to a costly mistake so by understanding the nuances of language you can be better placed to communicate well with colleagues and stakeholders.....More

The importance of maintenance and record-keeping


This insight article looks at the importance of maintenance and record-keeping as part of an effective GRC programme.

Factors to consider when implementing risk assessment technology


This Insight article focuses on the factors that compliance professionals must consider when implementing risk assessment technology.....More

FedEx Series Part 1: Desire for transparency launches FedEx on ESG journey


Behind its white trucks and the orange and purple of its iconic logo, FedEx Corp. has built its enterprise on an absolute commitment to ethics, integrity, and reliability. This principle is the bedrock of its long-term success in environmental, social, and governance (ESG) performance.

Why beneficial ownership is crucial in supporting current sanctions


Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion.....More

Managing Correspondent Banking Relationships


Correspondent banking serves a vital function within the global economy. However, if correspondent banking relationships are not managed properly, they can present considerable risks from an anti-financial crime perspective. This article will review a recent ICA Webinar that discussed some of these challenges and how to make these relationships a success.

Your questions, answered: Russia sanctions FAQs.


As governments continue to issue sanctions in response to Russia’s invasion of Ukraine, many firms are looking to limit their sanctions exposure. Our Russia sanctions FAQs consider the ways in which this can be achieved, as well as addressing some of the more complex demands placed on firms with Russian exposure.....More

Greenwashing under the spotlight


With growing concerns over greenwashing, regulators are placing greater scrutiny on organisations’ claims about their green credentials.

Where are we heading with ESG?


ESG is climbing up the corporate agenda and in this piece, Rhodri Kettle takes a look at some of the reasons why this is the case and then poses some indicators to look out for to assess the acceptance of ESG within your own firms.....More

Learning points from the HSBC fine – practical steps businesses can take


HSBC received a hefty fine by the FCA and their decision notice highlighted three areas with deficiencies related to systems and controls. This article will explore the decision notice and look at what lessons other firms can glean to help their own risk-based approaches.

Russia sanctions surgery - what are the implications for your business?


As the terrible conflict in Ukraine intensifies, sanctions are making global headlines. This public and media interest has brought with it fresh challenges for those trying to keep pace with the complex measures imposed by governments on entities linked to the Russian state. In response, an ICA webinar on 9 March sought to bring some clarity to the new sanctions landscape.....More

The big crypto conversation - MENA conference


The regulation of virtual assets will be high on the agenda at ICA Live: MENA, with a current and a former regulator driving the conversation.

Red flags for illegal wildlife trafficking


Identifying red flags in any form of transaction monitoring of customer activity is a key part of spotting and stopping criminal activity. This is crucial in trying to prevent the illegal trade of wildlife and this piece will highlight some of these red flags and discuss the important of good quality reporting when they are identified.....More

How to help prevent the illegal wildlife trade


Illegal wildlife trafficking has been described as a low-risk, high-reward crime that is thought to be worth a huge £17 billion a year. It’s widely accepted that this is an awful, illegal industry but there is still some debate and struggle with how to prevent it. By identifying key touch points across the supply chain and targeting those that seek to profit from it there is the potential to save millions of animals across the world. This approach, combined with increased legislation and support from regulators could be the difference between this illegal industry thriving or ceasing to exist.

ESG perspectives: implications for compliance professionals


Environmental, social and governance (ESG) is a broad topic formed of diverse and often fascinating issues. We are therefore pleased to present this unmissable collection of perspectives on ESG from compliance professionals all over the world....More

Raising awareness of the illegal wildlife trade


Illegal wildlife trafficking has grown in its severity and occurrence in recent years. This article looks at how this has happened and the importance of building a solid criminal case against those that carry it out. Changing the behaviour of the consumer is a significant factor in the overall effort against the illegal wildlife trade and this article plays a large part in helping readings to understand the importance of this.

Zeroing in: Making the transition to net zero


Achieving ‘net zero’ emissions has become a huge priority for everyone as the urgency of the climate crises grows year on year. Tackling this is a serious challenge and at the recent COP26 summit, plans were announced to make the UK ‘the world’s first net-zero aligned financial centre’. This piece will look at how banks can plot their way along this journey and increase their confidence at hitting these important targets.....More

CPI 2021: Looking beyond a high score


The release of Transparency International's Corruption Perceptions Index (CPI) is always a significant event in the financial crime compliance calendar, compiling as it does a ranking of perceived corruption across countries around the globe. This year's index will make interesting, if dispiriting, reading for compliance professionals, and this piece argues of the need to look beyond the CPI to inform their own judgements based on curiosity and looking beyond the obvious.

A 2022 Compliance Wish List


This article recaps some of the developments we would like to see in the compliance world in the upcoming year....More

Pandora Papers - How to identify ultimate beneficial owners


The Pandora Papers were another massive story in 2021 as a group of journalists released a paper that highlighted the issue of UBOs. This have us a chance to reflect on the European regulatory landscape and best practice examples for financial institutions to enhance their systems and controls for preventing financial crime.

Top 5 e-books that our members have enjoyed in 2021


Cybersecurity, financial crime compliance trends, integrated risk management and governance, risk and compliance were among the key topics that attracted our members' interest in 2021....More

3 major talking points from 2021 for the compliance industry


With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months

EU Whistle-blowing regulations: the right questions to ask in and outside Europe


The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021....More

SARs reporting in the service sector


Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?

Compliance must carve out role in company ESG efforts


Respondents to Compliance Week's “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation....More

Compliance must be a force for good


Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas

The journey toward integrated risk management


Discover four practical steps to realising the gains of IRM....More

Putting the ‘G’ into GRC


Governance plays a significant role in determining how a business’ objectives are set and achieved, how risk is monitored and addressed, and how performance is optimised.

Suex sanctions: the compliance implications


Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex....More

Ethics Masterclass: A Plantation Adventure


In this four-part series, Dr. Kara Tan Bhala will guide you each week through a case study taken from her book, Ethics in Finance: Case Studies of a Woman’s Life on Wall Street.

Nord Stream 2: A study in sanctions complexity


The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War....More

Why compliance needs to talk about sustainability


Recently, we conducted a poll of ICA members and the wider compliance community on sustainability and the role compliance has in addressing it. The results were not only revealing, but pointed to a potential new direction for compliance as its responsibilities expand.

Whistle-blowing: Good apples, bad apples and behavioural science


This blog series will explore sensitive questions around whistleblowing. It will consider the social and individual processes that surround deviant corporate behaviour and why these are strong barriers to ‘speaking up’. It will also ask how we can bring those barriers down. A field operation plan for whistle-blowers will also be built, sharing techniques that individuals can adopt to assist them in the face of corporate misdemeanours.....More

What every compliance professional needs to know


Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.

6 ways to mitigate a bad day at the office


Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.....More

5 tips to help you file more effective SARs


What could you be doing to file more effective suspicious activity reports (SARs)?

Are companies ready to trust artificial intelligence?


A recent roundtable, sponsored by Wolters Kluwer and organised by ICA, looked at the importance of balancing machine learning (ML) and artificial intelligence (AI) with human intelligence and intervention.....More

The qualities demanded of a GRC professional


An effective GRC practitioner must face problems rather than avoid them, hold to principles when it is easier to dodge them and challenge commonly accepted beliefs when needed. What psychological research tells us is that these qualities do not come naturally to us as humans.

Who will be suited to compliance roles in the 2020s?


We are already seeing signs that the 2020s will be vastly different from the 2010s and unrecognisable in many ways from, say, the 1980s. Back then, a ‘job for life’ was a reality and a career within a single profession or trade, perhaps even with the same employer was common place. These days, rather than seek a job for life, Generation Z are more likely to question how they can leverage their value now and start their own business or, at least, a side hustle. This article will explore these differences and look at how compliance could be reimagined in the future and who is best suited for a role within this burgeoning industry.....More

Roundtable highlights: best practice in risk assessment   


A recent roundtable on best practice for risk assessment, sponsored by OneTrust and organised by ICA, uncovered some fascinating insight from those on the front line of compliance.

Are compliance officers good board material?


Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations....More

How global compliance works at the local level


This insight article will consider what global compliance looks like at a local level. It will also examine how different regions understand and adapt definitions of compliance to their own purposes, and the consequences of this for businesses.

Take part in ICA's sanctions risk survey


Share your input into a short survey about your organisation’s approach to sanctions control....More

Can a compliance team change a culture?


Compliance teams need to think and act more holistically, strategically and embrace innovation – to ‘design in’ rather than ‘bolt on.’ It’s vital they play their part in unlocking synergy and adopt a mindset that values reflection.

Why curiosity is important for compliance professionals


Curiosity is not often seen as an attractive trait: as the saying goes ‘curiosity killed the cat’. But for compliance professionals, I would argue that it is a key skill we need to improve both personally and professionally, and in order to protect our firms from risk.....More

Sanctions are constantly changing. Here’s what firms can do.


Over the last five years, there has been a significant shift in the sanctions world, from traditional jurisdictional and list-based sanctions to those that are more nuanced and thematic.

Is compliance staying the same in a rapidly changing digital world?


In a rapidly changing digital world, thinking around compliance needs reframing. The question today is whether compliance can keep up in world moving faster than any had thought possible....More

ICA's Monthly News Chat: episode 1


We are pleased to announce the launch of ICA’s Monthly News Chat, a brief and informative video series, providing a rundown of key topics trending that month.

Bonuses and bias: the risks of variable pay for compliance professionals


When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions....More

Anti-corruption developments in 2020: China, India make strides


A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.

Identity Fraud Report 2020


In this report, Onfido analyses data from its roster of global clients to understand where current and future risk lies....More

Compliance training – the real value and benefit to the modern compliance professional


What is the real value and benefit of training to the modern compliance professional?

UK sanctions – under new management


The UK has completed the process of leaving the European Union. This article is a follow up to a previous piece where the complicated relationship between sanctions and the UK’s transition from the EU was assessed. Here we will look at the reality of post-transition UK sanctions and the new sanctions landscape in the UK.....More

Breaking barriers: Advancing diversity and inclusion in the compliance world


As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.

Compliance, bias and illogical decision-making


Most people understand and accept that human decision-making is tainted by bias. But what is less well-understood is how these human biases can creep into technology intended to streamline, improve or make fairer decisions made by machines.....More

The role of HR in driving diversity and inclusion


What is the role of the HR function in driving D&I, and the importance of compliance management in overseeing changes in organisational behaviour and practices?

[E-book] Machine learning for governance


How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities....More

Ask a CCO: Compliance’s role in D&I efforts


We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.

What compliance can do to advance diversity and inclusion efforts


Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.....More

3 tips on how to design financial crime training with impact


To change perceptions on training, a culture shift is needed to demonstrate to employees that training can not only be engaging but actually useful, enhancing their ability to carry out their role. How do you get employees to embrace training and, more importantly, use the knowledge and skills from this training in their daily roles?

Managing modern data sources to drive compliance


As remote work suddenly became commonplace during COVID-19, an existing information challenge was greatly magnified: how to record online data sources that are difficult to monitor and manage.....More

[E-book] Better practices for compliance management


This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance

AI is here and compliance needs to respond


Automation and artificial intelligence (AI) are set to pose a unique challenge to the future workplace, including the compliance profession. How should compliance respond to such innovation?....More

COVID-19 fraud: The forgotten fraud risk


Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.

Shifting sands: The Changing Landscape in Compliance Training


Today, more than ever before, compliance professionals must contend with myriad challenges including rapid digitisation, technological disruption, fast-moving regulatory change, and new forms of risk. As a result, their capabilities are coming under increased scrutiny, with many asking the question: how does the skillset of the modern compliance professional need to evolve for the function to be successful?....More

5 tips when moving from the second line of defence to the first line


The three lines of defence model is an important way of managing risk within a business. If you're working in the second line and have recently moved to the first line, you could find this a daunting experience.

3 weaknesses that led to Malaysia’s 1MDB scandal


1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice.....More

Women in compliance


On International Women’s Day, we caught up with Angelia Lee, Sandra Horma and Alice Chen, who were on a 'women in compliance' panel at the 2nd Annual APAC Conference last year. They share their great insights, experiences and advice for other women in the compliance industry.

4 ways to increase the effectiveness of sanctions


Sanctions are a really useful tool in global politics, but they aren’t perfect. This insight article explores four ways that sanctions could be improved and made even more effective in their design and implementation.....More

How strong are your CAMELS?


The Basel Committee of the Bank for International Settlements recommends the CAMELS rating system as an early warning mechanism for the assessment of the overall soundness of banks.

The art of listening: How communication cultivates compliance


The role of the compliance officer has changed. Typical compliance responsibilities – interpreting regulations and legislation, creating policies and advising various business areas of their compliance requirements – remain fundamental, but as compliance develops so do the requirements for a compliance officer.....More

2020 will be uncertain and unpredictable. Here’s what compliance can do


Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020.

Dun & Bradstreet E-Book: Third-Party Risk Management


Download your free copy of Dun & Bradstreet's latest e-book ‘Busting The Myths That Make Third-Party Risk Management More Painful’ published in association with ICA....More

The compliance response to the SRA’s updated regulations


Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition.

Vulnerable Customers: The new hot topic


‘Vulnerable Customers’ is not a topic you can avoid if you are a compliance professional in the retail sector. While the UK may be leading in the implementation of new requirements, many other jurisdictions are incorporating or considering the principles involved. These principles are pretty much incontrovertible and so there is inevitable pressure and momentum behind development of this area.....More

A new study reveals whistleblowing arrangements in UK and European companies


Fresh legislative initiatives and large scandals are thrusting whistleblowing on to the corporate agenda. However, how companies approach internal whistleblowing arrangements varies significantly across Europe. This is according to the Whistleblowing Report 2019 published by the University of Applied Sciences HTW Chur in Switzerland and EQS Group.

Compliance culture – What is the challenge?


Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face.....More

Corruption Perceptions Index – do movements in the middle also reflect the regulatory environment?


The new Transparency International Corruption Perceptions Index (CPI) has been released and you can see the results here. The Index is used in many financial crime models and is a highly regarded tool for geographic risk insight.

10 ways to instil a culture of compliance


Despite significant investment in compliance, we still see incidents where things go wrong. In many cases the root cause is the wrong culture and values. How do you drive the right culture across your organisation? How do you ensure everyone is accountable for compliance matters? Below we provide some tips to help support a successful compliance ‘change programme’.....More

Governance in Japan: Going, going, Ghosn


Carlos Ghosn has his own comic book, The True Story of Carlos Ghosn. It ran as a strip in the manga Big Comic Superior in Japan in 2001, before being published as a book the following year. In a country obsessed with comic books, Ghosn having his own should give you an idea of the reverence in which he is held for reviving the ailing carmaker Nissan after his arrival in 1999.

Meet an ICA Member: Muhammad Rizwan Khan


Who are our members and what can we learn from them?....More

How to make third-party risk management less painful


Collecting all the information required to manage your compliance programme is not only time consuming but can be costly. So, how exactly do we propose to make this less painful?

The fundamentals of integrity


Integrity is hard to pin down. We know that some people have it and some people don’t, but in terms of one’s character, true integrity, particularly in adults, is fixed.....More

How important is company culture?


What is company culture and why does it matter so much?

The skills and attributes of a compliance officer


Have you ever wondered which skills and attributes are useful when working in compliance? If you currently work in compliance, have you considered how your own skills measure up?....More

SMCR Extension – What do I need to know?


You could be forgiven for thinking that the Senior Managers and Certification Regime (SMCR) is old news – been there, done that, move on to the next thing. This could well be the case if you work in the banking sector, but for the rest of the financial services fraternity it is most definitely up there on the ‘things to do’ list.

How many languages does a financial crime professional need to speak?


It seems not a day goes by at the moment without some mention of Bitcoin, cybercrime, political machinations, Brexit, global instability or the drivers of radicalisation, amongst other things. On top of this, there are even TV dramas about most of these subjects.....More

The Department of Mysteries (or What is the Compliance Department actually doing?)


It struck me that the compliance department has certain parallels with the Ministry of Magic from J.K. Rowling´s Harry Potter series. Both are often misunderstood, mysterious, ‘secretly’ structured but at the same time necessary and important.

Money Laundering – the Pakistan Lottery Typology


Hooray! I’m a winner! I won £412,000 on the Pakistan Prize Bond Draw. And I didn’t just win it once. I won it 123 times. Yes – you read that correctly. I won it 123 times. Fancy that eh? What an incredible run of luck. Now pause, if you haven’t already. That’s as likely as winning the UK National Lottery jackpot 40 weeks running…....More

Sweden: a world leader for transparency


Openness and transparency are considered as “vital parts of Swedish democracy” and all those principles of freedom are reflected in some fundamental laws which govern the Swedish constitution.

UN Democracy Day: Latin America’s growing intolerance of corruption


Since 2008, the UN has held its day in honour and promotion of democracy on 15 September. For a cluster of nations across Latin America, this is a date that holds a special reverence, marking their independence from colonial rule: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica all celebrate their independence day on 15 September (with Mexico’s the following day, and Chile’s three days later).....More

UN Democracy Day: Latin America’s growing intolerance of corruption


Since 2008, the UN has held its day in honour and promotion of democracy on 15 September. For a cluster of nations across Latin America, this is a date that holds a special reverence, marking their independence from colonial rule: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica all celebrate their independence day on 15 September (with Mexico’s the following day, and Chile’s three days later).

Search posts

View posts by Author


Help and support

Alternatively contact us on: +44(0)121 362 7534 / icainfo@int-comp.org (Course information)

or +44(0)121 362 7533 / learningsupport@int-comp.org (Enrolled learners)

or +44 (0) 121 362 7503 / epa@int-comp.org (End Point Assessment)