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The second in a two-part look at the compliance landscape as we beging the year’s second quarter....More
Equity culture must be fully understood and embedded in the workplace, and that should start at the top
UK TV viewers sat in front of the box over Christmas may have inadvertently learned a corporate ethics lesson....More
2022 was a turbulent time in the world of cryptocurrency
How should risk and compliance professionals behave when boards knowingly break rules?....More
A look at some of the pertinent opportunities and threats that are emerging as the year gets underway
An essential element of compliance is looking to the future to assess potential risks and opportunities, and there is no better time to do this than at the beginning of a new year. What follows is a summary of some of the key risk and compliance-related topics to reflect upon for 2023.....More
After navigating a year of high-volume sanctions, labour shortages, economic turmoil, daunting policy proposals, and remote/in-person work tension, compliance departments deserve an added helping of praise.
Dr Ingrida Kerusauskaite and Rory Donaldson explain why business integrity and anti-corruption are core components of ESG....More
The measurement and reporting of greenhouse gas (GHG) emissions within supply chains (so-called ‘Scope 3’ emissions) is a fundamental component of plans to address climate change
To learn more about the history of U.K. whistleblowing, an overview of what the Bill aims to address, and tips on best practices for whistleblowing programmes, download the NAVEX U.K. Whistleblowing e-book today.....More
Ensuring regulatory independence is the surest means of protecting customers from becoming fraud victims.
With COP27 underway in Sharm El Sheikh, the topic has returned to the fore again. Climate scientists are piling criticism on entities they feel are ‘green hushing’ their way through environmental responsibility.....More
At the heart of every robust and effective GRC framework is a code of conduct
In September, ICA and Broadgate joined forces to host a panel discussion on diversity and inclusion in London....More
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
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.....More
A revealing look at the impact of sanctions imposed upon Russian entities 6 months into the war in Ukraine.
In April 2022, the UK’s FCA published a thematic review, highlighting a range of financial crime issues that required remediation.....More
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.
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.....More
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
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.....More
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.
This insight article looks at the importance of maintenance and record-keeping as part of an effective GRC programme.....More
This Insight article focuses on the factors that compliance professionals must consider when implementing risk assessment technology.
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.....More
Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion.
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.....More
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.
With growing concerns over greenwashing, regulators are placing greater scrutiny on organisations’ claims about their green credentials.....More
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.
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.....More
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.
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.....More
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.
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.....More
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
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.....More
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.
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.....More
This article recaps some of the developments we would like to see in the compliance world in the upcoming year
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.....More
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
With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months....More
The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021
Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?....More
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
Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas....More
Discover four practical steps to realising the gains of IRM
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.....More
Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex
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.....More
The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War
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.....More
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.
Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.....More
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.
What could you be doing to file more effective suspicious activity reports (SARs)?....More
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.
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.....More
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.
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.....More
Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations
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.....More
Share your input into a short survey about your organisation’s approach to sanctions control
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.....More
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.
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.....More
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
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.....More
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions
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.....More
In this report, Onfido analyses data from its roster of global clients to understand where current and future risk lies
What is the real value and benefit of training to the modern compliance professional?....More
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.
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.....More
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.
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?....More
How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.....More
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
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?....More
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.
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance....More
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?
Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.....More
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?
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.....More
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.
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.....More
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.
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.....More
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.
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.....More
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
Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition.....More
‘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.
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.....More
Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face.