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?
COVID-19 represents a special challenge for all organisations. As well as exacerbating existing concerns, it has ushered in a slew of new ones. If these issues are to be successfully addressed, firms need to understand new and existing risks that pose a threat to business.....More
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
In today’s world there are many routes to consider when looking at further learning. However, professional qualifications offer unique benefits that give them an edge over the alternatives. Below we look at some of these benefits, and how ICA offer a fresh approach to further education.....More
In this article we will look to define non-financial misconduct and highlight why it is of increasing importance to firms and other organisations across most industry sectors and jurisdictions.
Key highlights and quotes from the Big Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals this year.....More
It is incumbent on us as part of the compliance community to speak up about the troubling racial violence occurring in the United States and around the world.
Starting a new qualification is an exciting time: new experiences, the prospect of acquiring knowledge and developing your skills. However, it can bring its own challenges, even outside of the unusual circumstances we find ourselves in currently. Receiving an assignment may see that initial excitement quickly becoming anxiety and concern.....More
The last few weeks would have seen the completion of the English Premier League season, followed by Euro 2020 hosted in a range of European cities. That was, until the world shifted.
COVID-19 elevated virtual learning from a useful option to a crucial function, enabling employees to continue learning in challenging circumstances. Now more than ever it requires virtual learning to be effective, with a clear structure and definitive outcomes. But it needs more than these for it to flourish, and leave a lasting impression on learners.....More
With governments around the world having intervened to curtail non-essential travel and social gathering to minimise the spread of COVID-19, more of us than ever are now working from home.
Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.
Anti-bribery and corruption (ABC) is a high priority for compliance professionals in all businesses, indeed all areas of life. We have witnessed the “Feds Indict Footballing Aristocracy” within the investigation of the institutional bribery and corruption practices routinely applied by FIFA.....More
Crises rarely announce themselves in advance, and the COVID-19 pandemic is no exception. Criminals, always unscrupulous, have seized the opportunity presented to them by the pandemic to exploit new technologies and existing products and services to carry out their illicit activities.
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
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.
Moving to virtual learning can be daunting but it can also be an exciting new way to learn. As workshops and seminars move online, we have highlighted 4 ways that you can maximise your virtual learning experience.....More
Italy, a region in quarantine, is experiencing a spike in attempted cyber-attacks to capture the login credentials of employees working remotely during the coronavirus pandemic. But not all the attacks have been successful, and that’s where the lessons lie.
Identifying suspicious activity is both a regulatory requirement and a business imperative. However, it can be an extremely resource intensive, and consequently expensive, exercise. A system that is both effective and efficient can therefore bring significant regulatory and cost benefits.
Anyone with Compliance responsibilities will know you need a wide range of interpersonal skills to be resilient, successful and effective. The secret is to improve your emotional intelligence. Two sample podcasts are available here and provide small bursts of practical advice of relevance in the current climate.....More
ICA's regular webinar series presenter and author of the ICA Specialist Certificate in Anti-Corruption, Penny Milner-Smyth, is the featured guest on the Great Women in Compliance (GWIC) podcast.
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.
For those considering a career in the world of compliance, or those at an early stage of their compliance career, this blog will explore some of the options open to you, and address any questions you haven’t found the answer to – as well ask questions you haven’t yet considered.
The cost of financial crime to the global economy is estimated at $1.45 trillion, according to Thompson Reuters report. Eye-watering even as an estimate, the figures are, however, no less alarming when broken down. In the Asia-Pacific region for example, financial crime is thought to cost local economies a combined $166 billion (unsurprising, perhaps, to those who have been following the 1MDB trial).....More
Individuals working in compliance may know what they are required to do in respect of CDD – and know how to do it – but may be unsure or confused as to why. Here are four questions that those working in compliance and conducting CDD might be asking themselves on a regular basis.
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.
If you work in a large organisation, say a bank, insurance provider or oil and gas company, you are going to be deluged with training. When you join and at regular periods you will experience “death by CBT” (Computer Based Training).
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
One of the tools used to understand corruption risk is the Corruptions Perceptions Index (CPI), published on an annual basis by Transparency International, who work globally in leading the fight against corruption. The 2018 CPI, published in early 2019, ranked 180 countries in terms of how corrupt their public services are perceived to be, on a scale of 1 (highly corrupt) to 100 (very clean).