Rising global monetary transactions have facilitated increased movement of illicit funds, making efforts against money laundering a top priority. Compliance with recently established anti-money laundering policies is vital to financial institutions - Wipro Limited advises on how to get the most out of your AML products.
Last year, the UK enacted an Act of Parliament intended to combat slavery and human trafficking in the UK and in the supply chain of all businesses operating therein. In order to ensure compliance with the Modern Slavery Act, corporations must make public either their efforts to stop the use of slave labor by their suppliers or their inaction to...
The Global Risks Report 2016 features perspectives from nearly 750 experts on the perceived impact and likelihood of 29 prevalent global risks over a 10-year timeframe. The risks are divided into five categories: economic, environmental, geopolitical, societal and technological.
Asymmetric risks – risks for which the potential gains are far greater than the potential losses (or vice versa) – can be difficult to plan for, and the events associated with asymmetric risk tend to sneak up on us, regardless of how predictable they may seem. So what impact do these risks have on ERM? Perhaps a mental shift is...
Risk management isn't a new concept by any stretch, but it seems ERM has really picked up steam in the past few decades -- a development that's likely due to some spectacular business scandals and the irreparable harm done to those organizations' reputations. John Verver discusses where companies currently stand in their risk management processes.
With almost every FCPA enforcement action involving third party misconduct in one form or another, shouldn’t companies devote more resources than ever to due diligence and third-party risk management systems? There’s no magic formula to implementing an effective system. It just takes two things: commitment and common sense. Every company knows how to do it. But not every company commits...
The BSA/AML risk assessment will allow you to have a better understanding of your overall risk. The risk assessment should be comprehensive and well-documented. When complete, an effective risk assessment should enable the MSB to establish policies, procedures and internal controls to develop the company’s BSA/AML compliance program.
Compliance with regulatory requirements can get complicated when companies in highly regulated industries take to social media. Subject matter expert Joanna Belbey offers five steps to ensure that when your company posts, they do so purposefully, knowledgeably and well within the bounds of the law.
Rather than segregating risk management responsibilities into their own silo, making them the purview of only a select few, companies would benefit greatly from an integrated approach in which every person in the organization is responsible to some extent in managing risk. Jim DeLoach presents a method involving five distinct lines of defense. Read on for details.
Earlier this month the New York State Department of Financial Services announced proposed anti-money laundering and terrorist financing regulations. If adopted, the proposed rules will subject investment advisers to Bank Secrecy Act requirements for financial entities. Regulatory and private scrutiny of compliance programs is expanding, as is the cost of compliance...
Data control risk is one of executives' top concerns, especially in light of the fact that the government's growing role in controlling data flows could lead to resistance among foreign partners and investors. The recent passage of the Cybersecurity Information Sharing Act only exacerbates this risk. So what can companies do to manage data control risk amid this rapid increase...
The importance of due diligence on third parties – vendors, suppliers, their vendors and suppliers, and so on – cannot be overstated. When news breaks of a vendor using child labor or doing business in countries well-known for their human rights violations, it won’t matter much to the public exactly how removed the connection is from the corporation itself. The...
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