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Sept. 21, 2023

From Inquiry to Response: Don’t Leave Regulators on Read

Financial institutions have been hit with billions of dollars’ worth of fines in the past couple of years for failing to preserve business text messages. A takeaway: Never underestimate regulators’ tenacity when it comes to determining if official communications have taken place off normal business channels. Lauren Tringali and Brian Corbin of QuisLex warn: Be prepared to show your work. 

COMPLIANCE

Upcoming UK Reforms: Tackling AML Will Require Consolidation

With a series of proposed reforms on the table to improve the effectiveness of the UK’s anti-money laundering and counter-terrorism financing regulatory structure, First AML’s Simon Luke argues it’s essential to find the right fit for the regime going forward.

Additional Insights: Ever wonder what goes into a U.S. money laundering investigation? Listen to this story on an investigation involving the world's largest crypto heist.

GOVERNANCE

How Much Did Tech Improve Risk Management, Really?

Five years ago, 3D printing went mainstream, the Kindle Paperwhite revolutionized late-night reading and the Dyson Airwrap changed the curling game. So, how has compliance fared alongside the evolution of technology? Protiviti’s Jim DeLoach revisits some of his writing from half a decade ago to see if companies are making good on tech’s promise to improve risk management.

OPINION

Succeeding in the Sustainability Revolution Requires Root & Branch Reform

If you’re feeling caught in a liminal space, you’re not imagining it. Stuart McLachlan and Dean Sanders, authors of “The Adventure of Sustainable Performance: Beyond ESG Compliance to Leadership in the New Era,” share their views on the fortitude required of leaders today — and tomorrow.

INTERNAL AUDIT

Lease Accounting, Meet ESG

Real estate-related assets account for about 40% of global CO2 emissions, which means companies cannot get a handle on their ESG impact without understanding their owned and leased real estate footprint. Joe Fitzgerald of Visual Lease offers tips for leveraging lease management to create a more sustainable future.

COMPLIANCE

ASC 606 & IFRS 15 Standards Aren’t New. Why Are So Many Firms Still Falling Short?

Auditors and government agencies have given a wide latitude when it comes to enforcement of ASC 606 and IFRS 15 accounting guidelines, but signs point to that grace coming to an end. Tom Zauli of Softrax says companies would be wise to plan for stricter oversight in the near-term. 

 [WEBINAR]

Maximize ROI by Digitalizing KYC & Onboarding

10 a.m. ET/3p.m. BST Tuesday, Oct. 3

Multi-year spend planning is one of the core strategic decisions for every department. Financial crime compliance costs reached $274 billion globally in 2022 and it’s set to increase even further. Redirecting that spend to discretionary projects is possible but only with the right approach.

Reducing operational expenses by even a small percentage can drive radical change. Join us on Oct. 3 for insights that delve into the realities of understanding the practical effect of decisions made today on operational spend management in the near future. And how to direct that spend to discretionary projects.

Register now for the webinar to find out more about:

• Multi-year spend planning
• Adapting to compliance costs
• How to increase discretionary spend
• How platform automation allows for greater management information
• The operational excellence gains made by increasing discretionary spend

Corporate Compliance Insights is excited to launch Level Up and Ethics & Compliance for Humans at the 2023 SCCE conference in Chicago! We hope to see you there — and if you just can't wait until then, you can pick up your own copies here. ⬇️