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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Tim Klatte, CW guest columnist 2023-08-31T13:00:00
The factors that surround the environmental, social, and governance disciplines have grown from just a few to more than 50 considerations, indicating all three ESG elements carry equal weight when evaluating a proper corporate strategy.
However, fraud risk management, born from the “G,” carries an overarching influence across ESG. Although often dwarfed, fraud risk management should maintain the central focus. To properly own an actionable ESG strategy, today’s executive must initially appreciate the “G,” which will naturally lead the organization to establish a sound fraud risk management plan, defining its ethical DNA.
What precisely is ESG fraud? It can be best explained by describing the elements that cause it. For example, pressure is mounting on the C-suite to prove meaningful progress in setting and achieving ESG goals. This pressure has created a business climate where the risk fails to adopt core ESG principles.
Further, developing and implementing ESG-friendly programs can be costly, both financially and logistically. Pressure to adopt principles of ESG creates an environment ripe for fraud, and fraud thrives wherever the stakes are high.
Now that the “what” is answered, let’s look at the “how” and “why.”
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2023-11-02T15:00:00Z By Al Raymond, CW guest columnist
“Every compliance activity is a sales activity,” writes Al Raymond, privacy compliance officer at ZoomInfo, regarding his team’s approach to demonstrate to sales how a strong control environment can be a competitive advantage.
2023-10-23T18:02:00Z By Kyle Brasseur
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
2023-09-22T12:52:00Z By Jeff Dale
Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.
2024-04-09T18:24:00Z By Aaron Nicodemus
Environmental, social, and governance goals have gained acceptance from senior leadership because of upward pressure from employees, investors, and customers, according to compliance leaders speaking at Compliance Week’s 2024 National Conference.
2024-02-27T12:25:00Z By Kyle Brasseur
Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.
2024-02-19T14:00:00Z By Ruth Prickett
James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.
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