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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2024-07-24T17:54:00
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
According to research published June 10 by business data firm Dun & Bradstreet (D&B), this lack of risk visibility has prompted more than half (53 percent) of U.K. businesses to reject potential customers, with 61 percent admitting that excessive compliance checks force them into “reactive firefighting” instead of proactive risk management.
D&B’s research also found that compliance teams have had a 28 percent increase in demand on their time over the last year, even though 55 percent of businesses surveyed had no additional budget.
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News and analysis for the well-informed compliance or audit exec.
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Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
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2024-07-11T15:13:00Z By Aaron Nicodemus
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
2024-07-11T14:00:00Z Provided by Riskonnect and Salesforce
Taking on challenges from the always changing regulatory environment to cyber risks and data security requires a proactive, integrated approach to governance, risk, and compliance (GRC) management.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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