Risk visibility striking fear in companies onboarding new customers
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 past year, even though 55 percent of businesses surveyed had no additional budget.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefOCC, Fed fine Citi $136M for repeated risk management, data governance failures
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.
-
WebcastCPE Webcast: GRC readiness: Your roadmap to effective integrated risk management
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.
-
News BriefBank of England report: ’Need to improve’ private equity risk management
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
More from Risk Management
-
News BriefInvestment scammers, other fraudsters scored billions from consumers in 2024, FTC reports
The public reported a 25 percent increase in losses–totaling more than $12.5 billion in 2024–to investment scams, tech rip-offs, and general fraud, according to an analysis by the Federal Trade Commission.
-
News BriefPortuguese bank ousts chief risk officer after ‘suspicious’ transactions uncovered
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
-
News BriefTop 5 risks for 2025: U.S. uncertainty, global trade war, digital attacks
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.