News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-05T16:00:00
If sanctions are the top enforcement priority for the Department of Justice (DOJ), companies have got the message, according to a recent study.
Nearly half the respondents (43 percent) to a survey conducted by Compliance Week and third-party risk management (TPRM) software provider Certa said increasing regulatory scrutiny was the main factor driving their organization’s adoption of technology for third-party due diligence and sanctions compliance. Businesses also indicated keeping pace with the rate of regulatory change as the biggest challenge to ensuring sanctions compliance (59 percent), ahead of budget constraints (44 percent), training third parties (37 percent), and lack of data (32 percent). More than one answer was permitted.
Though organizations understand and are taking seriously the DOJ’s current mantra that sanctions are the new Foreign Corrupt Practices Act, some still believe the cost of standing up an enterprise-grade sanctions compliance program is more expensive than any potential fine, said Dave Crozier, senior vice president of digital transformation and partnerships and alliances at Certa. That said, those organizations understand sanctions compliance demands are not slowing down and will only get more complicated, he added.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-12-08T21:42:00Z By Adrianne Appel
Use of generative artificial intelligence by businesses will ramp up in 2024, as will risk of AI-driven cyberattacks and fraud, according to experts.
2023-12-06T17:27:00Z By Adrianne Appel
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
2023-11-21T23:38:00Z By Aaron Nicodemus
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
Site powered by Webvision Cloud