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Insight : GOVERNANCE, RISK AND COMPLIANCE
GOVERNANCE, RISK AND COMPLIANCE
Celebrating women in compliance
Equity culture must be fully understood and embedded in the workplace, and that should start at the top.... More
Corporate conformity and ‘blame culture’
UK TV viewers sat in front of the box over Christmas may have inadvertently learned a corporate ethics lesson
A crypto tipping point: A look back at 2022 and forwards to 2023
2022 was a turbulent time in the world of cryptocurrency.... More
Is the threat of regulatory censure a risk worth taking?
How should risk and compliance professionals behave when boards knowingly break rules?
Horizon scanning – Part 2: Fraud, crypto & corruption
A look at some of the pertinent opportunities and threats that are emerging as the year gets underway.... More
Horizon scanning: Greenwashing, human rights & ESG
An essential element of compliance is looking to the future to assess potential risks and opportunities, and there is no better time to do this than at the beginning of a new year. What follows is a summary of some of the key risk and compliance-related topics to reflect upon for 2023.
5 compliance triumphs from 2022
After navigating a year of high-volume sanctions, labour shortages, economic turmoil, daunting policy proposals, and remote/in-person work tension, compliance departments deserve an added helping of praise..... More
Joining the dots between ESG and corruption
Dr Ingrida Kerusauskaite and Rory Donaldson explain why business integrity and anti-corruption are core components of ESG
Climate reporting: Is transparency the answer to imperfection?
The measurement and reporting of greenhouse gas (GHG) emissions within supply chains (so-called ‘Scope 3’ emissions) is a fundamental component of plans to address climate change.... More
[E-book] Whistleblowing in the U.K.
To learn more about the history of U.K. whistleblowing, an overview of what the Bill aims to address, and tips on best practices for whistleblowing programmes, download the NAVEX U.K. Whistleblowing e-book today.
Regulatory independence vital in fight against fraud
Ensuring regulatory independence is the surest means of protecting customers from becoming fraud victims..... More
What is green hushing?
With COP27 underway in Sharm El Sheikh, the topic has returned to the fore again. Climate scientists are piling criticism on entities they feel are ‘green hushing’ their way through environmental responsibility.
How to build an effective code of conduct
At the heart of every robust and effective GRC framework is a code of conduct.... More
Diversity and inclusion’s power in compliance
In September, ICA and Broadgate joined forces to host a panel discussion on diversity and inclusion in London
Virtual Assets: Managing the Regulatory and Financial Crime Compliance Risks
ICA’s latest report ‘Virtual Assets: Managing the Regulatory and Financial Crime Compliance Risks’ provides a range of expert insight and analysis on virtual assets.... More
Five minutes with...Merisha Stevenson
We caught up with Merisha Stevenson, Head of Quality, Risk and Audit, ICA, to find out what makes her tick and why becoming an auditor is a more attractive, rewarding career path than you might think.
Russia sanctions – so far
A revealing look at the impact of sanctions imposed upon Russian entities 6 months into the war in Ukraine..... More
FCA warns challenger banks in thematic review
In April 2022, the UK’s FCA published a thematic review, highlighting a range of financial crime issues that required remediation.
Adaptability: An overlooked, and underrated, compliance skill
This Insight article explores the importance of adaptability as a soft skill for compliance professionals, focusing on the different types of adaptability skills, the reasons why adaptability is so important for compliance professionals and the ways in which to improve upon your adaptability..... More
Risk, Compliance and Cultural Change Series
This series on culture change will demonstrate how studying human behaviour can help alleviate some of the challenges of our profession, helping you, your colleagues and your firm.
How compliance can help prevent human trafficking
30th July is the United Nations World Day Against Trafficking in Persons, this article will look at what compliance professionals can do to help prevent this awful activity from happening.... More
The smartest guys in the room – how to deal with cultural arrogance
Arrogance is an unpleasant trait to deal with in our career. It is, however, everywhere. Learning how and when to face it will be a long-term useful skill.
Mind your language
Words matter, as risk and compliance professionals it is vital that this is understood and acted upon. A misunderstanding can lead to a costly mistake so by understanding the nuances of language you can be better placed to communicate well with colleagues and stakeholders..... More
The importance of maintenance and record-keeping
This insight article looks at the importance of maintenance and record-keeping as part of an effective GRC programme.
Factors to consider when implementing risk assessment technology
This Insight article focuses on the factors that compliance professionals must consider when implementing risk assessment technology..... More
FedEx Series Part 1: Desire for transparency launches FedEx on ESG journey
Behind its white trucks and the orange and purple of its iconic logo, FedEx Corp. has built its enterprise on an absolute commitment to ethics, integrity, and reliability. This principle is the bedrock of its long-term success in environmental, social, and governance (ESG) performance.
Why beneficial ownership is crucial in supporting current sanctions
Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion..... More
Managing Correspondent Banking Relationships
Correspondent banking serves a vital function within the global economy. However, if correspondent banking relationships are not managed properly, they can present considerable risks from an anti-financial crime perspective. This article will review a recent ICA Webinar that discussed some of these challenges and how to make these relationships a success.
Your questions, answered: Russia sanctions FAQs.
As governments continue to issue sanctions in response to Russia’s invasion of Ukraine, many firms are looking to limit their sanctions exposure. Our Russia sanctions FAQs consider the ways in which this can be achieved, as well as addressing some of the more complex demands placed on firms with Russian exposure..... More
Greenwashing under the spotlight
With growing concerns over greenwashing, regulators are placing greater scrutiny on organisations’ claims about their green credentials.
Where are we heading with ESG?
ESG is climbing up the corporate agenda and in this piece, Rhodri Kettle takes a look at some of the reasons why this is the case and then poses some indicators to look out for to assess the acceptance of ESG within your own firms..... More
Learning points from the HSBC fine – practical steps businesses can take
HSBC received a hefty fine by the FCA and their decision notice highlighted three areas with deficiencies related to systems and controls. This article will explore the decision notice and look at what lessons other firms can glean to help their own risk-based approaches.
Russia sanctions surgery - what are the implications for your business?
As the terrible conflict in Ukraine intensifies, sanctions are making global headlines. This public and media interest has brought with it fresh challenges for those trying to keep pace with the complex measures imposed by governments on entities linked to the Russian state. In response, an ICA webinar on 9 March sought to bring some clarity to the new sanctions landscape..... More
The big crypto conversation - MENA conference
The regulation of virtual assets will be high on the agenda at ICA Live: MENA, with a current and a former regulator driving the conversation.
Red flags for illegal wildlife trafficking
Identifying red flags in any form of transaction monitoring of customer activity is a key part of spotting and stopping criminal activity. This is crucial in trying to prevent the illegal trade of wildlife and this piece will highlight some of these red flags and discuss the important of good quality reporting when they are identified..... More
How to help prevent the illegal wildlife trade
Illegal wildlife trafficking has been described as a low-risk, high-reward crime that is thought to be worth a huge £17 billion a year. It’s widely accepted that this is an awful, illegal industry but there is still some debate and struggle with how to prevent it. By identifying key touch points across the supply chain and targeting those that seek to profit from it there is the potential to save millions of animals across the world. This approach, combined with increased legislation and support from regulators could be the difference between this illegal industry thriving or ceasing to exist.
ESG perspectives: implications for compliance professionals
Environmental, social and governance (ESG) is a broad topic formed of diverse and often fascinating issues. We are therefore pleased to present this unmissable collection of perspectives on ESG from compliance professionals all over the world.... More
Raising awareness of the illegal wildlife trade
Illegal wildlife trafficking has grown in its severity and occurrence in recent years. This article looks at how this has happened and the importance of building a solid criminal case against those that carry it out. Changing the behaviour of the consumer is a significant factor in the overall effort against the illegal wildlife trade and this article plays a large part in helping readings to understand the importance of this.
Zeroing in: Making the transition to net zero
Achieving ‘net zero’ emissions has become a huge priority for everyone as the urgency of the climate crises grows year on year. Tackling this is a serious challenge and at the recent COP26 summit, plans were announced to make the UK ‘the world’s first net-zero aligned financial centre’. This piece will look at how banks can plot their way along this journey and increase their confidence at hitting these important targets..... More
CPI 2021: Looking beyond a high score
The release of Transparency International's Corruption Perceptions Index (CPI) is always a significant event in the financial crime compliance calendar, compiling as it does a ranking of perceived corruption across countries around the globe. This year's index will make interesting, if dispiriting, reading for compliance professionals, and this piece argues of the need to look beyond the CPI to inform their own judgements based on curiosity and looking beyond the obvious.
A 2022 Compliance Wish List
This article recaps some of the developments we would like to see in the compliance world in the upcoming year.... More
Pandora Papers - How to identify ultimate beneficial owners
The Pandora Papers were another massive story in 2021 as a group of journalists released a paper that highlighted the issue of UBOs. This have us a chance to reflect on the European regulatory landscape and best practice examples for financial institutions to enhance their systems and controls for preventing financial crime.
Top 5 e-books that our members have enjoyed in 2021
Cybersecurity, financial crime compliance trends, integrated risk management and governance, risk and compliance were among the key topics that attracted our members' interest in 2021.... More
3 major talking points from 2021 for the compliance industry
With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months
EU Whistle-blowing regulations: the right questions to ask in and outside Europe
The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021.... More
SARs reporting in the service sector
Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?
Compliance must carve out role in company ESG efforts
Respondents to Compliance Week's “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation.... More
Compliance must be a force for good
Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas
The journey toward integrated risk management
Discover four practical steps to realising the gains of IRM.... More
Putting the ‘G’ into GRC
Governance plays a significant role in determining how a business’ objectives are set and achieved, how risk is monitored and addressed, and how performance is optimised.
Suex sanctions: the compliance implications
Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex.... More
Ethics Masterclass: A Plantation Adventure
In this four-part series, Dr. Kara Tan Bhala will guide you each week through a case study taken from her book, Ethics in Finance: Case Studies of a Woman’s Life on Wall Street.
Nord Stream 2: A study in sanctions complexity
The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War.... More
Why compliance needs to talk about sustainability
Recently, we conducted a poll of ICA members and the wider compliance community on sustainability and the role compliance has in addressing it. The results were not only revealing, but pointed to a potential new direction for compliance as its responsibilities expand.
Whistle-blowing: Good apples, bad apples and behavioural science
This blog series will explore sensitive questions around whistleblowing. It will consider the social and individual processes that surround deviant corporate behaviour and why these are strong barriers to ‘speaking up’. It will also ask how we can bring those barriers down. A field operation plan for whistle-blowers will also be built, sharing techniques that individuals can adopt to assist them in the face of corporate misdemeanours..... More
What every compliance professional needs to know
Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.
6 ways to mitigate a bad day at the office
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world..... More
5 tips to help you file more effective SARs
What could you be doing to file more effective suspicious activity reports (SARs)?
Are companies ready to trust artificial intelligence?
A recent roundtable, sponsored by Wolters Kluwer and organised by ICA, looked at the importance of balancing machine learning (ML) and artificial intelligence (AI) with human intelligence and intervention..... More
The qualities demanded of a GRC professional
An effective GRC practitioner must face problems rather than avoid them, hold to principles when it is easier to dodge them and challenge commonly accepted beliefs when needed. What psychological research tells us is that these qualities do not come naturally to us as humans.
Who will be suited to compliance roles in the 2020s?
We are already seeing signs that the 2020s will be vastly different from the 2010s and unrecognisable in many ways from, say, the 1980s. Back then, a ‘job for life’ was a reality and a career within a single profession or trade, perhaps even with the same employer was common place. These days, rather than seek a job for life, Generation Z are more likely to question how they can leverage their value now and start their own business or, at least, a side hustle. This article will explore these differences and look at how compliance could be reimagined in the future and who is best suited for a role within this burgeoning industry..... More
Roundtable highlights: best practice in risk assessment
A recent roundtable on best practice for risk assessment, sponsored by OneTrust and organised by ICA, uncovered some fascinating insight from those on the front line of compliance.
Are compliance officers good board material?
Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations.... More
How global compliance works at the local level
This insight article will consider what global compliance looks like at a local level. It will also examine how different regions understand and adapt definitions of compliance to their own purposes, and the consequences of this for businesses.
Take part in ICA's sanctions risk survey
Share your input into a short survey about your organisation’s approach to sanctions control.... More
Can a compliance team change a culture?
Compliance teams need to think and act more holistically, strategically and embrace innovation – to ‘design in’ rather than ‘bolt on.’ It’s vital they play their part in unlocking synergy and adopt a mindset that values reflection.
Why curiosity is important for compliance professionals
Curiosity is not often seen as an attractive trait: as the saying goes ‘curiosity killed the cat’. But for compliance professionals, I would argue that it is a key skill we need to improve both personally and professionally, and in order to protect our firms from risk..... More
Sanctions are constantly changing. Here’s what firms can do.
Over the last five years, there has been a significant shift in the sanctions world, from traditional jurisdictional and list-based sanctions to those that are more nuanced and thematic.
Is compliance staying the same in a rapidly changing digital world?
In a rapidly changing digital world, thinking around compliance needs reframing. The question today is whether compliance can keep up in world moving faster than any had thought possible.... More
ICA's Monthly News Chat: episode 1
We are pleased to announce the launch of ICA’s Monthly News Chat, a brief and informative video series, providing a rundown of key topics trending that month.
Bonuses and bias: the risks of variable pay for compliance professionals
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions.... More
Anti-corruption developments in 2020: China, India make strides
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.
Identity Fraud Report 2020
In this report, Onfido analyses data from its roster of global clients to understand where current and future risk lies.... More
Compliance training – the real value and benefit to the modern compliance professional
What is the real value and benefit of training to the modern compliance professional?
UK sanctions – under new management
The UK has completed the process of leaving the European Union. This article is a follow up to a previous piece where the complicated relationship between sanctions and the UK’s transition from the EU was assessed. Here we will look at the reality of post-transition UK sanctions and the new sanctions landscape in the UK..... More
Breaking barriers: Advancing diversity and inclusion in the compliance world
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.
Compliance, bias and illogical decision-making
Most people understand and accept that human decision-making is tainted by bias. But what is less well-understood is how these human biases can creep into technology intended to streamline, improve or make fairer decisions made by machines..... More
The role of HR in driving diversity and inclusion
What is the role of the HR function in driving D&I, and the importance of compliance management in overseeing changes in organisational behaviour and practices?
[E-book] Machine learning for governance
How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities.... More
Ask a CCO: Compliance’s role in D&I efforts
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.
What compliance can do to advance diversity and inclusion efforts
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point..... More
3 tips on how to design financial crime training with impact
To change perceptions on training, a culture shift is needed to demonstrate to employees that training can not only be engaging but actually useful, enhancing their ability to carry out their role. How do you get employees to embrace training and, more importantly, use the knowledge and skills from this training in their daily roles?
Managing modern data sources to drive compliance
As remote work suddenly became commonplace during COVID-19, an existing information challenge was greatly magnified: how to record online data sources that are difficult to monitor and manage..... More
[E-book] Better practices for compliance management
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance
AI is here and compliance needs to respond
Automation and artificial intelligence (AI) are set to pose a unique challenge to the future workplace, including the compliance profession. How should compliance respond to such innovation?.... More
COVID-19 fraud: The forgotten fraud risk
Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.
Shifting sands: The Changing Landscape in Compliance Training
Today, more than ever before, compliance professionals must contend with myriad challenges including rapid digitisation, technological disruption, fast-moving regulatory change, and new forms of risk. As a result, their capabilities are coming under increased scrutiny, with many asking the question: how does the skillset of the modern compliance professional need to evolve for the function to be successful?.... More
5 tips when moving from the second line of defence to the first line
The three lines of defence model is an important way of managing risk within a business. If you're working in the second line and have recently moved to the first line, you could find this a daunting experience.
3 weaknesses that led to Malaysia’s 1MDB scandal
1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice..... More
Women in compliance
On International Women’s Day, we caught up with Angelia Lee, Sandra Horma and Alice Chen, who were on a 'women in compliance' panel at the 2nd Annual APAC Conference last year. They share their great insights, experiences and advice for other women in the compliance industry.
4 ways to increase the effectiveness of sanctions
Sanctions are a really useful tool in global politics, but they aren’t perfect. This insight article explores four ways that sanctions could be improved and made even more effective in their design and implementation..... More
How strong are your CAMELS?
The Basel Committee of the Bank for International Settlements recommends the CAMELS rating system as an early warning mechanism for the assessment of the overall soundness of banks.
The art of listening: How communication cultivates compliance
The role of the compliance officer has changed. Typical compliance responsibilities – interpreting regulations and legislation, creating policies and advising various business areas of their compliance requirements – remain fundamental, but as compliance develops so do the requirements for a compliance officer..... More
2020 will be uncertain and unpredictable. Here’s what compliance can do
Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020.
Dun & Bradstreet E-Book: Third-Party Risk Management
Download your free copy of Dun & Bradstreet's latest e-book ‘Busting The Myths That Make Third-Party Risk Management More Painful’ published in association with ICA.... More
The compliance response to the SRA’s updated regulations
Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition.
Vulnerable Customers: The new hot topic
‘Vulnerable Customers’ is not a topic you can avoid if you are a compliance professional in the retail sector. While the UK may be leading in the implementation of new requirements, many other jurisdictions are incorporating or considering the principles involved. These principles are pretty much incontrovertible and so there is inevitable pressure and momentum behind development of this area..... More
A new study reveals whistleblowing arrangements in UK and European companies
Fresh legislative initiatives and large scandals are thrusting whistleblowing on to the corporate agenda. However, how companies approach internal whistleblowing arrangements varies significantly across Europe. This is according to the Whistleblowing Report 2019 published by the University of Applied Sciences HTW Chur in Switzerland and EQS Group.
Compliance culture – What is the challenge?
Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face..... More
Corruption Perceptions Index – do movements in the middle also reflect the regulatory environment?
The new Transparency International Corruption Perceptions Index (CPI) has been released and you can see the results here. The Index is used in many financial crime models and is a highly regarded tool for geographic risk insight.
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