FEATURE in-company training . ICA has more than 17,000 members in over 150 countries .
What are some of the key challenges that organisations ( in different regions ) are grappling with right now when it comes to compliance ?
The challenges facing the compliance community are wide-reaching and the pandemic has certainly created additional pressures and risks that impact compliance professionals . The recent Pandora Papers scandal has meant that money laundering is firmly in the spotlight and making sure organisations continue to have the right processes in place to assess , document and manage financial crime risk is essential .
According to the Annual AML Industry Benchmark Report 2021 from Arctic Intelligence , one in four risk and compliance professionals say that rolling out and managing the risk assessment process is a challenge , while 53 % confirmed that they conduct risk assessments just once a year , with 68 % advising that the process takes up to six months to complete . compliance professionals across the globe . We therefore work across a variety of sectors including financial services , oil and gas , telecoms and betting and gaming to provide continuous learning , qualifications , resources , events and access to insightful information .
The key , as we see it , is to demonstrate the tangible benefits of investing in staff as part of an integral approach to combatting the increasing range of risks they face .
We provide knowledge , guidance , information and practical skills as part of an ongoing strategy to constantly improve business performance and , to do this we seek global partnerships and alliances with regulators , firms and local compliance associations . Fundamentally , we aim to help individuals and firms continuously improve to face the challenges , both now and in the future .
What best practice advice would you offer organisations keen to improve their strategies for managing compliance ?
Five key pieces of advice :
Digital Transformation , the increasing use of Artificial Intelligence to support due diligence processes and training – for all staff , not just compliance heads – all remain high on the corporate agenda to ensure staff are fully equipped with the skills and technology to help question , assess , identify , escalate and manage associated risks – whether that ’ s related to money laundering , sanctions , through to cyber , fraud risk or people trafficking .
The emergence of Environmental , Social and Governance ( ESG ) has raised the profile of the need for excellent GRC standards , as business operations impact on – for example – climate considerations ( Environment ) labour and societal impacts ( Social ) and the consequent imperative to manage , control and target business activities in a sustainable direction ( Governance ). ESG also focuses on combatting the risks of financial crimes within any organisation , such as bribery and corruption , so being able to understand and coordinate ESG standards and requirements is increasingly critical .
How do you help organisations address these key challenges ?
ICA is committed to increasing the knowledge and skills of regulatory and financial crime
1 . Obtaining business buy-in is vital . Compliance must be an ongoing consideration of those in the boardroom and filtered throughout the entire organisation . It ’ s a challenge , but one that can be overcome by engaging directly with teams and individuals , by being open and honest , and by working and communicating in a collaborative way .
2 . Automation and technology are of great utility . But don ’ t overlook the ‘ human ’ aspect . Getting out there and conveying to teams the importance of regulatory updates remains a key part of compliance professional ’ s core duties .
3 . Giving the reason ‘ why ’ helps colleagues get on board . More is achieved by giving context to compliance updates and information , helping staff relate it to their everyday responsibilities .
4 . Think creatively and acknowledge the role of others . Showing that you understand the often heavy duties placed on certain areas demonstrates empathy and helps foster positive , reciprocal relationships .
5 . Share your successes and concerns . Giving voice to issues is the first step towards getting them resolved , while illustrating to others effective compliance helps other areas obtain a better picture of what it is compliance does .
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