UAE Imposes Fines on Non-Compliant Corporations: Is Your Business At Risk?

UAE Businesses Beware: AED 22.6 Million in Fines for Non-Compliance with Anti-Money Laundering and Terrorism Financing Regulations!

That’s right, the UAE’s Ministry of Economy has cracked down on 29 companies operating in the designated non-financial business or professions (DNFBP) sector for failing to comply with AML/CFT legislation. Violations ranged from a lack of internal policies and procedures to check customer databases against terrorism lists to failure to identify financial crime risks in their fields of work.

The message is clear – compliance with these regulations is no longer a choice, but a requirement. Businesses operating in the DNFBP sector must prioritize AML/CFT programs, including regular risk assessments, robust internal controls, and employee training.

Importance of AML/CFT compliance

The importance of anti-money laundering (AML) compliance cannot be overstated, especially within the UAE’s landscape, where the government is cracking down on non-compliant corporations. A robust AML compliance policy can not only protect against money laundering and terrorist financing but can also prevent fraud. Here are five key reasons why AML compliance is critical for businesses operating in the UAE.

Threat Evolution:

Criminal methods have become more sophisticated and complex, making them difficult to detect. Lone-wolf terrorists, cyber-enabled criminals, and e-commerce criminals are trending types of criminals in the UAE. It’s essential for businesses to stay ahead of these threats by complying with AML regulations.

Reputational Risk:

A crisis in Anti Money Laundering compliance can severely harm a company’s reputation and negatively affect customer trust. Companies that have been investigated or fined for non-compliance may need to appear more trustworthy to customers, leading to a loss of business. Protect your reputation by implementing a robust AML compliance program.

Poor Client Experience:

Non-compliance with AML regulations can increase the potential risk of fraud. A successful fraud attack can also affect the customers of a company. Don’t put your clients at risk – ensure that your business is fully compliant with AML regulations.

Regulatory Action:

The UAE has strict AML regulations that require financial institutions and businesses to comply with customer due diligence, transaction monitoring, and reporting of suspicious activities. Failure to comply can result in hefty fines and penalties imposed by regulatory authorities. Non-compliant businesses may face severe legal consequences, including criminal liability for individuals within the organization.

Financial Crime Persistence:

Enforcing AML regulations is crucial as financial crimes remain a persistent issue in the UAE. Money laundering enables criminal organizations to disguise the origin of their illegal proceeds, which can lead to economic instability, funding of terrorism, and loss of public trust in the financial system. Stay ahead of the game and maintain the integrity of your business by complying with AML regulations.

Penalties and Consequences

The UAE’s Ministry of Economy is intensifying field inspections and providing awareness and training support to DNFBP companies to ensure compliance with AML/CFT legislation and international standards issued by the Financial Action Task Force (FATF). With further punitive measures on the horizon, it’s more important than ever for businesses to stay ahead of the curve and ensure that they are fully compliant with AML/CFT regulations.

The penalties for non-compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations are severe, and businesses must take them seriously. Failure to comply with AML/CFT laws can result in heavy fines, damage to reputation, and even criminal prosecution.

The consequences of non-compliance are not to be taken lightly. Heavy fines can severely impact a business’s bottom line, while damage to reputation can harm its ability to attract and retain customers. In some cases, non-compliance can even result in criminal prosecution. The risks are too great to ignore, and businesses must take the necessary steps to protect themselves.

Stay Ahead of the Curve: Protect Your Business with Robust AML Compliance

Are you concerned about the potential risks of money laundering and terrorist financing within your organization? Compliance with AML regulations is critical to protect your business and maintain the financial system’s integrity. At CRI Group™, we understand the importance of Anti-Money Laundering (AML) compliance and offer advisory services to analyze your systems and develop effective solutions to combat money laundering. Our unmatched investigative capabilities and worldwide presence make us uniquely qualified to resolve regulatory concerns and help businesses ensure compliance with AML/CFT regulations.

If you operate in the financial sector, complying with AML regulations is essential. Failure to comply can result in fines, reputational damage, and even criminal prosecution. That’s why we recommend registering with our anti money laundering services to ensure you’re following regulations for the prevention of money laundering.

At CRI Group™, our vast Anti-Corruption and Compliance network offers the protection you need when making critical bottom-line decisions. Leave it to our experts to help you with AML compliance and provide the protection you need to combat money laundering. With our 360-degree analysis of your challenges, we can ensure that your business is fully compliant with AML/CFT regulations, reducing the risk of fines and reputational damage. Here’s how CRI Group™ Group can help:

In-Depth AML Risk Assessment:

Our team of experts will undertake a comprehensive AML risk assessment to analyze the vulnerabilities and potential threats within your organization’s operations. The assessment will incorporate an evaluation of your existing AML policies, procedures, controls, and the nature of your company’s products, services, customers, and geographic locations. Our analysis and evaluation will help in identifying potential risks and emerging trends that are necessary for effective AML risk management.

GAP Analysis for the Scope of ISO 37301 Compliance Management System:

Our team of consultants will perform a detailed GAP analysis of your organization to ensure compliance with the ISO 37301 standard. We will evaluate your current system and processes, identify shortcomings, and present recommendations to help your company fill the existing gaps. Our analysis will facilitate the understanding of the roles, responsibilities, and competencies required for compliance with the standard.

Provision of AML Framework:

We will provide a comprehensive framework to guide your organization in establishing and maintaining an effective AML compliance program. This framework will include policies, procedures, and protocols for risk assessment, customer due diligence, transaction monitoring, and reporting. Our team will work closely with your staff to implement this framework for compliance with relevant laws, regulations, and industry best practices.

Global Sanction Screening & Third-Party Risk Management:

Our screening services will help identify, assess, and mitigate the potential risks associated with third-party relationships. With our global database, we can monitor a wide range of regulatory lists and relevant databases, providing you with peace of mind that your company’s dealings with third parties will not put your organization at risk of non-compliance with AML regulations.

Money Laundering Reporting Officer (MLRO):

Our team will assist your organization in the appointment of an MLRO. This officer will be tasked with overseeing your company’s AML policy and reporting matters to relevant regulators. We’ll help you identify a qualified MLRO who possesses the experience and knowledge required for carrying out this crucial duty effectively.

Policy Statement:

We will work with you to develop a clear and concise policy statement outlining your organization’s commitment to AML compliance. Our policy statement will outline the roles and responsibilities of all parties involved in the implementation of the AML policy, including the board of directors, senior management, employees, and applicable third parties/vendors. This statement will provide clarity on the compliance requirements, enhancing risk awareness and making it easier for employees to comply with AML legislation.

Identifying Financing Terrorism:

Our experts will assist you in identifying potential risks associated with financing terrorism. By conducting risk assessments and due diligence checks, we can help identify unusual transactions that could be linked to terrorist financing. Our team will help in the implementation of preventive and control measures, ensuring that your organization is always one step ahead of potential risks.

Corporate Principles – An Ethical & Integrated Business Approach:

We’ll help develop corporate principles that emphasize an ethical and integrated approach to doing business. Our team will work with you to identify fundamental values that your company stands for, and ensure that these are integrated into your operations. We’ll also help with the development of programs to encourage ethical behavior and integrity in your workforce. These corporate principles will help to build a positive reputation while displaying governance and a strong ethical culture.

Industries We Serve

At CRI Group™, we are committed to helping businesses across a wide range of industries to stay compliant with AML/CFT regulations. Our services are tailored to meet the specific needs of each industry, including:

  • Automotive: Whether you’re a car manufacturer, dealer or supplier, our AML services can help you mitigate risks and ensure compliance with AML regulations.
  • Aviation: Airlines, airports and other aviation companies face unique AML risks that require specialized solutions. Our experts can help you detect and prevent money laundering and terrorist financing activities.
  • Finance & Professional Services: Banks, financial institutions, law firms and accounting firms all require robust AML compliance programs to protect their clients and reputation. We provide tailored solutions to meet the needs of each business.
  • IT & Telecommunications: With the rise of online transactions, the IT and telecommunications industry faces new challenges in preventing money laundering and terrorist financing. Our AML solutions can help you stay ahead of the curve.
  • Insurance: The insurance industry is vulnerable to money laundering and fraudulent activities. Our AML services can help you detect and prevent these risks, ensuring the integrity of the insurance system.
  • Property: The real estate industry is also vulnerable to money laundering and terrorist financing. Our AML solutions can help property developers, agents, and managers detect and prevent these risks.
  • Pharmaceutical & Healthcare: The pharmaceutical and healthcare industry faces a range of financial crime risks, including money laundering and bribery. Our AML services can help you ensure compliance and mitigate these risks.
  • Oil, Gas & Energy: The oil, gas and energy industry is subject to unique risks that require specialized AML solutions. Our experts can help you detect and prevent money laundering and terrorist financing activities.

No matter what industry your business operates in, compliance with AML/CFT regulations is crucial. With CRI Group’s industry-specific solutions, you can rest assured that your business is fully protected against the risks of financial crime.

Don’t let your business fall prey to the threat of money laundering and financial crimes. Trust CRI Group™ to provide you with the expert advisory services and protection you need to ensure compliance and success in the financial sector. Contact CRI Group™ Group for Anti-Money Laundering (AML) Advisory service today and take the necessary steps to ensure compliance with AML regulations.

CRI celebrates the 2022 International Anti-Corruption Day

The world today is plagued with some of the biggest issues of all time. The plague of corruption is intertwined in most of them, threatening the prosperity and stability of many countries. Corruption negatively impacts several aspects of society and is intertwined with conflict and instability jeopardising social and economic development and undermining democratic institutions and the rule of law.

Corruption fuels conflict and hampers peace by undermining the rule of law, and facilitating the illegal use of resources for armed conflict or illicit substances like drugs.

The United Nations designated 9 December as International Anti-Corruption Day, to raise awareness of corruption and of the role of the United Nations Convention against Corruption in combating and preventing it. The Convention entered into force in December 2005.

The 2022 International Anti-Corruption Day (IACD) looks at driving home the crucial link between anti-corruption and peace, security, and development. Tackling this crime is the right and responsibility of everyone, and this is possible only through cooperation and the involvement of all people and institutions in play, says the United Nations.

The Corruption Perceptions Index (CPI), published annually by the non-governmental organisation Transparency International ranked 180 countries “on a scale from 100 (very clean) to 0 (highly corrupt)” based on the situation between 1 May 2020 and 30 April 2021. As per the CPI, DenmarkNew ZealandFinlandSingapore, and Sweden are perceived as the least corrupt nations in the world, ranking consistently high among international financial transparency, while the most apparently corrupt are SyriaSomalia, and South Sudan.

Some staggering stats on corruption

  • Here are some interesting statistics from transparency.org to blow your socks off:
  • £100 billion of dirty money passes through UK systems and services every year.
  • 87,000 land titles in England and Wales are owned by opaque corporate structures that hide the true owners.
  • 76% think wealthy individuals often use their influence on Government for their own interests.
  • Just 52 people made a sixth of all declared UK political donations between 2001 and 2016.
  • £1.27 billion is lost annually to fraud, bribery and corruption in the NHS.

And some more stats for you on the Anti-Corruption Day:

  • The annual costs of international corruption is estimated to amount to a staggering $3.6 trillion in the form of bribes and stolen money.
  • Corruption often impacts the poorest in societies the most. In Paraguay, the poorest households are forced to pay nearly 13% of their income in bribes – twice as much as the richest households.
  • Airbus was fined £3.6 billion in February 2020 by courts in the UK, US and France for slush funds, “success payments” and lavish hospitality.
  • £820 million of this fine was paid in the UK. This is more than double the total of fines paid in respect of all criminal conduct in England and Wales in 2018.

And even more statistics on corruption:

  • Corruption in the health sector kills an estimated 140,000 children a year.
  • Up to 25% of public procurement funds are lost to corruption each year.
  • Governments are spending $7.5 trillion a year on providing healthcare globally. But corruption means that $500billion (7%) of that money is lost.
  • The World Health Organisation estimates $370billion would be enough to give everyone on the planet access to healthcare.
  • Every year, pharmaceutical companies, universities and other research groups conduct around 20,000 clinical trials involving over two million patients worldwide, at an estimated cost of over US$60 billion.
  • An estimated US$85 billion in medical research funding is being wasted every year as trials that cost millions to run fail to contribute to medical progress because their results are not reported.

As you can see from these statistics, corruption is a problem worldwide, costing both huge amounts of money and precious lives. Corruption and bribery can impact any organisation and cause severe harm to businesses, including causing financial loss, dire legal consequences, brand damage, damage to an organisation’s reputation and impeding sustainable development. The only way to get beyond this menace is through international collaboration.

Please make use of this opportunity to educate yourself better and your personnel to work towards a more transparent corporate model while seamlessly integrating it into your day-to-day lives. Ethical business always begins from within, and CRI Group is more than happy to help you through this. 

Matters surrounding risk management and compliance can be daunting, so why not contact CRI Group™? Our experts have years of experience and have been trained to provide your business with bespoke advice that fits your organisations’ needs. Implement preventative measures in your workplace today and guide your team to an ethical and correct way of working on this Anti-Corruption Day. 

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Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceTPRMDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI Group™ launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- GuidelinesISO 37000:2021 Governance of OrganisationsISO 37002:2021 Whistleblowing Management SystemISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS)Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC® offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC™ for more on ISO Certification and training.

CRI® Group’s DueDiligence360™ involves a review of all relevant information pertaining to virtually any business on the planet to ascertain past business dealings, criminal records, executive stability and suspect associations to ensure your organisation is protected from internal threats and outside risks.

CRI® Group’s exclusive 3PRM-Certified™ solution provides Third-Party Risk Management while ensuring compliance with FCPA, UK Bribery Act, Anti-Bribery and Anti-Corruption, and other global, regional and local regulations.

CRI® Group’s EmploySmart™ — a pre-employment background screening process, can boost your fraud prevention efforts and provide a “boots on the ground” approach to extensive background checking.

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Contact CRI Group™ today to learn more about preventing and detecting corruption.

Supply Chain Due Diligence Act: New Risk Management & Reporting Duties for German Businesses

This article looks at the Supply Chain Due Diligence Act (LkSG) that applies to companies operating or trading in Germany and will enter into force on 1 January 2023.

The new German law, known as the Supply Chain Due Diligence Act (LkSG, short for Lieferkettensorgfaltspflichtengesetz in German) imposes due diligence obligations on environmental protection and on human rights, with all businesses having to introduce iterative and ongoing, or in certain circumstances ad hoc, due diligence processes specified by the Act.

Identification and management of an organisation’s supply chain and the risks that come with it require the implementation of due diligence processes.

The term “supply chain” refers to all products/services of a business, including all manufacturing and services, in Germany and/or abroad, from the extraction of raw materials to their delivery to the end customer.

Furthermore, due diligence processes should implement the following criteria: 

  • type and scope of the business activities of the company subject to the due diligence obligations,
  • the ability of the company subject to the due diligence obligations to exert influence (so-called leverage),
  • typically expected severity of the violation, and
  • type of contribution by the company subject to the due diligence obligations to cause a violation.

More details can be had in our FREE Supply Chain Due Diligence Act (LkSG) eBook.

Who is Affected by the Supply Chain Due Diligence Act?

  • As of 1 January 2023: Companies with at least 3,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 3,000 employees in this branch;
  • As of 1 January 2024: Companies with at least 1,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 1,000 employees in this branch.

From 2024, the law will apply to businesses with more than 1,000 employees.

Even if companies with fewer employees are not addressees of the Supply Chain Act, they may still be indirectly affected. This is because the companies directly affected would be obliged to enforce compliance to the best of their ability with human rights in their supply chain. The measures necessary for this can have a direct impact on their suppliers, for example, through the implementation of a code of conduct. In addition, the directly affected companies will often be dependent on the active support of their suppliers and thus have this support be contractually assured, e.g. in the form of reporting obligations as part of their risk analysis.

DOWNLOAD THE SUPPLY CHAIN DUE DILIGENCE ACT (LkSG) EBOOK.

Due Diligence Investigations: Mitigate Critical Risks

At CRI®, we provide corporate reporting and due diligence services wherever you are. Use our DueDiligence360™ reports to help you comply with anti-money laundering, anti-bribery, and anti-corruption regulations ahead of a merger, acquisition, or joint venture. You can also use them for third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.

Due Diligence helps you Identify key risk issues clearly and concisely using accurate information in a well-structured and transparent report format. Our comprehensive range of reports includes specialised reports that support specific compliance requirements. Protect your reputation and the risk of financial damage and regulator action using our detailed reports. They enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime.

The CRI® Group invites you to schedule a quick appointment with them to discuss in more detail how conducting due diligence and compliance can help you and your organisation.

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceTPRMDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider.

We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
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How to Protect Your IP with Brand Protection Investigations?

Intellectual Property (IP) is an exclusive right of the brand owner. This property includes intangible creations of the brand owners’ human intellect; therefore, the brand owners are lawful copyright or trademark owners. However, when unscrupulous individuals indulge in manufacturing and distributing counterfeit products of well-known brands, the result is the loss of sales, a tarnished brand image and erosion of brand loyalty, not to mention the ill effects of consumption by the consumer and the loss of revenue to the government. This is when Brand protection services are crucial to business integrity.

Counterfeiting threatens the fabric of national economies, endangers safety and frequently kills. It devalues corporate reputations, hinders investment, funds terrorism, and costs hundreds of thousands of people their livelihood annually. Companies and organizations face IP-related risks from a multitude of sources, namely:

  • From within the organization itself;
  • From entities in the ecosystem of the organization;
  • From competitors;
  • From independent 3rd parties; and/or
  • From illegal entities.

It is important to consider the risks to your intellectual property and take the steps necessary to protect your brand. Because of the potential complexity of IP investigations you should consider consulting experts. Investigators who are specially trained to protect the brand equity and customer loyalty you’ve built by providing professional assistance in the areas of:

  • Trade Secret Breaches
  • Data Breaches & IP Leaks
  • Theft of Proprietary Customer Data
  • Copyright Abuse
  • Unauthorized Use of Trademarks
  • Counterfeit & Pirated Products
  • Threats to Brand Integrity & Reputation
  • Brand Imitation & Product Copying
  • Global Counterfeiting Investigations

Getting help

Brand protection services can:

  • Research and investigate the legal aspects of copyright, trademark and patent claims
  • Identify the company and/or individuals that have breached your IP rights
  • Perform background and financial investigations on subjects involved in IP infringement
  • Pinpoint the source and location of the manufacturer in counterfeit product claims
  • Establish new delivery channels for the trade of your products

As an integral member of the ICC Counterfeiting Intelligence Bureau, CRI Group is certified to advise and assist organizations with intellectual property investigations involving grey market and product counterfeiting crimes.

CRI Group utilizes various techniques, analytics, and global technology to investigate intellectual property infringements, including the use of international Counterfeiting Seizure Maps and International Anti-Counterfeiting Directories. Our strategic partnerships with IP firms worldwide ensure that leads are identified and investigated and claims are settled expeditiously.

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CRI Group Intellectual Property (IP) Investigations:

  • Trademark Investigations
  • Intellectual Property Acquisition Services
  • Patent Investigations
  • Brand, Media and Internet Monitoring Services
  • Anti-Counterfeiting Programs
  • Brand Integrity Programs
  • Copyright Abuse Investigations
  • Cyber Surveillance
  • Litigation Support

 CRI is an ideal partner to be the eyes and ears of brands across markets, offline and online. Our multidisciplinary experts regularly review and scan the online marketplaces to keep a close eye on fake products. From online surveillance to supply chain audits and real-time market surveys, brands will find CRI the ideal long-term partner to keep a close eye on all markets. You, meanwhile, can focus on running the business and building your brand.

CRI Group invites you to schedule a quick appointment with us to discuss in more detail how our Brand Protection Solutions can help you and your organization. 

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About CRI Group

For short, Corporate Research and Investigations Limited, or CRI Group, has protected businesses from fraud, bribery, and corruption since 1990. Globally, we are a leading Compliance and Risk Management company licensed and incorporated entity of the Dubai International Financial Center (DIFC) and Qatar Financial Center (QFC). CRI protects businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. Based in London, United Kingdom, CRI is a global company with experts and resources in key regional marketplaces across the Asia Pacific, South Asia, the Middle East, North Africa, Europe, and North and South America. Our global team can support your organization anywhere in the world.

 

WEBINAR | Do you Know the Importance of the Whistleblowing Standard?

Whistleblowing is integral to an ethical and moral working environment and over the years, there have been many instances that have led to the loss of reputation, monetary gain and expansion for many corporations. A whistleblower who is someone who informs, reports or discloses on an individual or organisation transmission of any illicit activity which may harm the interests of stakeholders; it should be noted that whistleblowing has also emerged in the mainstream corporate culture and the essential roles in leading today‘s modern corporations to enforce effective whistleblowing policy within their compounds of governance.

However, despite the importance of implementing a whistleblowing framework, many organisations choose to overlook it or not invest as much time into implementing the framework into everyday working life and this can have dire consequences for the organisation against its competitors, there may be a loss of financial gains and as well as a corrupt ethical moral code spreading amongst the employees. Infamous corporate governance cases, such as Enron and WorldCom, have enticed the spotlight of corporate citizens to the issue of poor, yet ineffective, sound governance practices in corporate strategies; as a result, the momentum of implementing and performing sound governance practices by the world national bodies, government agencies, and business community has been triggered which is why we at CRI Group™ are pleased to celebrate Fraud Awareness Week which will take place from November 14-20th 2021. In the lead up to Fraud Awareness week, we want to discuss how exactly should you go about addressing a situation surrounding Whistleblowing. 

What is Fraud Awareness Week?

International Fraud Awareness Week, or Fraud Week, was founded by the Association of Certified Fraud Examiners (ACFE) in 2000 as a committed point in time to increase recognition of fraud. The week-long campaign encourages corporate leaders alongside employees to proactively take action to curtail the influence of fraud by advocating for anti-fraud awareness and additional training. Corporations and entities are urged to enrol as Official Supporters prior to International Fraud Awareness Week, and to host training prospects, disseminate anti-fraud material or otherwise promote anti-fraud pursuits during the course of the week.

Zafar Anjum, founder and CEO of CRI Group™ says that “Fraud Week reminds us that awareness is any organisation’s first line of defence against fraud and corruption, as properly trained employees will have a better opportunity to recognise the red flags of fraud, and a better understanding of their organisation’s zero-tolerance policy toward such behaviour”.

We are proud to announce that our sister brand ABAC™ Center of Excellence will be hosting a free webinar on Friday 29th October 2021 in honour of Fraud Awareness Week to discuss how to implement and successfully carry out the duties of a whistleblower. However, be quick to sign up as seats for the webinar are limited to 30 participants. 

REGISTRATION EXPIRED 

TOPIC OF DISCUSSION

At both brands, we aim to use our events as a means of educating corporations as well as opening the path to receiving tailored advice which is beneficial to each and every individual corporation in the long run. In this specific webinar, we intend to discuss the following:

  • Definition of whistleblowingc
  • The benefits of encouraging whistleblowers in the workplace
  • Laws to promote and protect whistleblowers in Malaysia
  • Issues concerning whistleblowing in Malaysia
  • Can whistleblowers help to improve corporate governance?
  • Whistleblowing and sound governance
  • The need for whistleblowing policy in the workplace
  • Suggestions to formulate internal whistleblowing policies for companies
  • Strengthen whistleblowing mechanism by adopting ISO 37002:2021

CRI Group™ believes that knowledge is power which is why we want to open up such a discussion of a topic relating to whistleblowing in the workplace and how adopting ISO 37002:2021 Whistleblowing Management Systems can help to enhance an organisations whistleblowing mechanism. Our aim is to educate, equip and support the world’s leading organisations with the latest best-in-practice risk and performance assessments, systems improvement and standards certification.

Be sure to take advantage of this free opportunity to educate yourself from the leading sources and to have any of your queries and confusions answered by our speakers this Friday, October 29th 2021, 10 am – 12 pm Malaysia Time. 

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Fraud Prevention Strategy: Build One in Five Simple Steps

Fraud Prevention Strategy: The 5 Simple Steps

A fraud prevention strategy is one of the key policies that can aid an organization in safeguarding itself against reprimands of the matter. One of the greatest encounters a fraud auditor can confront is the mission of persuading management that the peril of fraud exists across all aspects of corporate culture – regardless of whether it is from internal factors or external factors. Fraud cannot ever be eradicated from the corporation as collusion is adept in continually conquering routine organizational regulations.

What is the strategy?

The objective of a Fraud Prevention Strategy is to identify a high-level proposal on how an organization should implement its fraud prevention policy in the presence of its internal and external influences. The strategy forms the most important part of the fraud deterrence strategy; thus, the policy an organization chooses to implement must be straightforward and pragmatic.

Combating fraud requires a distinct and refreshing methodology that entails including all three facets of the fraud cycle:

  • Fraud deterrence and prevention
  • Fraud detection
  • Fraud investigation

Preferably, with the fraud cycle in mind, every enterprise ought to put together a distinctly specified fraud prevention strategy that integrates the following:

  • Determine the proper culture with the proposed policy: having protocols and policies in place for dealing with fraud will help you establish a good grounding for identifying it.
  • Counteract and detect: To detect fraud, you need to have effective systems and processes in place covering all aspects of your business.
  • Investigation of any occurrences in which fraud occurs.
  • Review and monitor policies and occasions in which fraud has transpired regularly to ensure that fraud levels stay below the goal amount.
  • Learn from previous occurrences and update training procedures.
  • Risk management covers all types of risk, from corporate and social responsibility compliance to performance measurement. 

To learn more about third-party risk management, why not check out our 3PRM brochure.

What should be established in a fraud prevention strategy:

1. Whistleblowing policy

Whistleblowing is the act of exposing information about misconduct in the workplace and is a crucial element in any prevention strategy. When whistle-blower hotlines are implemented and sustained correctly, they can substantially decrease an organization’s exposure to fraud by permitting for prior detection and thus savings in the form of reduced fraud losses from the prior detection.

2. Identify the risks:

The risk of fraud is not solely based on an employee’s background but also a myriad of other factors. Most notably, it is important to be able to identify risks by nature of items (some examples include size and valueease of resale and cash), nature of the control environment (including separation of dutiessafeguards, complexity, turnover and related party transactions) and pressures ( i.e., level of dissatisfaction – if the workforce is unhappy with the company, they will be more inclined to engage in fraud, expectations and guarantees). Identifying these risks is the first step in figuring out how to counteract them, thus preventing fraud.

3. Implement effective controls:

When it comes to implementation, organizations need to ensure that they complete the action plan and then refer it to an appropriate person – in most instances. This is from HR and other figures in leadership to management of employees. It is then up to the subordinates to assist them with implementing the strategy, reviewing the strategy, or delegating it to the employees.

Most policies implement:

  • Making employees aware of emergency procedures
  • Making employees aware of the location of first aid stations
  • Educating employees on the location and obvious danger and workplace hazards
  • Examine health and safety workplace responsibilities; wear the necessary protective clothing or equipment, participate and have input to management report incidents or mishaps as considered essential by management.

4. Increase awareness of the risks:

It must not be presumed that staff members have an innate perception of the risks of fraud or that they have any understanding of the scope of risks that encircle them. This means that it is incredibly important to stimulate a risk-conscious culture within an organization.

Some examples of methods to increase such awareness include:

  • Performing risk audits and engaging as many individuals as possible in the organization in the risk auditing procedure
  • Benchmarking – studying “best practices” from other organizations that have executed risk management.
  • Sending organization personnel to attend industry seminars on fraud prevention as well as risk management

5. Plan for the worst:

It might sound pessimistic, but it is always best to prepare yourself and your employees for the worst-case scenario. Unfortunately, as hard as we try to minimize fraud, it cannot, be fully eradicated. If it appears too good to be true, it most likely is. It is good practice to meticulously probe all agreements, prospects, transactions, data and documents.

Want to know more about recruiting the right people for your organization? Visit our page on Background Screening services or view our EmploySmart brochure.

Crucial components that a proper fraud prevention strategy accomplishes:

It is easy to infer that fraud can leak into all aspects of corporate culture and can destroy an organization from within. Despite this issue, several organizations opt not to implement a fraud prevention strategy – it is primarily implied that this is ascribed to the absence of knowledge circulating on the benefits of such a strategy. However, the rewards reaped from this type of policy is beneficial to corporations eventually and can reap the rewards such as:

  • Lower consequential loss pertaining to fraud
  • Lesser/no legal and investigative costs relating to fraud
  • Lesser/no regulatory fines paid in the occurrence of fraud
  • Better time management can be used to enrich employees’ knowledge and experience at the organization.
  • Reduced insurance premiums
  • Lower turnover of key staff and customers
  • The lessened cost of/capability to increase new finance

Overall, the process of preventing fraud can be an extensive one, but one whose benefits outweigh the onerous course. Protect your organization from liability, business interruption and brand damage by partnering with the CRI® Group. Our 3PRM solution address various specific areas, including:

  • Third-Party Integrity Due Diligence & Screening: ensures global compliance, provides adequate monitoring & protection against potential litigation;
  • 3PRM Enhanced Background Checks: uncovers derogatory information within the public & private record resources through risk-based background checks, including investigative research into suppliers & individuals, ultimate-beneficial owners;
  • ISO 37001 Anti-Bribery Management System: CRI® Group’s independent and accredited Certification Body can examine your Anti-Bribery & Anti-Corruption procedures & issue an accredited Certification; and
  • ISO 37301 Compliance Management System: CRI® Group’s independent certification body helps companies worldwide to increase & measure their efforts against regulatory compliance risks.

If you still have any questions surrounding fraud prevention, why not contact CRI®? Our experts have years of experience and have been trained to provide your business with bespoke advice that fits your organizations’ needs.

GET IN TOUCH

Don’t hesitate to prevent fraud in your workplace today.

About us…

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS102000:2013 and BS7858:2019 Certifications is an HRO certified provider and partner with Oracle.

In 2016, CRI Group™ launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management SystemsISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC™ operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organizations. Contact ABAC™ for more on ISO Certification and training.

LET’S TALK

 

Time to get ISO 37001:2016 Certified – The Process, Part 2

Shifting a light on anti-Bribery and anti-corruption methods, our sister brand ABAC™ Centre of Excellence tells us how key is ISO 37001:2016 Anti-Bribery Management System Certification is for public, private, and non-profit organisations across the globe and explains the process behind certification. At CRI™, we believe it is important as it provides a key layer against threats of bribery, corruption, fraud and other security concerns. It also sets an organisation apart from its peers as a model for ethical behaviour and compliance.

In a recent guest blog, ABAC™ Centre of Excellence discussed the first part of getting ISO 37001:2016 certified. ABAC™ covered the initial engagement and the first four steps, including the audit confirmation, pre-assessment, and stage one and two audit processes. Today our sister brand ABAC™ will discuss the rest of the certification process and the path to getting your organisation better protected and fully compliant in addition to CRI Group’s corporate due diligence services.

Step 5: Follow up Audit (optional)

If a major non-conformity is raised or remains outstanding from Stage 1, an additional visit will need to be booked. For major non-conformity raised during Stage 2, a revisit will be required within 30 days of submitting the CAP to confirm the implementation of an effective CAP.

Step 6: Awarding of Certificate

If the organisation is compliant with the standard conditions, a recommendation for certification will be made.

  • For minor non-conformities: This will not delay the certificate if an organisation has a CAP. The certificate is granted within 04 weeks from the time of CAP submission.
  • For major non-conformities, the organisation must submit and implement CAP within 180 days maximum. Once the auditor has verified the CAP, the certificate is granted within six weeks (from the time of CAP submission by the Client). However, all major non-conformities will need to be addressed before a certificate can be published.

Step 7: Continual improvement and surveillance audits

Surveillance is planned over three years and will ensure that the organisation complies with the standard.

Step 8: Re-certification Audit

The registration period is three years from the date on the certificate. After the initial registration period, renewing your Anti-Bribery Management System Certification is relatively seamless. Once the second surveillance visit has been completed, you will be sent a registration renewal/re-certification proposal detailing the process and associated costs and assessment days for the next three years. A re-certification audit will require Stage 1 and Stage 2 audit. The depth of the audit and time required would be determined as per your performance (during the certification period) and any planned changes to your system. It’s that easy. Now is the time to move forward with ISO 37001:2016 certification.

What comes next? 

For assistance in developing and implementing an Anti-Bribery Management System, go to www.abacgroup.com, contact ABAC™. today or get a FREE QUOTE!

In 2016, CRI Group™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- GuidelinesISO 37000:2021 Governance of OrganisationsISO 37002:2021 Whistleblowing Management System, ISO 37301:2021 (formerly ISO 19600) Compliance Management systemAnti-Money Laundering (AML) and ISO 37001:2016 Anti-Bribery Management Systems

 

Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

Time to get ISO 37001 Certified – The Process, Part 1

Shifting a light on anti-Bribery and anti-corruption methods, our sister brand ABAC™ Centre of Excellence tells us how key is ISO 37001:2016 Anti-Bribery Management System Certification is for public, private, and non-profit organisations across the globe and explains the process behind certification. At CRI®, we believe it is important as it provides a key layer against threats of bribery, corruption, fraud and other security concerns. It also sets an organisation apart from its peers as a model for ethical behaviour and compliance. After all, consider the benefits: Certification adds a distinct level of credibility to the organisation’s management systems and ensures that the organisation implements a viable anti-bribery management program utilising widely accepted controls and systems.

It assures management, investors, business associates, personnel and other stakeholders that the organisation is actively pursuing internationally recognised and accepted processes to prevent bribery and corruption. ISO 37001:2016 certification also protects the organisation, its assets, shareholders and directors from the effects of bribery. But what, exactly, is the process for getting ISO 37001:2016 certified by ABAC Group™? Once your organisation has submitted questionnaire information and completed the approval and contract stage, the certification cycle is ready to begin.

Step 1: Audit confirmation

An audit plan will be developed with your organisation and confirmed to the Certification’s Body Assessment Team at least three months before the organisation’s first audit.

Step 2: Pre-assessment audit (optional)

The organisation can opt to perform a pre-assessment audit to identify any possible gaps between its current management system and the standard requirements. This audit is optional and helps the organisation check its preparedness for the stage 1 and 2 assessments by identifying any major non-conformities that have not been addressed.

Step 3: Stage 1 audit

Review the results of the audit, including:

  • General observations
  • Non-conformities (major or minor, see below)

Minor non-conformities: These are not seen as serious. The organisation must complete an internal Corrective Action Plan (CAP) before Stage 2. CAP is not required to be sent to the Assessment Team at Stage 1.

Major non-conformities: These are more serious. The organisation will need to submit a CAP within ten days of receiving the audit report, with all actions scheduled to be completed before Stage 2. The CAP should be sent to the Assessment Team. The major non-conformities raised during Stage 1 will be re-assessed during Stage 2 Audit.

Step 4: Stage 2 audit

This is an on-site audit and takes place after the organisation has successfully completed Stage 1 and corrected any major non-conformities identified during the Stage 1 audit. Stage 2 confirms that the organisation’s management system is fully aligned to the standard. The evaluation is of management system implementation and its effectiveness.

Outcome: The audit report will detail the following:

  • Any positive observations
  • Opportunities for improvement – suggestions for improvement and any findings that could lead to potential non-conformities.
  • Non-conformities (Major or Minor)
  • Recommendation for Certification

Minor non-conformities: The organisation must complete an internal Corrective Action Plan (CAP) and submit this to the Assessment Team within 45 working days of receiving the audit report. The Assessment Team will review the CAP; it must detail the non-conformity, the cause, the proposed corrective action, who is responsible and the date the action will be implemented. Based on the evaluation of CAP, the recommendation for certification will be made.

For minor non-conformities, if an organisation has a corrective action procedure, this will not delay the certificate.

Major non-conformities: The organisation must complete an internal Corrective Action Plan (CAP) and submit it within 90 days (or 180 days depending on the number and risk of major non-conformities) of receiving the audit report be sent to the auditor.

What Comes Next?

Stay tuned for the second instalment in our two-part series about the ISO 37001:2016 certification process: sign up for our newsletter HERE!

In 2016, CRI Group™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- GuidelinesISO 37000:2021 Governance of OrganisationsISO 37002:2021 Whistleblowing Management System, ISO 37301:2021 (formerly ISO 19600) Compliance Management systemAnti-Money Laundering (AML) and ISO 37001:2016 Anti-Bribery Management Systems

Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

Meet Samia El Kadiri; Gifted Consultant, Author & Trainer

CRI Group™ is delighted to welcome Samia El Kadiri as an Auditor at our sister brand the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence. Samia provides audit services and expertise on existing compliance and Anti-bribery Anti-corruption management systems to assess effectiveness and vulnerabilities while ensuring compliance with Internal Standards, FCPA rules, UK Bribery Act laws, Anti-Money Laundering regulations, and all other global, regional and local regulations. For this reason, we are also delighted to announce that Ms El Kadiri will be a guest speaker on our upcoming webinar with our sister brand ABAC® titled “Building a Culture of Compliance and Trust Through ISO 37301:2021 Compliance Management Systems”.

MORE ON THE WEBINAR HERE

Widespread trust is built on a company culture of doing the right thing, where every employee contributes because they understand and believe in its importance. Don’t miss out!

Meet Samia

Samia El Kadiri Headshot

Samia El Kadiri

Consultant , Author & Trainer

6σGB |IRCA- QMS Lead Auditor | TOT

Auditor | Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence

 

She brings in over eight years of progressive experience working in private and government owned entities in compliance, management, quality assurance and excellence functions. Possess keen understanding, oversight and reporting mechanisms on Financial Crimes – Anti-Money Laundering, UAE Central Bank regulations, Dubai and UAE federal government mandates. She Developed and delivered various number of workshops and awareness sessions to leaders and decision makers on “Good Corporate Governance Practices”, “Development of Strategic Plan and Effective Policies” and “Financial Ethics” (AML&CFT according to local Guidelines). She authored reports and research papers on Compliance and the evolution of CG in the MENA region.

She participated in the ESG Index; MENA wide Environment, Social and Governance (ESG) Index in cooperation with Standard & Poor’s with the support of the International Finance Corporation (IFC).

She is a Consultant at DIFC – Hawkamah Institute for Corporate Governance charged with leading entities consultancy and advisory engagements in identifying the relevant controls, processes and frameworks and recommend areas of improvements. She works closely with clients in assessment and development, advisory and succession planning across multiple industries (Dubai and Federal Government entities, Healthcare, Financial institutions including Banks, and Real Estate) and functional topics (Ethics, Strategic excellence, ESG, Clinical Governance, Regulatory Compliance, Audit & Risk , Policies & Procedures…etc.).

Prior to joining Hawkamah she was the Regulatory Compliance Officer and Chief Editor of Compliance newsletter at Wall Street Exchange, a member of Emirates Post Group where she developed systems, policies and procedures for compliance of relevant UAE laws. Prior to that she worked with the American Clinics for Psychiatry and Neurology where she focused on health care compliance of Dubai Healthcare Authority’s mandates. Prior to ACPN she worked at Roads and Transport Authority (RTA) in Dubai where she focused on government excellence, quality management, and customer happiness.

She is Graduated with a BSC in Economics. She is a Certified Train the Trainer – Institute of Leadership and Management (UK), In addition to other accreditations related to Anti-Money Laundry (AML) and Counter Financing Crimes. She is fluent in English, Arabic and French.

WATCH SAMIA AT OUR UPCOMING WEBINAR

Samia is our guest speaker at our upcoming WEBINAR “Building a Culture of Compliance and Trust – an essential part of a corporate compliance program”. Our intention with this free webinar is to be able to provide resources on corporate compliance to organisations around the globe that will aid them in expansion and an ethical working environment. Widespread trust is built on the corporate culture and understanding of making the morally correct decision and we want to aid organisations to reach a degree to which every employee contributes towards this because they understand and believe in its importance. Our Building a Culture of Compliance and Trust Through ISO 37301:2021 CMSwebinar will highlight all essential parts of a corporate compliance program.

SAVE YOUR SEAT NOW!

Our webinars, resources and other events are always designed with our clients in mind. Expect to be provided detailed insights and expert opinions to all of your questions and queries in regards to compliance adequate due diligence for third-party risk management, corporate compliance program and what it means for your organisation.

Check out some of Samia’s publications:

  • “HOW SHOULD BOARD MEMBERS OVERSEE CRISIS COMMUNICATIONS” – Thought leadership piece published on April 2020 with a comprehensive review of GCC Corporate Governance regulations on crisis communication.
  • “CORPORATE GOVERNANCE AND DATA PROTECTION DEVELOPMENTS ACROSS THE GCC” – A study report in partnership with a leading Corporate Governance software provider company, it provides an overview of recent developments in corporate governance and data protection landscape in the MENA region.
  • UAE Business Magazine, Article “The Benefits of Good Governance in Times of Crisis”
  • “COMPLIANCE FUNCTION; Reporting lines and Effectiveness” – Survey report about the role of Compliance function in the MENA region- July 2021

Risk Assessment Breakdown: Identification, Analysis, and Evaluation

Risk management is a full-time, ongoing endeavour for organisations in today’s business world, and it poses constant challenges. Unfortunately, fraud, bribery and corruption are major factors affecting businesses and agencies of all sizes and industries. Being proactive against these risks can mean the difference between success and ruin. Whatever your reasons or motivations might be, if your organisation’s objective is to have an effective risk assessment management strategy in place. This article discusses the importance of Risk Assessment. There are two important building blocks that form the core of risk management:

  • Risk assessment
  • Risk treatment

Each of these stages can stand on their own – in this article we will go into detail about best practices for identifying risks, how to analyse them in terms of probability and severity, and how they can be evaluated in terms of the company’s risk appetite.

What is Risk Assessment?

Risk assessment is the overall process of identification, analysis and evaluation of any given risk. It can be a systematic examination of a task, job or process that a risk professional carries out at work for the purpose of identifying significant hazards. For example, the risk of someone being harmed and deciding what further control measures to take to reduce the risk to an acceptable level. The process will vary between organisations, but it should start with identification of hazards, analysis of who and what might be harmed, evaluation of the risk, documentation of the risks, taking action and review. Your organisation should conduct a risk assessment systematically, interactively and collaboratively, drawing on the knowledge and views of stakeholders. It should use the best available information, supplemented by a further inquiry as necessary.

Risk assessment breaks down into:

  • Step 1: Identification
  • Step 2: Analysis
  • Step 3: Evaluation

Business Intelligence (BI) Solutions can help during this stage. BI take many shapes and forms in today’s complex business environment. Budgets are stretched and the challenges facing a business and its employees can sometimes lead to issues that start off small, but then lead to wider spread problems which can affect the very fabric of your organisation and damage both your credibility, reputation and bottom line profits. CRI Group™ takes two approaches to BI solutions:

  • Intelligence operations (via market research and analysis): we focus on researching the future and potential growth of your business – i.e. determine the commercial viability and potential for success in the market, analyse consumer behaviour and business trends in that market, etc.
  • Investigative operations (via commercial investigations): we focus on the current status of your business – i.e. location of assets, financial information, identification of unmet needs of any market, gauge brand awareness and identity in the market, etc.)

CHECK OUT OUR BI SOLUTIONS  or  DOWNLOAD BROCHURE

 

Risk Identification

The purpose of risk identification is to find, recognise and describe risks that might help or prevent an organisation achieving its objectives. Relevant, appropriate and up-to-date information is important in identifying risks. The organisation can use a range of techniques for identifying uncertainties that may affect one or more objectives. The following factors, and the relationship between these factors, should be considered:

  • Tangible and intangible sources of risk;
  • Causes and events;
  • Threats and opportunities;
  • Vulnerabilities and capabilities;
  • Changes in the external and internal context;
  • Indicators of emerging risks;
  • The nature and value of assets and resources;
  • Consequences and their impact on objectives;
  • Limitations of knowledge and reliability of information;
  • Time-related factors;
  • Biases, assumptions and beliefs of those involved.

Your organisation should identify risks, whether or not your sources are under your control. Consideration should be given that there may be more than one type of outcome, which may result in a variety of tangible or intangible consequences.

Risk Analysis

Risk analysis allows you to understand the nature of risk, its characteristics and level. Because an event can have multiple causes and consequences and can affect multiple objectives a risk analysis should involve a detailed consideration of uncertainties such as risk sources, consequences, likelihood, events, scenarios, controls and their effectiveness.

Risk analysis can be undertaken with varying degrees of detail and complexity, depending on the purpose of the analysis, the availability and reliability of the information, and the resources available. Analysis techniques can be qualitative, quantitative or a combination of both, depending on the circumstances and intended use. Risk analysis should consider factors such as:

  • The likelihood of events and consequences;
  • The nature and magnitude of consequences;
  • Complexity and connectivity;
  • Time-related factors and volatility;
  • The effectiveness of existing controls;
  • Sensitivity and confidence levels.

A risk analysis is likely to be influenced by a wide range of variables, from any divergence of opinions, biases to perceptions of risk, from judgements, quality of the information used to the assumptions and exclusions made and any limitations of the techniques and how they are executed. These influences should be considered any risk analysis, documented and communicated to any decision-makers involved in the process.

It is important to remember that any highly uncertain event can be difficult to quantify, and this is an issue. If you find yourself in such a situation, using a combination of techniques generally provides greater insight. Risk analysis provides input to risk evaluation, to decisions on whether risk needs to be treated and how, and on the most appropriate risk treatment strategy and methods. The results provide insight for decisions, where choices are being made, and the options involve different types and levels of risk.

Risk Evaluation

Risk evaluation can support your decisions. Risk evaluation involves comparing the results of the risk analysis with the established risk criteria to determine where additional action is required. This can lead to a decision to:

  • Do nothing further;
  • Consider risk treatment options;
  • Undertake further analysis to better understand the risk;
  • Maintain existing controls;
  • Reconsider objectives.

Any decisions should take into account the wider context and the actual and perceived consequences to external and internal stakeholders. The outcome of risk evaluation should be recorded, communicated and then validated at appropriate levels of the organisation.

Who should do Risk Assessments?

Well, by law, every employer must conduct risk assessments. Risk assessments should always be carried out by a professional who is familiar to risk, a person who is experienced and competent to do so.  Competence can be expressed as a combination of knowledge, awareness, training, and experience. Remember competence does not mean you have to know everything about everything, competence also means knowing when you know enough or when you should call in further expert help.

But we all like to think that all of our employees will be trustworthy, but this is not always the case. There have been many instances in which an employee has been dishonest about their job history, qualifications or even criminal history. A dishonest employee could be unqualified for the position, possibly endangering others on the job. Or they might be a fraud risk, willing to bend the truth in other ways in order to enrich or advance themselves on your dime. No organisation can afford to have employees or staff who aren’t what they claim to be. Even a seemingly innocent embellishment can indicate more background problems under the surface, and the potential for future problems down the road so remember, trust your employees but, verify them too. 

CHECK OUT OUR EMPLOYEE BACKGROUND SCREENING SOLUTIONS  or  DOWNLOAD BROCHURE

Risk Assessment and ISO 31000 Certification with ABAC™

While the team at CRI® do not deliver any training or certification on ISO 31000, our partner ABAC™ Center of Excellence do. ISO 31000 can provide the principles, framework and a process for managing risk. ISO 31000 is not a certifiable standard; the standard is a set of guidelines which provide guidance for internal or external audit programmes. However we recommend taking ISO 31000 Awareness training, this will enable you to fully understand Risk Management activities and mitigate risk. 

ISO 31000 was developed by hundreds of experts in risk mitigation, from thirty countries. This international effort produced a standard that is worldwide and represents best practices and leading operations for risk management. Organisations can trust that they are following a tested, robust standard to increase success. The standard converts risk management into a set of “friendly” and actionable – and straightforward to implement – guidelines, regardless of the size, nature, or location of a business. 

The training helps establish an ethical culture by educating your personnel on the following:

  • What constitutes fraud, corruption, and bribery, and why these are so damaging to business
  • How to identify red flags of fraud, corruption, and bribery
  • The process for reporting fraudulent and unethical acts
  • The organization’s zero-tolerance attitude toward unethical behaviour and willingness to terminate employees for breaches, and prosecute unethical acts
  • The serious ramifications for committing fraud or bribery, the legal consequences, and the negative impact on one’s career

The ISO certifications helps us at ABAC™ to provide appropriate anti-bribery training to personnel across various industries. This standard helps to assess bribery risks, perform the appropriate due diligence required for your business and to take reasonable and proportionate steps to ensure that controlled organizations and business associates have implemented appropriate anti-bribery controls.

> Find out more about ISO 31000 Risk Management and other standards now!

Other Solutions

While CRI™ may not offer the ISO certification, we do offer other services. We specialise in solutions regarding compliance, working as trusted partners to businesses and institutions across the globe. Our experts work with energy, insight and care to ensure we provide a positive experience to everyone involved – clients, reference providers and candidates. CRI’s unique identity and vision evolved from our fundamental desire to support our clients and their candidates, thus creating the DueDiligence360™.

The DueDiligence360TM reports to help organisations comply with anti-money launderinganti-bribery, and anti-corruption regulations. This service also proves beneficial ahead of a merger, acquisition, or joint venture as it can be used for a third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures. Identifying key risk issues clearly and concisely helps enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime.

Why not consider our background investigative solutions? Employee Background Checks can aid in reducing the risk of hiring an employee who does not live up to their supposed skill set and could cause irrevocable damage. Firms spend years, thousands, even millions to brand their products and services – it only takes one bad hire to cause loss of capital and reputation. It can go as far as bringing a business to fail – especially if the employee holds malice towards the organisation. EmploySmart™ is CRI’s own solution aiming to expose vulnerabilities and threats within your organisation. Much like the ISO certification, our EmploySmart™ is a risk management measure which can be used to significantly reduce business and financial crime, fraud and malpractice within your workplace.

Our solutions are also certified by the British Standard Institute BSI for the scope of BS 7858:2019 Screening of individuals working in a secure environment, Code of practice (the only BS 7858 certified background screening services provider in the UAE and across the Middle East); and BS 102000:2018 Code of practice for the provision of investigative services.

Another risk management solution to consider from CRI® is our Third-Party Risk Management solution (TPRM),  also known as 3PRM™. In wake of the global pandemic, the 3PRM™ was developed in a bid to aid organisations to accurately determine the legal compliance, financial viability, and integrity levels of external parties, vendors, and customers who seek to be affiliated with and represent the business.

The 3PRM-Certified™ program consists of gap analysis and investigative due diligence on the targeted above parties.  This highly thorough program reveals anti-corruption, compliance and risk management discrepancies associated with the international regulatory framework helping your business to flourish at any scale. Find out more about CRI Group’s Solutions here.

If you’re unsure of what solution may be best for you and your business, how about connecting with one of our experts for a free consultation? Receive tailored advice from the top analysts and investigators across the globe.

CONTACT US

About CRI Group™

Based in London, CRI™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business IntelligenceDue Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC™ operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI® Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC™ for more on ISO Certification and training.