CRI® is hosting the 2022 ABAC Summit

ABAC Summit 2022 “Managing Governance, Anti-bribery, Whistleblowing, Compliance & Risks Effectively!” 

CRI® Group, a global leader in risk, compliance and background investigations, to host an “Anti-bribery, anti-corruption (ABAC) Summit” in association with the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence. The Summit embraces the theme of “Managing your Organisation Governance, Anti-bribery, Whistleblowing, Compliance & Risks Effectively.” And it is a must-attend event for anyone working in anti-bribery and anti-corruption, due diligence, risk management, and anti-fraud such as CEOs, CFOs, Chief Legal Officers, Chief Compliance Officers, In-house Counsels, Compliance Managers, Lawyers and Auditors, Heads of Procurement and Other officers responsible for Compliance and Anti-Corruption.You can check out the full schedule here

The ABAC Summit is a two-day hybrid event; on the 7th of September, we will hold the physical conference in Kuala Lumpur (venue TBC), but the conference will be streamed live for anyone who wants to watch it in the comfort of their house or office. And on the 8th of September, we will hold three physical workshops (venue TBC) with some of the conference featured speakers and other industry experts.

SAVE YOUR SEAT

The day one conference will include speeches on compliance with the most significant international laws and regulations and Q&A sessions with experts on the Foreign Corrupt Practices Act. Day two is divided into three targeted workshops. All workshops will include highly informative work sessions, group discussions, Q&A periods, and plenary sessions to address the many challenges the corporate world faces.

The ABAC Summit will bring together some of the greatest minds in the fight against corruption, with a lineup of expert speakers that share their experiences, knowledge and best practices with an attentive audience, including members from MACC, the Prime Minister of Malaysia Office and the US Embassy in Malaysia. Intending to redefine the anti-bribery culture within organisations in the country, this Summit and workshop bring together Foreign Consulates, high-profile enforcement authorities, faculty speakers, delegates from top 500 Forbes and public limited companies, and media in a single forum to discuss effective internal controls, ethics, compliance measures and best practices for preventing and detecting bribery within organisations. The event aims to provide guidance and training that enables business sectors to fight malpractices.

 SAVE YOUR SEAT

Many CEOs, CFOs, directors, compliance and legal officers, lawyers, and due diligence and risk management professionals from leading corporate entities have already confirmed attendance. 

Confirmed Speakers

All speakers will be sharing invaluable expertise in due diligence, internal controls and compliance issues, along with showcasing the latest resources and solutions to detect and prevent bribery and corruption:

  • Drago Kos, Chair of OECD Working Group on Bribery with “The OECD 2021 Recommendation: New standards for the companies’ governance”;
  • Faisal Anwar, CCEP-I, Member of B20 Integrity & Compliance Task Force at B20-Italy & Saudi Arabia with “Governance, Fraud Risk, and Compliance”;
  • Prime Minister of Malaysia Office representative;
  • Zafar Anjum Group CEO of Corporate Research and Investigations and ABAC® Center of Excellence with “Managing your Organisation Governance, Anti-bribery, Whistleblowing, Compliance and Risk Effectively;”
  • US Embassy  representative with “The US Strategy in Countering Corruption: Implications for US businesses worldwide”; 
  • MACC  representative with “Company in Malaysia: Earn the TRUST, MACC expected from you”;
  • Mark Chay, CEO of Coalition for Business Integrity (CBI) with “Anti-bribery verification: Affordable anti-bribery program for small and medium enterprise (SME)”; and 
  • Dr Muhammad Mohan, President, Transparency International Malaysia with “Corporate governance and Board effectiveness: Corporate governance policies.”

SAVE YOUR SEAT

Time is running out to make your plans to attend ABAC Summit 2022 and get an edge on the latest best practices, laws, regulations and compliance presented by the foremost experts in the field. Meet colleagues; or make new connections with CEOs, CFOs, other executives, directors, lawyers, auditors, legal officers, compliance officers and others who face the same anti-fraud and anti-corruption challenges.

Agenda

Day 1 – Conference

CRI® Group founder and CEO Zafar Anjum said: “This year’s agenda was developed to provide you with invaluable information and foresight into the forces that guide and dictate our everyday work life: the ongoing quest for solutions, balance, and insight into the often chaotic world of anti-bribery and corporate corruption compliance”. This is a critical time for world markets and economies.

The latest Corruption Perceptions Index shows that “most countries around the world are making little or no progress in ending corruption” (Transparency International, titled “Corruption perception index 2021”).  That’s why the expertise, best practices and resources shared by the leading industry experts at the ABAC conference and workshop are more important than ever. In the Asia Pacific region alone, most countries are in the lower half of this year’s Corruption Perceptions Index. This is because bribery is still a key problem. Countering corruption together is the solution; that’s why CRI® Group is hosting the 2022 ABAC Summit, with a conference agenda that includes the following highlights:

  • A welcome introduction by Zafar Anjum MSc, CFE, Intl. Dip. (Fin. Crime) with “Managing your Organisation Governance, Anti-bribery, Whistleblowing, Compliance and Risk Effectively.” As founder and CEO of Corporate Research and Investigations and ABAC® Center of Excellence, Zafar Anjum has dedicated 30 years to fraud prevention, protective integrity, security and compliance. His expertise helps create secure networks across challenging global markets;
  • Speech from a member of the Prime Minister of Malaysia Office;
  • Keynote Speech from am a member of the US Ambassador in Malaysia, who will present “The US Strategy in Countering Corruption: Implications for US businesses worldwide.” 
  • Plenary Talk by a Malaysian Anti-Corruption Commission (MACC) member with “Company in Malaysia: Earn the TRUST, MACC expected from you.”
  • Plenary Talk by Drago Kos, Chairman of the Organization for Economic Co-operation & Development (OECD), will present “The OECD 2021 Recommendation: New standards for the companies’ governance“. Drago Kos is the Chairman of the OECD Working Group on Bribery in International Business Transactions, Co-Chair of the Defence Corruption Monitoring Committee in Ukraine and adviser to the Kosovo Anti-Corruption Agency.
  • Plenary Talk by Dr Muhammad Mohan, President, Transparency International Malaysia, will present “Corporate governance and Board effectiveness: Corporate governance policies;
  • Plenary Talk by Mark Chay, CEO of Coalition for Business Integrity (CBI), will present “Anti-bribery verification: Affordable anti-bribery program for small and medium enterprise (SME)”;
  • Plenary Talk by Faisal Anwar, CCEP-I, Member of B20 Integrity & Compliance Task Force at B20-Italy & Saudi Arabia, will present “Governance, Fraud Risk, and Compliance.”
SAVE YOUR SEAT SEE FULL SCHEDULE

 

Day 2 – Workshop

This is an excellent learning opportunity, with a workshop agenda that features some of the day one conference keynote speakers, the workshops will address topics critical to any organisation leader or executive, including:

  • Risk Management strategies and Fraud Investigation
  • Governance, compliance, anti-bribery compliance and AML issues
  •  Whistleblowing and Internal Investigation
  • The FCPA, UK Bribery Act, etc.
  • Mitigate employee risk with Employee Background Screening and Due Diligence
  • Procurement and Third-party risk management

Gain invaluable expertise from distinguished expert speakers and share your knowledge with the participants.

Price List Details

Virtual Conference only MYR 500 GBP 89  EUR 106 USD 119
Physical Conference only MYR 1,000 GBP 179  EUR 216 USD 238
Physical Workshop only MYR 1500 GBP 269  EUR 320 USD 357
Virtual Conference & Physical Workshop (bundle) MYR 1,500 GBP 269  EUR 320 USD 357
Physical Conference & Workshop (bundle) MYR 2,000 GBP 359  EUR 426 USD 476

 

SAVE YOUR SEAT SEE FULL SCHEDULE

 

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 102000:2018 and BS 7858:2019 Certifications, is an HRO certified provider and partner with Oracle.

Why Partner with CRI® Group

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 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 invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation. 

BOOK A MEETING NOW!

External protection: Due Diligence investigations

Due Diligence investigations involves thoroughly identifying, evaluating and verifying all available information on a person, company or entity. By conducting a comprehensive due diligence investigation through a reliable partner, you can make informed and confident business decisions – especially important when you’re hiring or considering prospective business partners or new commercial relationships – and protect your organisation and team from external risks.

With corruption rife on an international scale, due diligence investigations with a global reach are more important than ever. To protect your business from liabilities and regulatory non-compliance and to ensure successful, legitimate business transactions, you must make sure your organisation has timely and accurate business intelligence as a business leader.

Due diligence is called for whenever an individual or company enters into a high-stakes transaction. For example, if your company is considering acquiring a piece of real estate, purchasing another business, or hiring a job candidate to fill a top position, a due diligence investigation can uncover information that might not be readily available. Companies may also benefit from investigating potential clients, overseas business partners, and intellectual property.

In theory, anyone can perform a due diligence investigation. However, the process is time consuming and requires access to a wide range of data sources. Most companies hire professional investigators who have the time and the expertise to do in-depth due diligence research properly and legally and to provide an informed analysis of potential risks. CRI® Group uses a proven, multi-faceted research approach to third-party investigations involving a global array of databases, court and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include:

  • International business verification
  • Individual business interest search
  • Personal profile on individual subjects
  • Company profile on corporate entities
  • Historical ownership analysis
  • Identification of subsidiaries and connected parties
  • Global and national criminality and regulatory records check
  • World-check politically exposed person database
  • international media research
  • Country-specific databased that include litigation checks, law enforcement agencies and capital market, regulators
  • Company background analysis
  • Industry reputational assessment
  • FCPA, UK Anti-Bribery and corruption risks databases
  • Global terrorism check
  • Global Financial authorities check
  • Money laundering risk databases
  • Financial reports

CRI® Group investigations delve deep into every aspect of the third-party provider, including operational performance, financial condition, reputation, references, present and past litigation, key principals, internal controls, current relationships, customer services, quality control and insurance coverage. A company’s reputation is one of its greatest assets and should be protected at all costs. Unfortunately, one dishonest associate or poor choice of investment can do a lot of damage to a company’s image as well as to its bottom line. A proper due diligence investigation can protect you and your business from bad investments, unpleasant surprises, and even legal troubles. Getting a more complete picture of a situation through due diligence can help you make better, more profitable decisions. If you’re ready to perform a due diligence investigation but don’t know where to start, contact CRI® Group today. 

GET A QUOTE

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

We’d like to share with you 10 great reasons to partner with CRI® Group today:

  1. CRI® Group’s personal touch: Our high level of service sets us apart from our competitors: As your partner, our team become members of your team – working for you with our “boots on the ground” approach to gathering information. Our experts excel at deterring, detecting and investigating fraud and other crimes against businesses.
  2. Our vast business intelligence network: We access information from 180 countries, gathering local knowledge in places our competitors cannot. Our presence in Pakistan, Oman, Turkey, Saudi Arabia, Libya, Qatar, Egypt, Kuwait, Bahrain, as well as other countries in Africa and the whole of Southeast Asia, means that many of our competitors contact us for information from those countries.
  3. Competitive pricing: CRI® Group does not maintain the high overhead of larger firms, many of which lack our specialisation and level of individual client attention. We work within your budget, as CRI® Group’s prices are consistently lower than our competitors’ rates.
  4. 3PRM” – Our Third-Party Risk Management Strategy™: At CRI® Group, we have developed our own comprehensive service for helping clients manage third-party risks. Our team of experts provide the highest level of protection for companies worldwide.
  5. CRI® Group’s wide knowledge base: Our experts come from a variety of professions and possess industry knowledge and experience serving clients spanning the oil and energy, banking, investments, international finance, and public and privately held multinational business sectors. CRI® Group professionals work closely with your business to analyse systems and develop effective solutions that reduce the risk of your company falling prey to employees, suppliers or outside crime.
  6. Our background checks catch everything: CRI® Group’s background screening and pre-employment screening services expose vulnerabilities and threats within your organisation and can significantly reduce the potential of business and financial crime, fraud and malpractice from occurring within your workplace.
  7. We’re recognised and acclaimed: As well as winning awards for “Anti-Fraud Advisor of the Year,” “Leading Adviser in UAE”, and “Business Due-Diligence Firm of the Year,” CRI® Group is also working towards the “Investors in People” accreditation.
  8. We are discreet: Let’s face it; there are some problems you just don’t want announced to the world. Fraud, internal investigations, due diligence or liability issues – CRI® Group’s experts are trained to maintain the highest levels of client confidentiality. We keep your private business private.
  9. Our updates keep you in the know: As industry experts, we offer a publication called Fraud 360, which is produced on a quarterly basis, with monthly email updates offering awareness, knowledge, latest trends and helpful advice for companies on fraud. If you would like to be on our mailing list, please subscribe here.
  10. CRI® Group is truly international. We maintain offices in UAE, Turkey, Pakistan, Qatar, Singapore, Hong Kong, the United States and the United Kingdom. For more information, please visit www.crigroup.com.

Check out our Why Partner With CRI® Group InfoPack

In 2016, CRI® Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management SystemsISO 37301:2021 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.

2022 Investigations & White-Collar Crime POWER PLAYERS Issue Is Out Now!

2022 Investigations & White-Collar Crime

  • 2022 Investigations & White-Collar Crime Power Players issue is out. Corporate Research and Investigations Limited were featured in this year Financier Worldwide’s Power Players issue.
  • In this edition, CRI® Group’s Chief Executive Officer, Zafar Anjum, talks about his career’s achievements, what the organisation strives to demonstrate to clients and how he sees the investigations a white-collar crime market shaping up over the coming months and all the exciting trends or developments on the horizon.
  • Having dedicated his career to background investigation, fraud prevention, protective integrity, security and compliance, Zafar Anjum is a distinguished and highly respected professional in his field.

As CEO at CRI®, Zafar uses his extensive knowledge and expertise in creating stable and secure networks across challenging global markets. For organisations needing comprehensive project management, security, safeguard testing, background investigations and real-time compliance applications, Anjum is the assurance expert of choice for industry professionals. Such expertise is increasingly important as a result of COVID-19 – with a long list of countries worldwide still facing significant economic disruption, insecurity and suffering, which has created an increased risk of bribery and corruption. News in the past years showed that many governments began to implement measures to combat these implications from the global pandemic:

Kenyan Anti-bribery and Anti-Corruption laws

“In 2020, it was reported [by Global Compliance News] that the Kenyan Government is in the process of implementing harsher corruption and bribery laws in an attempt to curb the current statistics within the country. The Kenyan Government is concerned with preventing bribery and corruption, perhaps to ensure the appropriate allocation of resources in these unprecedented times. A proposed amendment to the Bribery Act, which is currently being tabled in Parliament, seeks to allow for the imposition of a fine amounting to KSh 5 million (circa USD 46,939) or for a period of imprisonment not exceeding ten years, where an individual is aware of, or suspects bribery taking place and fails to report it.”

US Abuse of Power Prevention Act

In 2020, the House Judiciary Committee held a mark-up of a new bill, the Abuse of the Pardon Prevention Act, as US congress aims to eliminate the tolerance of alleged corruption and bribery undertaken by the current or former presidents. “Section Three of the bill amends the federal bribery statute to make clear that a (former) president can be prosecuted for accepting a bribe in exchange for a pardon… The House also introduced a related bill; the No President is Above the Law Act.”

French Compliance Legislation

The French government has also been working on implementing anti-bribery and anti-corruption legislation in 2020 for the first time since 2016 adapted and improved their white-collar crime standards. As stated in a Global Investigations Review by Lexology, “in anti-bribery compliance, in particular, the recently created French Anticorruption Agency (AFA) keeps building on Sapin II by providing guidance on specific topics, auditing compliance programmes and for the first time… bringing cases in front of its sanctions board.”

Against this backdrop, Financier Worldwide turns to come of the leading lights in their field (including our CEO), who share their stories. A pre-release version of “POWER PLAYERS Investigations & White-Collar Crime 2022 – Exceptional Experts” is now available to view. Please click here to access the file.

The Security Of Your Company Depends On Effective Risk Management

Background investigations are critical to any company’s success because working with qualified, honest and hard-working employees and other businesses is integral to thriving in the business community. What you don’t know can hurt you, and the simple act of one bad decision can result in an unprecedented loss for your company. 

From vendor and third-party screening to employment screening, CRI® Group recommends background investigations as critical proactive measures to help keep your business safe. An effective background screening investigation will help screen for bad apples that can cause havoc down the road. Because we maintain a diverse talent base comprised of multilingual and multi-cultural professionals, CRI® can traverse obstacles that often impede international background investigations. That’s why we are frequently contracted by our competitors to conduct background investigations in geographic regions not serviced or accessible by larger investigative firms. Contact CRI® Group to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.

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 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.

ABAC® is accredited by the United Kingdom Accreditation Service (UKAS CB number: 10613) against ISO/IEC 17021-1:2015 Conformity assessment — Requirements for bodies providing audit and certification of the scheme’s management systems of ISO 37001:2016 Anti-Bribery Management Systems (ABMS). This makes ABAC® Certification the leading accredited certification body specialising in global anti-bribery and anti-corruption, risk and compliance management system standards. ABAC® experts audit any existing compliance and anti-bribery anti-corruption management systems to assess effectiveness and vulnerabilities while ensuring your organisation complies with Internal Standards, FCPA, UK Bribery Act, Anti-Money Laundering regulations, and all other global, regional and local regulations while maintaining a competitive edge in the world marketplace.

If you are seeking to validate or expand your existing compliance frameworks to maintain a competitive edge in the world marketplace, ABAC® can help you. Our experts audit your existing compliance and anti-bribery anti-corruption management systems to assess effectiveness and vulnerabilities while ensuring your organisation complies with Internal Standards, FCPA rules, UK Bribery Act laws, Anti-Money Laundering regulations, and all other global, regional and local regulations.

Let’s talk

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The Global Business Climate is Changing. So Are Your Third-Party Partners

The current business climate requires a review and reassessment of your organization’s third-party relationships. The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses.

It’s highly probable that, at some point, organizations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party related issue. And while the risks involved in partnering with outsiders haven’t changed over time, the potential level of liability has been ratcheted up several notches.  

International Borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on business news before a business can adequately respond. Consequently, the markets quickly react based on this 24/7 on-demand news cycle.

The result of this increased liability can be highly problematic:

  • Business litigation has skyrocketed.  
  • Due to the fallout from the current global pandemic, corporate reputations are negatively impacted.  
  • Risk management frameworks are continually evolving to acclimate to changing business environments. 
  • Board members are becoming increasingly subjected to intense scrutiny from outside critics.

THE CHALLENGE: A highly educated market responds immediately with their pocketbooks

  • Organizations suffer financial loss as the supply chain falters and loses customers because of poor-quality service from a third party.  
  • Company data systems are exposed and breached because of poor security practices by third parties.
  • Companies are experiencing supply chain issues due to poor disaster recovery procedures by third parties.
  • Organizations are increasingly being exposed to litigation because of relationships with an outside provider that significantly violated contractual terms, potentially resulting in regulatory exposure.

THE OUTCOMES: Identifying Red Flags

  • Inadequate Compliance Framework 
  • Human Rights Violations
  • Environmental Negative Impact
  • Inadequate Governance Policies
  • Undisclosed third-party transactions
  • Material misrepresentations or omissions
  • Unreported financial liabilities
  • Criminal or regulatory sanctions
  • Prior bribe or corruption allegations
  • Undisclosed legal or bankruptcy proceedings
  • Politically Exposed Persons (PEPs)

THE SOLUTION: Qualify Your Partners. Protect Your Organization

Corporate Research and Investigations Limited (CRI® Group) is pleased to announce the rollout of its 3PRM-Certified™ a third-party certification program, specifically designed for organizations across the Middle East, Europe and Asian regions. CRI® Group’s 3PRM-Certified™ Risk Management Program Presents an Effective Strategy to Vet Outside Partnerships.  

This highly specialized Third-Party Risk Management assessment and certification program was developed to help organizations accurately determine the legal compliance, financial viability, and integrity levels of outside partners, suppliers, and customers who seek to affiliate with and represent your business.  

CRI® Group’s 3PRM-Certified™ third-party risk management strategy can safeguard your organization against:

  • Business Interruption;
  • Brand Damage;
  • Corporate Liability; and
  • Director Liability.

DOWNLOAD BROCHURE NOW!

The 3PRM-Certified™ program consists of gap analysis investigative due diligence on targeted third-party partners, suppliers and agents seeking to affiliate with your organization. This comprehensive program can reveal any Anti-Corruption, Compliance and Risk Management deficiencies associated with the international regulatory framework. The International Standards Organization ISO achieves another milestone to launch ISO 37000:2021 Governance of organizations, ISO 37002:2021 Whistleblowing Management systems in-line with ISO 37301 Compliance Management Systems to demonstrate effective corporate compliance and Environmental, Social, and Governance. 

CRI® Group employs a network of locally qualified, subject-specific auditors, investigators, certified fraud examiners and industry-specific professionals across the Middle East, European and Asian regions who can provide expert counsel in offering 3PRM-Certified™ strategies as an effective preemptive measure. 

3PRM™ Gap Analysis can also be combined with a accredited certification by CRI® Group’s independent certification body “ABAC® Center of Excellence Limited” for the scope of:

  • ISO 37000:2021 Governance of organizations;
  • ISO 37002:2021 Whistleblowing Management Systems;
  • ISO 37301 Compliance Management Systems; and
  • ISO 37001 Anti-Bribery Management System certification to demonstrate effective corporate compliance and Environmental, Social, and Governance.

Has your organization adequately vetted its third-party relationships lately? Contact CRI® Group to learn more about our 3PRM-Certified™ third-party risk management strategy program and discover a practical and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous threats posed by third-party partnerships. We invite you to schedule a quick appointment with us to discuss you third-party risk management strategy needs.

Let’s Talk!

Don’t leave TPRM to chance. Take a proactive stance with the highest level of TPRM as a part of your essential corporate strategy. Contact us today to learn more about our full range of services to help your organization stay protected.

GET A FREE QUOTE

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.

Meet the CEO

Zafar I. Anjum is Group Chief Executive Officer of CRI® Group (www.crigroup.com), a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world’s leading business organizations. Headquartered in London (with a significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center – QFC, and the Abu Dhabi Global Market-ADGM, CRI® Group safeguard 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, CRI® Group maintains offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China, Turkey and the USA.

Contact CRI® Group to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.

CONTACT INFORMATION

Zafar Anjum, MSc, MS, CFE, CII, MICA, Int. Dip. (Fin. Crime) | CRI® Group Chief Executive Officer

37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA United Kingdom

t: +44 207 8681415 | m: +44 7588 454959 | e: zanjum@crigroup.com

2021 CPI overview is out now!

The newly published Transparency International’s Corruption Perception Index (CPI 2021) is out. This year’s Corruption Perceptions Index (CPI) reveals that corruption levels are at a worldwide standstill. The CPI ranks 180 countries and territories around the world by their perceived levels of public sector corruption. The results are given on a scale of 0 (highly corrupt) to 100 (very clean). This year, the global average remains unchanged for the tenth year in a row, at just 43 out of a possible 100 points. Despite multiple commitments, 131 countries have made no significant progress against corruption in the last decade. Two-thirds of countries score below 50, indicating that they have serious corruption problems, while 27 countries are at their lowest score ever. That proves the need to implement more stringent anti-bribery anti-corruption measures worldwide. In this article, we discuss solutions to tackle bribery in these regions.

What’s happening around the world?

At the top of the CPI, countries in Western Europe and the European Union continue to wrestle with transparency and accountability in their response to COVID-19, threatening the region’s clean image. In parts of Asia Pacific, the Americas, Eastern Europe and Central Asia, increasing restrictions on accountability measures and basic civil freedoms allow corruption to go unchecked. Even historically high-performing countries are showing signs of decline.

In the Middle East and North Africa, the interests of a powerful few continue to dominate the political and private sphere, and the limitations placed on civil and political freedoms are blocking any significant progress. In Sub-Saharan Africa, armed conflict, violent transitions of power and increasing terrorist threats combined with poor enforcement of anti-corruption commitments rob citizens of their basic rights and services. Download the 2021 Transparency International Corruption Perception Index  and compare with last years (2020) corruption wins, scandals and predictions for each region (Asia Pacific, the Middle East and Pakistan).

Trouble at the top, COVID-19 and human rights

The current business climate requires a review and reassessment of your organization’s third-party relationships. The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses.

It’s highly probable that, at some point, organizations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party related issue. And while the risks involved in partnering with outsiders haven’t changed over time, the potential level of liability has been ratcheted up several notches.  

International Borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on business news before a business can adequately respond. Consequently, the markets quickly react based on this 24/7 on-demand news cycle.

The result of this increased liability can be highly problematic:

  • Business litigation has skyrocketed.  
  • Due to the fallout from the current global pandemic, corporate reputations are negatively impacted.  
  • Risk management frameworks are continually evolving to acclimate to changing business environments. 
  • Board members are becoming increasingly subjected to intense scrutiny from outside critics.

THE CHALLENGE: A highly educated market responds immediately with their pocketbooks

  • Organizations suffer financial loss as the supply chain falters and loses customers because of poor-quality service from a third party.  
  • Company data systems are exposed and breached because of poor security practices by third parties.
  • Companies are experiencing supply chain issues due to poor disaster recovery procedures by third parties.
  • Organizations are increasingly being exposed to litigation because of relationships with an outside provider that significantly violated contractual terms, potentially resulting in regulatory exposure.

THE OUTCOMES: Identifying Red Flags

  • Inadequate Compliance Framework 
  • Human Rights Violations
  • Environmental Negative Impact
  • Inadequate Governance Policies
  • Undisclosed third-party transactions
  • Material misrepresentations or omissions
  • Unreported financial liabilities
  • Criminal or regulatory sanctions
  • Prior bribe or corruption allegations
  • Undisclosed legal or bankruptcy proceedings
  • Politically Exposed Persons (PEPs)

THE SOLUTION: Qualify Your Partners. Protect Your Organisation

Corporate Research and Investigations Limited (CRI® Group) is pleased to announce the rollout of its 3PRM-Certified™ a third-party certification program, specifically designed for organisations across the Middle East, Europe and Asian regions. CRI® Group’s 3PRM-Certified™ Risk Management Program Presents an Effective Strategy to Vet Outside Partnerships.  

This highly specialised Third-Party Risk Management assessment and certification program was developed to help organisations accurately determine the legal compliance, financial viability, and integrity levels of outside partners, suppliers, and customers who seek to affiliate with and represent your business.  

CRI® Group’s 3PRM-Certified™ third-party risk management strategy can safeguard your organisation against:

  • Business Interruption;
  • Brand Damage;
  • Corporate Liability; and
  • Director Liability.

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The 3PRM-Certified™ program consists of gap analysis investigative due diligence on targeted third-party partners, suppliers and agents seeking to affiliate with your organisation. This comprehensive program can reveal any Anti-Corruption, Compliance and Risk Management deficiencies associated with the international regulatory framework. The International Standards Organisation ISO achieves another milestone to launch ISO 37000:2021 Governance of organisations, ISO 37002:2021 Whistleblowing Management systems in-line with ISO 37301 Compliance Management Systems to demonstrate effective corporate compliance and Environmental, Social, and Governance. 

CRI® Group employs a network of locally qualified, subject-specific auditors, investigators, certified fraud examiners and industry-specific professionals across the Middle East, European and Asian regions who can provide expert counsel in offering 3PRM-Certified™ strategies as an effective preemptive measure. 

3PRM™ Gap Analysis can also be combined with a accredited certification by CRI® Group’s independent certification body “ABAC® Center of Excellence Limited” for the scope of:

  • ISO 37000:2021 Governance of organisations;
  • ISO 37002:2021 Whistleblowing Management Systems;
  • ISO 37301 Compliance Management Systems; and
  • ISO 37001 Anti-Bribery Management System certification to demonstrate effective corporate compliance and Environmental, Social, and Governance.

Has your organisation adequately vetted its third-party relationships lately? Contact CRI® Group to learn more about our 3PRM-Certified™ third-party risk management strategy program and discover a practical and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous threats posed by third-party partnerships. We invite you to schedule a quick appointment with us to discuss you third-party risk management strategy needs.

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Don’t leave TPRM to chance. Take a proactive stance with the highest level of TPRM as a part of your essential corporate strategy. Contact us today to learn more about our full range of services to help your organisation stay protected.

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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 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.

Financial Crime Policies and Procedures: examples of good and poor practice…

The principal catalyst of economic crime (also known as financial crime) is monetary gain. However, economic crime has a devasting effect on individuals and communities. When associated with organised crime and terrorist financing, it threatens laws, democratic processes, and fundamental human freedoms, impoverishing states and distorting free trade and competition. 

Not a victimless crime

Because of the well-publicised financial scandals that marked the aftermath of the tech bubble in 2002 and the housing bubble in 2008, most recently, the 2018 Patisserie Valerie scandal, which was once considered a merely poor business practice (i.e. widespread reckless investment) is now considered criminal. We saw how the vast losses associated with these high-level financial fraud scandals undermined social-security systems and destabilised economic systems. Today there is a growing consensus on the need to improve the global framework for fighting financial crime and regain the public’s trust. And financial crime prevention policies and procedures are critical. 

Walk the walk with a robust code of conduct

The failure of self-regulation by most companies involved in the scandals only highlighted how important organisations have prevention policies and procedures in place. These policies fall under the “Ethical Code of Conduct” A code of conduct sets the standards for how an organisation ought to behave and guides its workforce in the decision-making. A robust Code of Conduct and other internal rules and guidelines serve as the foundation for a successful free of fraud organisation. Read more on “Ethical code of conduct and what should be covered?”

By having a robust code of conduct, organisations can demonstrate their commitment to complying with all applicable laws and regulations. With a well-established set of global policies, the organisation can achieve robust and consistent compliance standards. Rather than assume that ethical rules “go without saying,” every organisation should spell out what they expect of their employees when it comes to ethical behaviour. At CRI® Group, we counsel business leaders that every organisation should have a written, carefully considered ethical code of conduct as part of their fraud prevention strategy. CRI® Group’s Certification program through the ABAC® Center of Excellence includes developing an ethical code of conduct as part of clients’ training and development phase.

CONTACT CRI® FOR MORE INFORMATION

Successful organisations adopt a risk-based approach when doing business…

A company must have up-to-date policies and procedures appropriate to its business. These policies should provide a uniform set of risk management principles and mandatory standards. These should be readily accessible, effective and understood by all relevant workforce.

Self-assessment questions:

  • How often are your organisation’s policies and procedures reviewed, and at what level of seniority?
  • How does it mitigate the financial crime risks it identifies?
  • What steps does the organisation take to ensure that relevant policies and procedures reflect new risks or external events? How quickly are any necessary changes made?
  • What steps does the organisation take to ensure that staff understand its policies and procedures?
  • How do you ensure that policies and procedures are disseminated and applied throughout the business?

Examples of good practice

  • There is clear documentation of the company’s approach to complying with its legal and regulatory requirements concerning financial crime;
  • Policies and procedures are regularly reviewed and updated; and
  • Internal audit or another independent party monitors the effectiveness of policies, procedures, systems and controls.

Examples of poor practice

  • No written policies and procedures;
  • Does not tailor externally produced policies and procedures to suit its business;
  • Takes inadequate steps to communicate policies and procedures to relevant staff;
  • Fails to review policies and procedures in light of events;
  • Fails to check whether policies and practices are applied consistently and effectively; and
  • Has not considered whether its policies and practices are consistent with its obligations under legislation that forbids discrimination.

An Investigative Study Into Causal Factors of the Perpetration of Transnational Financial Crimes

As the global impact of transnational financial crime increases to unprecedented levels, attention has turned to the need to fully understand the motivations that lead to the perpetration of such crimes. CRI® Group has recently published an ebook that provides insightful looks into today’s issues at the forefront of fraud and corruption. They range from deep dives into the U.S., U.K. and other anti-fraud and anti-corruption laws worldwide to close examinations of actual fraud cases that hold lessons for all of us. This ebook provides an in-depth study of transnational financial crimes and the national laws and regulations. Laws in the U.S. and the U.K., in particular, are compared and examined in terms of effectiveness in preventing financial crimes. The comparative study focuses on corporate fraud. “The Catalysts for Economic Crime” pursues the question of how weaknesses in national laws can be considered “a core causal factor in the perpetration of transnational financial crimes.” We invite you to download this ebook and increase your knowledge of fraud, corruption, proper compliance, risk assessments, due diligence, etc.

Download your FREE “The Catalysts for Economic Crime” ebook here!

At CRI® Group, we are always ready to assist you to effectively manage your organisation in an efficient and risk-free manner that best suits your needs. Our experience base, skilled workforce, technical resources, networking capabilities, internal flexibility and global offices maximise our solution efficacy. Explore our broad range of risk management solutions for your business.

CRI® Group’s investigators and Certified Fraud Examiners understand fraud patterns and are trained to recognise the elements of fraud characteristics and where they might come into play at any organisation. Through this knowledge, we can help you uncover the trail of fraud and help bring about a quick and successful resolution.

Having global coverage, CRI® works directly with the key personnel to lead and conduct fraud investigations, including, if needed, your internal board of directors, audit committee, ethics and compliance officers, general and in-house counsel, corporate security, human resources, and C-level executives.

VIEW OUR RISK MANAGEMENT SOLUTIONS BROCHURE

 

 

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.

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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 organisations. Contact ABAC® for more on ISO Certification and training.

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Risk assessment breakdown: Identification, Analysis, 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.

Inadequate due diligence hit Space-transport SPAC Momentus $8 million SEC fine

Inadequate due diligence hit SPAC Momentus $8 million SEC fine

Inadequate due diligence hit SPAC Momentus $8 million SEC fine after misleading investors. The Securities and Exchange Commission (SEC) has charged the Momentus particular purpose acquisition company (SPAC), its sponsor SRC-NI, the sponsor’s CEO Brian Kabot, the company, and founder Mikhail Kokorich – which involved in a $1.2 billion space-transport SPAC for defrauding investors and obscuring the CEO’s status as a US national security risk.

The Fraud Claimed

The SPAC, Stable Road Acquisition Corp, had sought to merge with Momentus, a private start-up, to take it public. Momentus’s key offering was a “microwave electro-thermal water plasma thruster,” a way of zapping water vapour to propel a spacecraft, intending to transport satellites into space.

But Momentus’s propulsion tech failed to show results, according to SEC filings. A test mission fell well short of the company’s benchmarks, and a former Momentus employee said that the test yielded “no data to suggest that that thruster would deliver an impulse of any commercial significance.”

According to the SEC’s settled order, Kokorich and Momentus, an early-stage space transportation company, repeatedly told investors that it had “successfully tested” its propulsion technology in space when, in fact, the company’s only in-space test had failed to achieve its primary mission objectives or demonstrate the technology’s commercial viability.

The order finds that Momentus and Kokorich also misrepresented the extent to which national security concerns involving Kokorich undermined Momentus’s ability to secure required governmental licenses essential to its operations.

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The compliance issue: Inadequate due diligence

The SEC’s settled order finds that Stable Road repeated Momentus’s misleading statements in public filings associated with the proposed merger and failed its due diligence obligations to investors.

According to the order, while Stable Road claimed to have conducted extensive due diligence of Momentus, it never reviewed Momentus’s in-space test results or received sufficient documents relevant to assessing the national security risks posed by Kokorich.

The order finds that Kabot participated in Stable Road’s inadequate due diligence and filed its inaccurate registration statements and proxy solicitations. The SEC’s complaint against Kokorich includes factual allegations that are consistent with the findings in the order.

“This case illustrates risks inherent to SPAC transactions, as those who stand to earn significant profits from a SPAC merger may conduct inadequate due diligence and mislead investors. Stable Road, a SPAC, and its merger target, Momentus, both misled the investing public. The fact that Momentus lied to Stable Road does not absolve Stable Road of its failure to undertake adequate due diligence to protect shareholders. Today’s actions will prevent the wrongdoers from benefitting at the expense of investors and help to better align the incentives of parties to a SPAC transaction with those of investors relying on truthful information to make investment decisions.

SEC Chair Gary Gensler

The litigation against Momentus, Stable Road, and Kabot

Associate Director of the SEC’s Division of Enforcement, Anita B, mentioned in her statement that Momentus’s former CEO alleged to have engaged in fraud by misrepresenting the viability of the company’s technology and his status as a national security threat, inducing shareholders to approve a merger in which he stood to obtain shares worth upwards of $200 million.

The SEC’s order finds that Momentus violated scienter-based antifraud provisions of the federal securities laws and caused sure of Stable Road’s violations. It also considers that Stable Road violated negligence-based antifraud provisions of the US federal securities laws as well as specific reporting and proxy solicitation provisions.

The order finds that Kabot violated provisions of the federal securities laws related to proxy solicitations. Kabot and SRC-NI caused Stable Road’s violation of Section 17(a)(3) of the Securities Act of 1933. Without admitting or denying the SEC’s findings, Momentus, Stable Road, Kabot, and SRC-NI consented to an order requiring them to cease from future violations. Momentus, Stable Road, and Kabot will pay civil penalties of $7 million, $1 million, and $40,000, respectively.

Inadequate due diligence hit SPAC Momentus $8 million SEC fine. Source: US Securities and Exchange Commission 

What do you actually know about the integrity of the 3rd party and their way of doing business? Do they adhere to (inter)national regulations on anti-bribery and anti-corruption? Is it possible that there is a liability risk?

Due diligence on potential business partners when adding a new vendor or even hiring a new employee is vital to confirm the legitimacy and reduce the risks associated with such professional relationships. Global integrity DueDiligence360TM investigations provide your business with the critical information it needs in making sound decisions regarding mergers and acquisitions, strategic partnerships, and the selection of vendors, suppliers, and employees. It will ensure that working with an, i.e. potential trade partner will ultimately achieve your organisation’s strategic and financial goals.

At CRI Group, we specialise in Integrity Due Diligence, working as trusted partners to businesses and institutions worldwide. Our people 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. Safeguard your business and its integrity with DueDiligence360™.

Our DueDiligence360™ expose vulnerabilities and threats that can cause serious damage to your organisation and can significantly reduce business. CRI Group is trusted by the world’s largest corporations and consultancies – outsource your due diligence to an experienced provider, and you will only ever have to look forward, never back.

CRI Group investigators employ a proven, multi-faceted research approach that involves a global array of databases, courts and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include:

  • International business verification
  • Individual business interest search
  • Personal profile on individual subjects
  • Company profile on corporate entities
  • Historical ownership analysis
  • Identification of subsidiaries & connected parties
  • Global/national criminality & regulatory records checks
  • Politically Exposed Person database
  • International digital media research
  • Company background analysis
  • Industry reputational assessment
  • FCPA, UK Anti-Bribery & corruption risk databases
  • Global terrorism checks
  • Global financial regulatory authorities checks
  • Money laundering risk database
  • Financial reports
  • Asset tracing
  • Country-specific databases that include litigation checks, law enforcement agencies & capital market, regulators

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.

DueDiligence360™ from CRI Group

WHAT DO YOU ACTUALLY KNOW ABOUT THE INTEGRITY OF THE PARTY & THEIR WAY OF DOING BUSINESS? DOES OR DID THIS PARTY ADHERE TO (INTER)NATIONAL REGULATIONS ON ANTI-CORRUPTION & ANTI-BRIBERY? IS IT POSSIBLE THAT THERE IS A LIABILITY RISK?

At CRI Group, we specialise in Integrity Due Diligence, working as trusted partners to businesses and institutions across the world. Our people 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. Safeguard your business and its integrity with DueDiligence360™.

Our DueDiligence360™ expose vulnerabilities and threats that can cause serious damage to your organisation and can significantly reduce business. CRI Group is trusted by the world’s largest corporations and consultancies – outsource your due diligence to an experienced provider and you will only ever have to look forward, never back. Clients who partner with us benefit from our:

Expertise
CRI Group has one of the largest, most experienced and best-trained integrity due diligence teams in the world.

Global scope
Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, and we’re committed to maintaining and constantly evolving our global network.

Flexibility
Our DueDiligence360TM service is flexible and can apply different levels of scrutiny to the subjects of our assignments, according to client needs and the nature of the project.

About 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.

In 2016, the CRI Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001 Anti-Bribery Management SystemsISO 37301 Compliance Management Systems and ISO 31000 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.

Review and Reassess Your Organisation’s Third-Party Relationships

Third Party Relationships

Third party relationships, now it is the time to review and reassess it. The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses; this is having an impact on the third-party relationships businesses have.

It’s highly probable that, at some point, organisations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party relationship-related issue. And while the risks involved in partnering with outsiders haven’t changed over time, the potential level of liability has been ratcheted up several notches.

International Borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on business news before a business can respond. Consequently, the markets are quick to react based on this 24/7 on-demand news cycle.

The result of this increased liability can be highly problematic:

  • Business litigation has skyrocketed.
  • Corporate reputations are negatively impacted due to the fallout from the current global pandemic.
  • Risk management frameworks are continually evolving to acclimate to changing business environments.
  • Board members are becoming increasingly subjected to intense scrutiny from outside critics.

THE CHALLENGE: The Global Business Climate is Changing. So Are Your Third-Party Partners.

  • Organisations suffer financial loss as the supply chain falters and loses customers because of poor-quality service from a third party.
  • Company data systems are exposed and breached because of poor security practices by third parties.
  • Companies are experiencing supply chain issues due to poor disaster recovery procedures by third parties.
  • Organisations are increasingly being exposed to litigation because of relationships with an outside provider that significantly violated contractual terms, potentially resulting in regulatory exposure.

If your organisation requires any of the following within your compliance checklist, then you must consider a third-party risk management solution:

  • Have a lack of visibility or understanding danger of the risks posed by your relationships with many types of third parties?
  • Want greater visibility into third-party performance and risks?
  • Need to improve operational costs, process, efficiencies, and organisational agility associated with your third-party relationships?
  • Need to gain greater control over the related risks?
  • Want to be confident that third parties are compliant with your business’ policies, as well as their own based on government regulations and industry requirements?

The role or size of the third party is not as important as the nature of the relationship they have with your business. Think of your third-party level of access to your sensitive data or your property! A cleaning company with access to your filing cabinet represents a different but still significant risk. And remember, you are accountable for the inappropriate actions of any of your third parties.

THE SOLUTION: 3PRM:  A Third-Party Certification Program; Qualify Your Partners.  Protect Your Organisation.

Corporate Research and Investigations Limited (CRI Group) is pleased to announce the rollout of its 3PRM-Certified™ program, specifically designed for organisations across the Middle East, Europe and Asian regions. 

This highly specialised Third-Party Risk Management assessment and certification program was developed to help organisations accurately determine the legal compliance, financial viability, and integrity levels of outside partners, suppliers, and customers who seek to affiliate with and represent your business.

 

Download our 3PRM™ Brochure 

The 3PRM-Certified™ program consists of gap analysis and investigative due diligence on targeted third-party partners, suppliers and agents seeking to affiliate with your organisation.  This highly thorough program can reveal any anti-corruption, compliance and risk management deficiencies associated with the international regulatory framework.

CRI Group employs a network of locally qualified, subject-specific auditors, investigators, certified fraud examiners and industry-specific professionals across the Middle East, European and Asian regions who can provide expert counsel in offering 3PRM-Certified™ strategies as an effective pre-emptive measure. 

OUTCOMES – Identifying red flags

  • Undisclosed third-party transactions
  • Material misrepresentations or omissions
  • Unreported financial liabilities
  • Criminal or regulatory sanctions
  • Prior bribe or corruption allegations
  • Undisclosed legal or bankruptcy proceedings
  • Politically Exposed Persons (PEPs)

RESULT: A highly educated market responds immediately with their pocketbooks.

CRI Group’s 3PRM™ Third-party risk management strategy can safeguard your organisation against unwanted business dealings and risk from the third party. Has your organisation vetted its third-party relationships lately? Contact CRI Group to learn more about our 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous threats posed by third-party partnerships.

We look forward to assisting you. Feel free to reach out to our CEO, Zafar I. Anjum, MSc, MS, LLM CFE, CIS, MICA, Int. Dip. (Fin. Crime), Int. Dip. (GRC), MBCI, CII Int. Dip. (AML) | e: zanjum@crigroup.com | t: +44 7588 454959

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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 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.

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. Contact ABAC® for more on ISO Certification and training.