Seven types of business risk you may want to address in your company

Running a business takes hard work and while success – customers, revenue and satisfaction – is the ultimate goal. However and regardless of size, all businesses come with risks, risks that may stop you from achieving your goals. That’s why business risk management is key to building confidence in both your internal and external stakeholders – people want to be assured that each business decision is properly vetted before being made, that losses are minimised and successes maximised. A robust business risk management plan puts in place procedures that can help you identify, pre-empt, and avoid potential threats – or at the very least minimise their impact. Here are seven types of business risk you may want to address in your company.

 

1- Economic Risk

The economy is constantly changing as the markets fluctuate. It’s important to watch changes and trends to identify and plan for an economic downturn. Some positive changes are good for the economy, which lead to booming purchase environments, while negative events can reduce sales. To counteract economic risk, save as much money as possible to maintain a steady cash flow. Also, operate with a lean budget with low overhead through all economic cycles as part of your business plan.

2- Compliance Risk

Business owners face an abundance of laws and regulations to comply with. For example, recent data protection and payment processing compliance could impact how you handle certain aspects of your operation. Staying well versed in applicable laws from federal agencies like the Occupational Safety and Health Administration (OSHA), the Environmental Protection Agency (EPA), and state and local agencies can help minimise compliance risks. If you rely on all your income from one or two clients, your financial risk could be significant if one or both no longer use your services. Start marketing your services to diversify your base so losing one won’t devastate your bottom line. Non-compliance may result in significant fines and penalties. Remain vigilant in tracking compliance by joining an industry organisation, regularly reviewing government agency information and seeking assistance from consultants specialising in compliance. For more on data compliance, read: “GDPR, Everything You Need to Know” and “GDPR: A 21st Century approach to Compliance.”

3- Security and Fraud Risk

As more customers use online and mobile channels to share personal data, there are also greater opportunities for hacking. News stories about data breaches, identity theft and payment fraud illustrate how this type of risk is growing for businesses. Not only does this risk impact trust and reputation, but a company is also financially liable for any data breaches or fraud. To achieve effective enterprise risk management, focus on security solutions, fraud detection tools and employee and customer education about how to detect any potential issues.

4- Financial Risk

This business risk may involve credit extended to customers or your company’s debt load. Interest rate fluctuations can also be a threat. Adjusting your business plan will help you avoid harming cash flow or creating an unexpected loss. Keep debt to a minimum and create a plan to start lowering that debt load as soon as possible. If you rely on all your income from one or two clients, your financial risk could be significant if one or both no longer use your services. Start marketing your services to diversify your base so losing one won’t devastate your bottom line.

5- Reputation Risk

There has always been the risk that an unhappy customer, product failure, negative press or lawsuit can adversely impact a company’s brand reputation. However, social media has amplified the speed and scope of reputation risk. One negative tweet or bad review can decrease your customer following and cause revenue to plummet. To prepare for this risk, leverage reputation management strategies to regularly monitor what others say about the company online and offline. Be ready to respond to those comments and help address any concerns immediately. Keep quality top of mind to avoid lawsuits and product failures that can damage your company’s reputation.

6- Operational Risk

This business risk can happen internally, externally or involve a combination of factors. Something could unexpectedly happen that causes you to lose business continuity. That unexpected event could be a natural disaster or fire that damages or destroys your physical business. Or, it might involve a server outage caused by technical problems, people, or a power cut. Many operational risks are also people-related. An employee might make mistakes that cost time and money. Learn more about the” Top Risk Management Concerns and The Need for Leadership During COVID-19.”

Whether a people or process failure, these operational risks can adversely impact your business in terms of money, time and reputation. Address these potential operational risks through training and a business continuity plan. Both tactics provide a way to think about what could go wrong and establish a backup system or proactive measures to ensure operations aren’t affected. Investigative operations (via commercial investigations) 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.) For example, more businesses are using cloud storage to protect company data and rely on remote team members to maintain operations. Automating more processes also helps to reduce people’s failures. Learn more about it HERE!

7- Competition (or Comfort) Risk

While a business may be aware that there is always some competition in their industry, it’s easy to miss out on what businesses offer that may appeal to your customers. In this case, the business risk involves a company leader becoming so comfortable with their success and the status quo that they don’t look for ways to pivot or make continual improvements. The increasing competition combined with an unwillingness to change may result in a loss of customers. Enterprise risk management means a company must continually reassess their performance, refine its strategy, and maintain strong, interactive relationships with its audience and customers. Additionally, it’s important to keep an eye on the competition by regularly researching how they use online and social media channels.

Business Intelligence is most effective when it combines data derived from the market in which your business operates (external) with data from within, such as financial and operations data (internal). When combined, this data can provide a complete picture so that you can make any business decision, from operational to strategic, such as product positioning or pricing. Learn more about it HERE!

Accept, But Plan

Although you will never be able to eliminate business risk, proactively planning for it can help. Awareness is key in helping you save money and time while protecting the trust, reputation, and customer base you’ve worked so hard to achieve.

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 and is an HRO-certified provider and partner with Oracle.

 

FCRA: Risk Assessment and Financial Crime

A thorough understanding of its financial crime risks is key if a firm is to apply proportionate systems and controls. The following are self-assessment questions to help you implement an efficient risk assessment to mitigate the risk behind finance crime.

Self-assessment questions:

  • What are the main financial crime risks to the business?
  • How does your firm seek to understand the financial crime risks it faces?
  • When did the firm last update its risk assessment?
  • How do you identify new or emerging financial crime risks?
  • Is there evidence that risk is considered and recorded systematically, updated assessments, and appropriate sign-off?
  • Who challenges risk assessments and how? Is this process sufficiently rigorous and well-documented?
  • How do procedures on the ground adapt to emerging risks? (For example, how quickly are policy manuals updated and procedures amended?)

Examples of good practice:

  • A comprehensive risk assessment.
  • Risk assessment is a continuous process based on the best information available from internal and external sources.
  • The firm assesses where risks are greater and concentrates its resources accordingly.
  • The firm actively considers the impact of crime on customers.
  • The firm considers financial crime risk when designing new products and services.

Examples of poor practice:

  • Risk assessment is a one-off exercise.
  • Efforts to understand risk are piecemeal and lack coordination.
  • Risk assessments are incomplete.
  • The firm targets financial crimes that affect the bottom line (e.g. fraud against the firm) but neglects those where third parties suffer (e.g. fraud against customers)

Using An External Services Provider to Conduct Your Financial Crime Risk Assessment

Aside from it often being difficult to schedule time for this type of review or know where to start, there is considerable benefit in having an independent, objective review of the financial crime risks your business faces. Corporate Research and Investigations Limited (CRI® Group) has a wealth of knowledge in Financial Crime and can help you identify risks and exposures that might otherwise be missed, thereby enabling appropriate procedures to be put in place.

To engage CRI® Group to conduct your Financial Crime Risk Assessment, contact the CRI® team. CRI® has a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your organisation.

About CRI® Group

CRI® Group has protected businesses from fraudbribery and corruption since 1990. We are a leading Compliance and Risk Management company licensed and incorporated entity of the Dubai International Financial Center (DIFC) and Qatar Financial Center (QFC). CRI® protects businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business.

In 2016, the company launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence. This independent certification body helps organisations mitigate internal and external risks by providing a complete suite of Anti-Bribery, Compliance and Risk Management programs.

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. Our global team can support your organisation anywhere in the world. 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 and 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.

 

Brand Protection & Intellectual Property (IP) Infringement

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

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

CRI® Group’s IP experts understand the intricacies and importance of protecting your intellectual property. CRI® Group can stay a step ahead of the wrongdoers who want to benefit from your IP investment by working alongside a global network of anti-counterfeit investigators, consultants, advisors, and industry groups.

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CRI® Group offers a wide range of IP investigative services that can: 

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

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

CRI® Group investigators are specially trained to protect the brand equity and customer loyalty you’ve built by providing professional assistance in the areas of:

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

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

The cost of IP Infringement

Counterfeiting threatens the fabric of national economies, endangers the safety and frequently kills. It devalues corporate reputations, hinders investment, funds terrorism, and costs hundreds of thousands of people their livelihood annually. (ICC)

CRI® Group Intellectual Property (IP) Investigations:

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

 

About CRI® Group

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

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. 

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What Is Corporate Compliance and Why It’s Important

The Importance of Corporate Compliance

Corporate compliance should be an essential part of your business operations, regardless of size or industry. How does your business manage compliance and mitigate risk? Taking preventative measures can feel like a hassle up front. Still, it can save you untold organizational costs in the long run.

Corporate compliance violations can result in fines, penalties, lawsuits, loss of reputation, and more. Keep your business from learning the lesson the hard way. Start developing a compliance program today. This article will define compliance, what it means for your business, and how to create a successful compliance program.

What is Compliance in Business?

The definition of compliance is “the action of complying with a command,” or “the state of meeting rules or standards.” In the corporate world, it’s defined as the process of making sure your company and employees follow all laws, regulations, standards, and ethical practices that apply to your organization and industry.

Corporate compliance covers both internal policies and procedures and federal and state laws. Enforcing compliance helps your company prevent and detect rules violations, protecting your organization from fines and lawsuits. The compliance process should be ongoing. Many organizations consistently and accurately govern their compliance policies over time.

The Purpose of a Corporate Compliance Program

The purpose is to protect your business. It’s as simple as that. But the return on investment could be significant, helping you avoid waste, fraud, abuse, discrimination, and other practices that disrupt operations and put your company at risk.

Your corporate compliance program needs to be integrated with all compliance efforts enterprise-wide, from managing external regulations and internal policies to comprehensive employee training. By ensuring all departments and staff are working together to maintain standards, you can mitigate the risk of significant failures and violations.

An effective program improves communication between leadership and staff. It should include a process for creating, updating, distributing, and tracking compliance policies. After all, employees can’t be held responsible for rules and regulations they don’t know exists. But once they understand expectations, your staff can stay focused on your organisation’s broader goals and help operations run smoothly. What’s more, when employees are adequately trained on compliance requirements, they are more likely to recognise and report illegal or unethical activity.

Maintaining compliance equips your employees to do their jobs well, reach their career goals, and keep customers happy. In turn, your company can achieve its goals and grow faster.

In the unfortunate event that your organization faces a lawsuit, your corporate compliance program will help in court.

As one report from Rutgers School of Law explained, “An organization that has made a robust effort to prevent and detect violations of the law by its employees and others acting for it will be treated less harshly than one that was indifferent to complying with the law.”

How to Create a Successful Corporate Compliance Program

Very few businesses can afford to procrastinate on a corporate compliance program. Don’t let hindsight be 20/20 for your organization. Have the foresight to take action today.

Your program should be carefully planned and implemented, with coinciding training programs to guarantee personnel are well-versed in all areas of compliance. Here are a few steps to establish or refine your corporate compliance program:

  • Your corporate compliance program won’t run itself. One person should be assigned the responsibility of managing the program day-to-day.
  • Depending on the size of your organization, you could have one compliance officer or several. Regardless, those in charge of the compliance program must have the authority to enforce the rules and hold staff at all levels accountable.
  • They also need direct access to its governing body, including senior management or the board of directors.
  • Access to senior management and authority to enforce rules is essential when potential compliance issues arise, empowering your officers to respond quickly. But communication goes both ways. The governing body needs to regularly assess the corporate compliance program’s effectiveness.

Corporate compliance fosters a workplace culture that values integrity and ethical conduct. This starts at the top. Your leaders need to follow the rules for the program to work. They should encourage ethical behavior and openly talk about the importance of compliance.

Company leaders should encourage employee input, emphasizing that they won’t be punished for reporting unlawful or unethical behavior.

The Department of Justice created a checklist for evaluating corporate compliance programs and suggested asking the following questions:

  • How have senior leaders encouraged or discouraged the type of misconduct in question through their words and actions?
  • What concrete actions have they taken to demonstrate leadership in the company’s compliance and remediation efforts?
  • How does the company monitor its senior leadership’s behavior? How has senior leadership modelled proper behavior to subordinates?

Conduct Risk Assessments

Corporate compliance is about managing risk. To build an effective program, you need to know what compliance areas pose the highest risks to your organization. Once you have identified these areas, you can focus your resources on addressing them.

Federal and state regulations, as well as industry standards, are continually evolving. To avoid the risk of non-compliance, it’s essential to conduct regular assessments. The Association of Corporate Counsel (ACC) suggests conducting a risk assessment once a year.

A formal assessment process, like this one recommended by the ACC, can help your organization be proactive about preventing corporate compliance violations:

  • Audit results
  • Recent litigation
  • Compliance complaints
  • Employee claims
  • Industry enforcement trends
  • Compliance policies in each risk area

Establish and Maintain Your Code of Conduct, Policies, and Standards

Your corporate compliance program needs a well-defined code of conduct. Why? Because it can help define your program’s purpose and set expectations for behaviour.

The code of conduct acts as a foundation and should explain the following key points:

  • Who is responsible for managing the program
  • How employees should report misconduct
  • Disciplinary measures for violating the code of conduct

Your corporate policies should build on top of that foundation by providing guidelines for specific areas of compliance. For example, they may address common corporate compliance violations:

  • Corporate corruption
  • Bribery
  • Tax practices
  • Conflicts of interest
  • Record retention

The list goes on. But the exact areas you need to address will depend on your industry.

Once risk areas have been identified and policies created, you should establish procedures to help employees carry out policies correctly. Creating step-by-step guidelines makes it easier to follow procedures and identify non-compliance.

Risk areas in specific industries may require additional standards. For example, the Foreign Corrupt Practices Act may require you to keep detailed protocols for screening third-party business partners.

Properly Train All Employees

Compliance policies and standards are useless if employees don’t follow them. After establishing the policies and procedures for your corporate compliance program, you need to disseminate them to every member of your staff.

Ensure company officers, employees, and third-party vendors read and sign off on all compliance policies and procedures.

All employees and relevant vendors should be trained on laws, regulations, corporate policies, and prohibited conduct. Depending on the size of your organisation, you may want to conduct training tailored to specific employees in high-risk areas.

The ACC recommends that you track, document, and follow up on training. By implementing a compliance policy and training management tool, you can accomplish this and automate many of your manual processes. The right software lets you distribute policies, conduct online training, create custom tests, and more.

Improve Your Compliance

Creating or revising your compliance policies and training takes a lot of work. It’s an ongoing process requiring consistent monitoring and updates. But don’t wait until an incident has occurred to take action. If you and your compliance officers are already busy and time-constrained, finding the right time to implement a new program can be hard. The trick is finding a compliance management solution that fits your organization.

If you’re ready to take control of compliance, and protect your business from risk, learn more about CRI® Group compliance solutions and discover how we can help your corporate compliance program.

Compliance Solutions by CRI Group

Due Diligence 360° | Third-Party Risk Management 3PRM™ | Anti-Money Laundering Solutions 

CRI® Group’s compliance solutions are tailored to your organization’s needs, helping assure compliance in all areas and keeping you one step ahead of regulatory requirements.

Money laundering is a serious global issue, and recent legislation is aimed at requiring organizations to follow strict anti-money laundering protocols.

Our Due diligence 360° services provide the specialized intelligence needed by global financial institutions and multinational corporations to guarantee complete compliance with anti-money laundering (AML) regulations and legislations.

Manage your third-party risks confidently with customized 3PRM™ solutions for your organization or get certified. CRI® Group’s own exclusive, expert-developed 3PRM™ services help you proactively mitigate risks from third-party affiliations, protecting your organization from liability, brand damage and harm to the business.

Whether your organization has a large, well-established third-party program, is in the early stages of development, or is anywhere in between, 3PRM™ solution can improve the health of your program and future-proof your entire business in many forms.

CONTACT US TODAY

 

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 B.S. 102000:2013 and B.S. 7858:2012 Certifications; is an HRO certified provider and partner of Oracle.

 

CRI® Group celebrates 32 Years

May 17th of 2022 marks the 32nd anniversary of the establishment of Corporate Research and Investigations (CRI® Group). Yay, for us! From the very beginning, the CRI® Group has been dedicated to safeguarding organisations and helping businesses by establishing the legal compliance, financial viability and integrity levels of outside partners, suppliers and customers seeking affiliation. And we would like to thank all of you who have supported us over the last 32 years.  

We were then, and continue to be, passionate about helping businesses fight bribery and corruption while promoting transparent business relations. CRI® Group always stands ready to assist clients on every level and has achieved many significant accomplishments within the past year alone. From engaging in new partnerships, adding new clients to a new AML advisory service, and even opening two new offices, CRI® Group has been busy expanding our reach to help more organisations prevent fraud, bribery, corruption, and other business risks.

Expanding the Global Reach With New Office Locations

In November 2021, CRI® proudly announced the opening of its office in Turkey and, in February 2022, the opening of its Estonia office. Zafar Anjum, Group CEO at CRI®, said: “The ability to effectively pre-empt fraud and corruption by mitigating internal and external risks to prevent these issues can save corporations from immense potential losses and reputation damage. Our services such as DueDiligence360™, 3PRM™ and EmploySmart™ can significantly help organisations deal with bribery and corruption, third-party risk management, noncompliance with the regional and international regulatory framework and malpractice. CRI® Group’s expertise will enhance Turkey’s diverse pool of business support services.”

“Today’s business climate dictates an increasing demand of international business organisations for proactive measures designed to reduce bribery and corruption, particularly in the financial, government and multi-national business sectors,” Anjum further said. “CRI® Group’s worldwide network of multi-disciplined subject specialists and analysts, which now include Estonia, helps organisations prevent and deter bribery and corruption, third-party malfeasance, threats and corruption risks while ensuring our clients conform to the local and international regulatory framework. The establishment of our offices in Turkey gives us the platform to expand further and enhance the level of support we offer to the international business community.”

Dynamic New Industry Events, including our own ABAC Summit

In March, CRI® Group was delighted to take its place at the Trade Winds, the largest annual U.S. government trade mission organised by the U.S. Commercial Service. Trade Winds was a great opportunity to have meaningful conversations with many of you. Our 3PRMTM solution address various specific areas, including conversations on how to protect your organisation from liability, business interruption and brand damage by partnering with the CRI® Group.

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

This weekend, we attended FutureFest, Pakistan’s largest tech conference & Expo. CRI® Group was able to talk with many of you about your goals and challenges in staying better protected from fraud and corruption. If you missed the event, don’t despair, CRI® Group invites you to schedule a quick appointment with us to discuss how conducting due diligence and compliance can help you and your organisation. 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 access to your sensitive data or your property! 

After two years of having to put our ABAC summit on hold because of the pandemic, we are very excited to finally announce our “2022 Anti-bribery, anti-corruption (ABAC) Summit.” In association with the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence, our Summit embraces the theme of “Managing your Organisation Governance, Anti-bribery, Whistleblowing, Compliance & Risks Effectively.” This 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 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 U.S. Embassy in Malaysia. Intending to redefine the anti-bribery culture within organisations in the country, the conference and workshops 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.

Finally, we are delighted to unveil our place at the 2022 ACC (Association of Corporate Counsel) annual conference as a sponsor and exhibitor. The ACC Annual Meeting at Las Vegas on October 23-26 is convened each year, emphasising law, legislature, training, and compliance associated topics in correlation to Third-Party Risk Management and ISO certification (ISO 37001 Anti-Bribery Management System and ISO 37301 Compliance Management System).

The ACC Annual Meeting is the world’s largest gathering of corporate counsel and will include more than 30 sessions led by industry-leading specialists and counsel. It is standard for the Exhibition Hall to be packed with industry affiliates and experts showcasing their goods and services and is an excellent prospect for you to educate yourself about the most recent industry manufactured goods and services that can be used to enrich your organisation’s stance on conducting due diligence and compliance. Every attendee is guaranteed to leave this conference equipped with significant data and resources to advance their corporate objectives.

If you are attending 2022 ACC, please come by and visit with us. CRI® Group would love to talk about your goals and challenges in helping your company stay better protected from fraud and corruption.

New Webinars that Help Spread Knowledge About Bribery and Corruption Risks

With businesses continuing to turn to online learning opportunities, CRI® hosted several webinars, including the upcoming “Compliance and Adequate Due Diligence for Third-Party Risk Managements” with the speaker, Samia El Kadiri, a renowned Consultant, Author and Trainer (6σGB | IRCA- QMS Lead Auditor | TOT | Auditor | Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence). A webinar on building a Culture of Compliance and Trust Through ISO 37301:2021 CMS: Compliance adequate Due Diligence for Third-Party Risk Management – corporate compliance program.

In February, our CEO was invited to speak at The Fraud Outlook 2022 Webinar hosted by the Fraud Advisory Panel. A webinar took a forward look at some of the current and emerging global fraud threats and what they mean for practitioners. It will provide a timely update on the current fraud landscape in Europe, the U.S., the Middle East and Asia, key insights into anticipated fraud trends over the next 12 to 18 months and the implications for counter fraud professionals and businesses.

New Anti-Money Laundering (AML) services

We launched new Anti-money laundering (AML) advisory services that help analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. An effective AML framework is a testament to your organisation’s position against crime. Our unmatched investigative capabilities, worldwide presence and a long-standing reputation for independence and integrity make us uniquely qualified to resolve regulatory concerns.

Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organisation’s success. Leave it to experts. Ensure you have the 360-degrees analysis of your challenges – get in touch with the experienced CRI® Group’s AML team for a bespoke quote.

As a global business entity with a range of subsidiary partner operations that cross several distinct business sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/distribution, chemicals, fertilisers and food), your organisation needs to recognise that it is targeted by hostile entities seeking to take advantage of your market presence.

One of the critical challenges is corporate finance’s control and movement and ensuring that effective Anti-Money Laundering (AML Framework) procedures and practices are in place. Refusal to accept the risks and your organisation is openly exposed to:

  • Corporate Fraud;
  • Corruption;
  • Exploitation from the theft of money & other assets.

You need to comply with national, regional, and international legislative frameworks such as:

  • Section 453 of the 2017 Companies Act (Pakistan); and
  • U.K.’s Proceeds of Crime Act (POCA) 2000).

More fundamentally, money that is unknowingly, unwittingly or (in the case of fraud and corruption) even consciously ‘laundered’ through the organisation could ultimately support, finance and promote international terrorism and the drugs trade. 

A money-laundering prevention program is an essential element among institutions’ measures to protect their operations and promote trust among their clients and partners. CRI® Group works with clients to design, implement, and refine comprehensive AML policies and procedures and establish an overarching compliance strategy and culture, including firm-wide training on AML compliance that reflects the latest regulatory and enforcement trends and industry best practices.

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As global corporate citizens aware of their responsibilities, any international organisation must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.

CRI® Group: A Brief History

Reflecting on the beginning of our company’s story, our CEO, Zafar I. Anjum, said: While working on one insurance fraud case, I realised that whereas the justice system deals with most types of crime, fraud itself mandates investigation by an external specialist agency in fraud detection however such organisations were sorely lacking. In addition to a distinct lack of counter fraud education in the general population, which aided those committing fraud greatly. Even where individuals were aware that they were being defrauded, they lacked the knowledge of how to resolve disputes between themselves and the defrauder effectively”.

Mr Zafar Anjum raised the firm to a new level in 2006 when he incorporated the U.K. company in 2006, and Corporate Research and Investigations LLC DIFC was incorporated in 2008 in UAE. Today, CRI® Group is a leader in employee background screening services, investigative due diligence, third-party risk management services and Anti-bribery Management Systems. 

READ THE FULL STORY HERE

Today, the company is a global firm with experts and resources located in key regional marketplaces across the Asia Pacific, South Asia, the Middle East, North Africa, North America and Europe. The company’s success and growth continue; CRI® Group always stands ready to assist organisations and has achieved many significant accomplishments within the past year alone. From expanding service capabilities to launching podcasts and webinars every month, CRI® Group has been busy helping businesses overcome risk management challenges. We collated a few of our achievements below.

Looking forward

Thank you for your past support, and we look forward to continuing to work with you. Check out our eBook of Why Partner with CRI® Group. CRI® Group invites you to schedule a quick appointment with us to discuss how our risk management solutions can help you and your organisation. 

BOOK A MEETING NOW!

 

 

 

 

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!

CxO Global Forum Network welcomes Nilofar A.Gardezi

Corporate Research and Investigations Limited (CRI® Group) is happy to invite you to watch this exclusive talk with CXO Rendezvous. Our HRBP & Associate Director, Nilofar, sat with CxO Global Forum at the Rendezvous show to talk about her professional journey and discuss insights into the HR domain in Pakistan.

CXO Rendezvous is a monthly series that is intended to connect the professional community, and listen to inspiring talks from industry leaders, experienced entrepreneurs, visionaries, and innovators. And in this particular episode, Nilofar discusses how HR departments continue to evolve to meet the demands of a fast-paced, digitally-driven environment, forcing employers to be met with a new and distinct set of challenges. Nilofar also discusses how important is it to engage the workforce; attract and retain talent; manage relationships; train and development, embrace inevitable change, employee health and well-being, and more…

WATCH THE VIDEO NOW

Ms. Nilofar A. Gardezi is a Senior Certified HR professional with more than nine (9) years of experience in HR. She has expertise in strategic human-centric based HR practices. She holds membership in PSHRM, SODEIT-UN and Rotaract Club Pakistan.

Ms. Gardezi has done MPhil-PhD with a specialization in HRM. She has an MBA in Management and is an accredited SHRM professional from EPCA. Ms. Gardezi is also a gold-certified Trainer from DWE. She holds a certification in Psychology and serves as a Certified Professional Counsellor. She has worked with renowned organizations like Attock Group, British Council and Standard Chartered Bank.

Nilofar A Gardezi

 

About CxO Global Forum

The CxO Global Forum Network is an invitation-only membership exclusively for Chief investment/information officers and technology officers, financial and marketing, executive officers and country heads from the world’s largest and most influential companies. Top Journal editors get together with global analysts and key thought leaders with the mission to identify key challenges in technology and new opportunities for innovation that will unlock value for their organisations. 

We live in a social world. Connecting with others broadens our collective thinking while adding texture and dimension to the issues and challenges we all face, regardless of our professional roles. In today’s hyper-connected world, collaborating with a self-made network has become necessary. The forum is about global exposure, especially in digital transformation and innovation around the globe.

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!

 

Risk Management & what can business intelligence do?

Businesses must manage risks because they can frequently prevent or minimise the financial, political, social, and cultural ramifications associated with them. Risk management is an effective tool to tackle uncertainties in the probability of an event’s occurrence that challenges decision-making. Many factors associated with risk management, including business intelligence, have the potential to be used to reduce such uncertainties. Business Intelligence services supports organisations in the making more accurate estimates and predictions by analysing historical and current data and mitigating internal and external risks.

What is Business Intelligence? How are Investigative operations are compared to Intelligence operations? Business Intelligence (BI) is a phrase coined for the analytical procedures an organisation commences. Business Intelligence is a successful method of conducting market research as it merges data derivative from the peripheral environment (i.e., market and industry) in which an organisation operates with data from the core environment of the organisation as fiscal and controls data. When combined, this data can deliver a complete image of any business decisions a firm can make as a means of benefit to themselves; this ranges from operational decisions such as product positioning to strategic decisions such as pricing.

What is counted as Business Intelligence services?

Business Intelligence (BI) services can take on numerous forms and structures in today’s complex corporate environment. Business Intelligence services investigates everything from assets to the exterior disputes facing an organisation. It can also appraise an organisation’s employees to ensure that its integrity, reputation, and bottom-line profits are safeguarded from any malice and illicit activities.

CRI® Group takes two approaches to business intelligence services:

  • Intelligence operations (via market research and analysis): we focus on researching your business’s future and potential growth – 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 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.)

What are intelligence operations?

Investigation and Evaluation facilities are constructed to aid clients during the business intelligence procedure. Intelligence operations are highly acclaimed by organisations of all industries. The service aids the preliminary phases of detecting the necessary components for a suitable corporate policy to the closing execution phases. At CRI® Group, we know that data is your greatest advantage when performing enterprise on several degrees.

Our market research will collect the mandatory statistics to make significant corporate decisions; everything from registering into other markets or industries to associating or partnering with other organisations (i.e., Mergers and Acquisitions) is covered in our BI Solutions. CRI® Group is proficient in understanding and transmitting this data to allow you to implement it into your corporate development; our experts are trained to the highest degree and understand how to get the proper data promptly.

CRI® Group’s methodology is to assist the organisation in tracing corporate movements and market changes which, in turn, will aid in steering them through the practice of successfully conveying their brand in the larger market to then be able to market their goods and services accordingly. With representatives in nations across the globe, CRI® Group is distinctively situated to assist you in traversing cultural and regulatory environments to maximise your market potential in the regions you seek to trade.

Gaining insight into how your brand reputation affects potential buyers and understanding what motivates the market to purchase will enable you to establish effective marketing programs that impact your audiences and build brand loyalty among buyers. Why not check out our BI solutions brochure to learn more about our approach.

What are investigative operations?

It is no secret that every industry has its issues. However, some matters, such as Employee Theft, Company Fraud, rivalry, continuous malingering, or Industrial Espionage, can start on a moderately trivial scale. Still, as time advances, the culprit becomes brasher in their endeavours (typically due to an absence of discovery) instigating the situation to develop out of control and become detrimental to your commerce.

As an organisation, you have every right to be involved with the internal activities of your firm; hence, carrying out commercial investigations on your employees as a means of curtailing threats is not out of the question. Our team of experts can support you to do this in a manner equally as ethical as it is providing as it delivers you the data you so greatly pursue.

Commercial investigations can be achieved for any form of an enterprise, including commercial, industrial, legal, and public sector corporations. Our team hails from diverse backgrounds, including military and fraud investigators, which is why CRI® Group is so adaptable in its approach to help you with intelligence and investigative operations. Why not check out our BI solutions brochure to learn more about our approach.

A little bit overwhelmed and wanting to learn more? Get in touch and let us know how we can help!

GET IN TOUCH

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 B.S. 102000:2013 and B.S. 7858:2012 Certifications is an HRO certified provider and partners 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.

 

 

 

What is Fraud Investigation?

Fraud is one of the biggest and most damaging risks businesses face. The headlines are full of organisations both in the private and public sectors affected by fraud, irregularity or other wrongdoing – either as a victim or accused. Statistics show that the threat of Corporate Fraud increases markedly in a down economy. And when such fraud occurs, it takes an average of 18 months to detect. In that timeframe, the damage to your business can be both widespread and irreversible. The hidden costs related to corporate fraud drains an estimated five per cent of revenue from corporations worldwide.

Fraud Risk Assessment and Fraud Risk Management: A Proactive Approach to Prevention and Detection

Historically, most major corporate fraud cases have been perpetrated by senior management who can circumvent internal controls and often work in collusion with other employees. By establishing a strong workplace environment that promotes ethical behaviour, deters wrongdoing and encourages all employees to communicate any known or suspected activity to the proper authority, you would be taking a proactive approach to prevention and detection.

What is the fraud investigation process?

When fraud is suspected within the organisation, CRI® Group’s experienced fraud analysts use proven techniques to aggressively investigate the case, collect evidence and determine the facts. Once the type of fraud is determined, a process of gathering all evidence possible to bulk out the investigation case starts. Evidence can be collected through a variety of means and methods.

These methods include conducting detailed asset checks, background verifications, surveillance checks and stylised forms of investigation and analysis; including employee investigations and investigations of an entire business. Subsequently, the victims and potential fraudsters will be interviewed.  Our analysts work with your management, internal security and legal teams to uncover the truth and bring proper closure to the case.

Are you auditing your fraud prevention program regularly?

  • Review and assessment of your current fraud risk management program, including policies, procedures, controls, reporting functions, responsibilities assignment and investigative requirements to identify the organisation’s susceptibility to fraud and vulnerability by the department.
  • Developing fraud prevention measures and implementing Anti-fraud controls.
  • Defining detection methods that encompass internal audits, suspicious transaction reporting, whistle-blower strategies, and program enforcement.
  • Re-engineering targeted job functions or internal controls to mesh with fraud risk management program refinements.

Take extra precaution with Fraud and White-Collar Crime Investigations

Fraud and white-collar crime investigations and risk consulting services have helped financial institutions, corporations, partnerships, and individuals worldwide minimise fraud and thereby satisfy capital markets, reduce legal costs, and maintain their reputation and brand equity. CRI® Group’s global team of Certified Fraud Examiners are trained in virtually every aspect of corporate fraud, including:

  • Money Laundering
  • Intellectual Property Crimes
  • Embezzlement
  • Check & Credit Card Fraud
  • Online Cybercrime
  • Accounting Fraud
  • Cash Theft
  • Asset Misappropriation
  • Bribery
  • Corruption
  • Contract & Procurement Fraud
  • Payroll Fraud

CRI® Group develops preventative measures that have helped organisations worldwide identify a material weakness in internal controls to mitigate collusive activity and reduce the liabilities associated with corporate fraud. Our trained investigators leverage our collective investigative experience, leading technology tools, global reach and credibility with regulators to bring you insights with precision and speed.

Our international team of Certified Fraud Examiners (CFEs) work with companies to analyse and assess fraud prevention measures, develop solid risk management programs, provide training for executives, board, management and staff, establish effective communications strategies for reporting suspicious behaviour, and implement investigation and corrective action policies that meet regulatory and compliance requirements.

CRI® Group professionals work with your organisation on an unbiased level, strengthening your fraud risk management program by:

  • Adhering to the organisation’s written code of conduct
  • Reviewing existing fraud risk management programs
  • Training employees to properly identify fraud
  • Developing internal and external reporting channels
  • Identifying senior management, board and employee responsibilities
  • Conducting and monitoring the progress of investigations
  • Providing thorough reporting of investigative results
  • Testifying as expert witnesses, if required

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.

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!

Why CRI® Group?

  • CRI® has one of the largest, most experienced & best-trained integrity due diligence teams in the world.
  • We have a flat structure which means that you will have direct access to senior members of staff throughout the due diligence process.
  • Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, & we’re committed to maintaining & constantly evolving our global network.
  • Our solutions are easily customisable, flexible & we will tailor our scope to address your concerns & risk areas; saving you time & money.
  • Our team of more than 50 full-time analysts is spread across Europe, Middle East, Asia, North and South America & is fully equiped with the local knowledge to serve your needs globally.
  • Our extensive solutions include due diligence, employee pre & post background screening, business intelligence & compliance, facilitating any decision-making across your business no matter what area or department.

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.

Why are human factors so important in risk management?

When any fraud, including employee fraud, is discovered, it’s usually by surprise. That’s because most of us aren’t used to looking for criminal behaviour inside our organisation. We trust our employees and co-workers, and we keep our focus on succeeding as a team and accomplishing our goals for the business. Nobody wants to think that someone might be subverting the rules for their gain.

Unfortunately, though, fraud does happen. The statistics tell us that, on average, organisations lose about 5 per cent of their total revenues to fraud, and the median loss in frauds committed by owners/executives is $600,000. If that’s not bad enough, the average fraud lasts 18 months before being discovered – if it is discovered at all (ACFE, 2020). 

Employee fraud is a combination of complex events, and many organisations include “human factors” in generic terms in the causation path of failure. Because for many organisations, it is hard to specifically identify human factors and understand how to manage them. At CRI® Group, we have 32 years of experience in the causes of potential deviations, the unwanted scenario that organisations may face, and the controls necessary to prevent or mitigate incidents. Our analysts uncover the truth every day; here are the most common human factors that lead to employee fraud:

  • Pressures to Perform
  • Staff Reductions
  • Departmental Cuts
  • Business Survival
  • Overworked Audit Staff
  • Increased External Vulnerability Due to Weak IT Controls
  • Reduced Regulatory Oversight

Human factors in risk management

Understanding the impact of human behaviour on your primary process is key. When we address human factors related to health and safety, we aim to optimise human performance and reduce human failures. Organisations need to take a proportionate approach to human factors in risk assessment based on their hazard and risk profile. Several large companies have recognised the value of adopting some kind of a risk model. 

Applying human factors tools and techniques in your risk assessment is detrimental to the safety of your workforce too. This human factor risk management process should consider work ethic, culture, and stakeholder expectations as organisational culture is affected by these concepts and links management processes to corporate sustainability.

Benefits of implementing human factors in risk management

  • Reduce turnover and training costs
  • Gain a competitive edge through the hiring of better people
  • Increase productivity – help your employees be more productive knowing that everyone employed by your company has been screened
  • Set your company apart and win more business
  • Reduce employee-related problems
  • Protect company reputation/brand & customer relations
  •  Comply with mandates created by state or federal law for certain industries
  • Increase retention
  • Reduce negligent hiring claims
  • Avoid violence in the workplace (threats of violence and actual violence)
  • Reduce theft and espionage
  • Avoid lawsuits and the costs associated with the defence
  • Avoid loss of goodwill

Mitigate employee risk

Organisations spend years and thousands, even millions, to brand their products and services – it only takes one bad hire to cause a loss of capital and reputation. 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. It can cause a business to fail, especially if the employee holds malice toward the organisation. EmploySmart™ is CRI® Group’s own solution aiming to expose vulnerabilities and threats within your organisation. Our EmploySmart™ is a risk management measure that can significantly reduce business and financial crime, fraud and malpractice within your workplace.

Our EmploySmart™ 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.

Let’s Talk

Other Solutions…

CRI® Group has experts who have conducted fraud investigations worldwide for organisations of all sizes and industries. Our investigators work on-site at your company bringing a boots-on-the-ground approach to uncovering all the case facts. When you’ve uncovered fraud, that’s the time to let the experts take over. You owe it to yourself and the future of your business to make sure every investigation is done professionally and effectively. 

Get a FREE QUOTE

CRI® Group’s unique identity and vision evolved from our fundamental desire to support our clients and their candidates, thus creating the DueDiligence360™. 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. The DueDiligence360™ reports 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. It can be used for a third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.

CRI® Group has safeguarded businesses from any risks, providing investigations (i.e. insurance fraud), employee background screeninginvestigative due diligencebusiness intelligence,  third-party risk management, forensic accounting, compliance and other professional investigative research services.