Due Diligence and Compliance: Breakdown and Importance

DUE DILIGENCE VS COMPLIANCE

Due diligence is a vital part of tackling anti-bribery & corruption in the workplace. The Corporate Financial Institute has defined it as a process of verification, investigation, or audit of a potential deal or investment opportunity to confirm all relevant facts and financial information. Similarly, compliance means what it does in the word’s consensus: to follow the rules. IONOS further elaborates the phrase’s meaning in a business environment as conforming to the laws, regulations, rules, and policies is the part of business operations often referred to as “corporate compliance.” Due diligence and compliance aid in combating the issue of anti-bribery & corruption in the workplace.

When Should these Duties be Fulfilled?

Due diligence and compliance start before an employee, vendor or supplier is even introduced to the business. They are implemented to reduce risks in professional relationships and satisfy the legalities of running a business; they are also beneficial to the purchaser and the vendor.

Due diligence provides purchasers with all the correct and accurate information to help them make an informative decision to acquire a property, good or service. This is based on the data found about the company. The information ranges from the company’s existing customer base and partner relationships to the areas in which they display irregularities – in the same vein, compliance ensures a set standard for the delivery of the good, service or process.

Vendors find due diligence providing business owners with the financial integrity of their business. It facilitates unearthing the fair market value of their company. A compliance audit on a vendor conducted by the buyers or their agents will validate and strengthen the professional relationship between the two entities.

Key Differences

Compliance is reactive and a legal obligation made mandatory by a government or a regulatory agency. On the other hand, due diligence is proactive and is unmandated, though many organizations like to implement due diligence as a part of their guidelines and procedures. Due diligence is a measure of best practice from industries ranging from Pharmaceutical & Healthcare to Oil, Gas & Energy.

Compliance is tactical, whilst due diligence is strategic. The end goal with compliance is short term but frequent; complete what is necessary for the required period. Alternatively, due diligence screens all information and evaluates it against your company’s objectives. It considers the pros and cons of the decision to help you shift towards a judgment or action.

A checklist drives compliance orientated views and searches for specific items. It checks them off a list, while due diligence creates a full profile searching for previous occurrences, factors leading up to the occasion, and actions taken after the incident.

Case Studies

One of the most infamous examples of this was in 1994 with BMW’s decision to acquire Rover. The decision was made when Rover’s owner, British Aerospace, was facing trying times. BMW had plentiful goals, including engendering trade and diversifying products with the brands’ icons such as the Mini and the Land Rover. However, the ten-day deal lacked due diligence and compliance, leading to a £790 million loss.

BMW overlooked financial data concerns as well as inaccurate sales data. BMW also failed to comply with Rover’s learning culture. They also failed to accept other manufacturing approaches. To top it all off, the frequent disputes between BMW’s directors resulted in poor leadership after the acquisition, followed by mass resignations. Had the company performed their duties to the highest capability, it could have avoided such a costly mistake.

2012 saw HP pay the price of $11.1 billion due to their failure to do accurate data checks concerning income statements, cash flow, balance sheets and footnotes, ultimately halting their plans to move from producing hardware to producing software and resulting in a $5 billion loss.

Our hand in making a difference

Due diligence and compliance are not the same. The consideration of the two components helps finalize a decision, but the difference between them lies within your reasons for investigating and what the end goal is. CRI® highlights the important distinction using Due Diligence DD360°™ and ISO 37301:2021. Why not download our free Due Diligence 360 brochure to find out more?

DUE DILIGENCE 360 BROCHURE

CRI Group’s compliance and due diligence solutions are tailored with your organization’s needs in mind. This is to keep you one step ahead of regulatory requirements. Our Due diligence DD360°™ services run specialized intelligence used by global financial institutions and multinational corporations. Complete compliance with anti-money laundering (AML) regulations and legislation is guaranteed. Manage your third-party risks confidently with customized 3PRM™ solutions for your organization or get certified.

Why wait?

Get a Free Quote 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 Management, Employee Background Screening, Business Intelligence, Due 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 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 Systems, ISO 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. Contact ABAC™ for more on ISO Certification and training.

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The Consequences of Neglecting Background Screening

Neglecting Background Screening

Are you neglecting background screening? What consequences may affect your organisation when you ignore this process when hiring? What is it about Background Screening? Statistics have revealed to us that a substantial quantity of resumes that are presented to HR during the recruitment process comprised fabricated material; shortlisting is a rigorous assortment procedure intended to put your applicant on trial, but if you are interviewing an individual who has fabricated much of their resume, how can you make a good judge of character? Put, executing a pre-employment check is the best way to combat this issue.

Background screening is vital to organisations of all types and industries as it can assist in authenticating your employees’ record of accomplishment and help avoid a bad hire. Before COVID-19, it was found that an estimate of 85% of organisations testified to conducting background screening of some type. On the same note, a vast 92 per cent stated that they trust their employees with confidential data but without the assistance of a background screening measure. Find out other ways COVID has impacted the hiring process, or download our background screening brochure.

Below, CRI Group™ has compiled a list of 5 risks you are running into when failing to conduct a background screening check before employment.

1. Your prospective member of staff could be a felon

Hiring a candidate with a criminal record could taint your company’s reputation, generate a highly volatile atmosphere in your office, and harm other staff members. An employer has the right to investigate an applicants’ criminal past; however, the only way to genuinely acquire the data surrounding an applicant’s criminal past when they intend on masking the evidence is through a criminal background check. 

A professional background verification service is a must to communicate with the local authorities to acquire legitimate illegal data and make a well-informed decision for the benefit of your organisation.

2. The odds of employing an unqualified candidate devoid of background screening is 1 out of 6

1 out of every 6 candidates carry inflated or falsified documents to persuade you into offering them the position – and this can be accredited to the rise of credential mills and fake corporations; applicants commonly use counterfeit degrees and false employment records to get hired, and it takes more than just a phone call to find out the reality. 

Background service providers use various procedures to obtain legitimate data, including private trips to the university/corporations where applicants allege to have graduated from or worked. Applicants with falsified resumes are not simply deficient in both integrity and honesty – in most cases, they are also not competent enough to fit your job description. A straightforward background verification uncovers this deception and prevents you from hiring an unqualified candidate.

3. Endangering the welfare of other members of the task force

In correspondence to the Substance Abuse and Mental Health Administration (SAMHSA),9 % of approximately 22.4 million unlawful drug users are employed either full time or part-time. A substance abuser, aside from grappling with efficiency, will also inhibit the performance of their co-worker with their improper demeanour. 

Employees with a record of drug abuse and misconduct are also deemed to be exceedingly inconsistent and present themselves as a danger to their co-workers; workplace violence and delinquency can be attributed to disregarding employee drug tests and criminal checks – checks that avert such calamities making your office peaceful and an improved place to work.

4. Increased abrasion can also be attributed to improper background screening

Pre-employment screening underlines the notion of quality over quantity. It makes sure that you hire the right candidate from a mass of applicants who applied for the position as employees with unsatisfactory credentials habitually find their way into your organisation through fabricated evidence. Hiring model candidates with an admirable mindset and relevant qualifications can mitigate employee turnover and enhance the general outcome of your organisation. However, the good news is that they never last for long, owing to their shortage of output and failure to handle the work delegated to them.

5. A candidate’s social media presence and global database can help nail down an accurate judge of character

Social media platforms in conjunction with international databases, for instance, criminal watch lists, credit archives, and public litigation archives, can expose your candidates’ positive and negative characteristics that may escape you during the interview and selection process. Abandoning these checks will hinder you as an employer from seeing your candidate’s best or worst side when picking among leading applicants who contend for a critical position. Employers who operate social media checks on their candidates have found it simpler to identify their candidates better, as social media is where the candidates are more apt to demonstrate their temperament and talents. The process for operating social media and archive checks can be burdensome, but rest assured that pre-employment screening providers are devoted to passing thorough checks on social media platforms and hundreds of databases to assist employers worldwide make critical hiring judgments.

The Verdict?

Background screening has achieved immense recognition throughout the world over the previous few years as it should do – its impact and the modern setting assist in diminishing the pressures that jeopardise every employer’s aim to enhance their personnel and work environment. Verification should be a compulsory component of an organisation’s onboarding procedure to alleviate all the risks we have discussed thus far. Notwithstanding the apparent advantages that background screening presents, it likewise confirms that your organisation hires the most excellent contenders who would promise continual triumph.

CRI™ is certified by British Standard Institute BSI for the scope of BS 7858:2019 screening of individuals working in a secure environment, Code of practice and BS 102000:2018 Code of practice for the provision of investigative services. The BSI is the only BS 7858 accredited background screening services provider in the UAE and the Middle East. Find out more about the BS 7858:2019 or download our BS7858:2019 free playbook.

The more you invest in sourcing morally correct corporate conduct, the more you can expect to be rewarded with a catalytic action to grow and expand your organisation.

Let’s Talk!

Don’t leave hiring to chance. Take a proactive stance with the highest level of background screening 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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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 value, ease of resale and cash), nature of the control environment (including separation of duties, safeguards, complexity, turnover and related party transactions) and pressures ( i.e., level of dissatisfaction – if the workforce is unhappy with the company, they will be more inclined to engage in fraud, expectations and guarantees). Identifying these risks is the first step in figuring out how to counteract them, thus preventing fraud.

3. Implement effective controls:

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

Most policies implement:

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

4. Increase awareness of the risks:

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

Some examples of methods to increase such awareness include:

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

5. Plan for the worst:

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

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

Crucial components that a proper fraud prevention strategy accomplishes:

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

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

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

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

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

GET IN TOUCH

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

About us…

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due 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 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 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 organizations. Contact ABAC™ for more on ISO Certification and training.

LET’S TALK

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Anti-Money Laundering Services: Why Do Organisations Need it?

Anti-Money Laundering Services: Why do Organizations Need it?

The Anti-Money Laundering (AML) service or check is a character and identity evaluation conducted on third-party members, such as investors, to certify that each third-party member is who they assert to be. The Anti-Money Laundering check can also be used to make certain that the investor(s) are not financing on behalf of somebody else. In most cases, such checks will be accomplished in the background set by utilizing electoral data.

Why do you need Anti-Money Laundering (AML) Services?

The objective of the anti-money laundering (AML) service is to better identify and report dubious pursuits that an investor may make; this can consist of the base infractions of money laundering to radical backings to conducting security deception and market manipulation.

As an international corporate unit comprising of subsidiary partner functions that cross numerous diverse corporate sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/ distribution, chemicals, fertilizers, and food), it is vital that your organization acknowledges that it is pursued by intimidating bodies seeking to gain from your market authority.

CRI™ Anti-money laundering (AML) advisory solution better aid in investigating systems and acquiring efficient solutions that reduce your organization’s risk of becoming privy to operative, contractor or external corporate and financial crimes. CRI’s extensive Anti-Corruption and Compliance network seeks to deliver the security your organization needs when producing vital baseline judgments which are crucial to its success in the trade. Download our AML Advisory brochure to find out more about our scope of services in AML.

What Challenges could You Face?

One of the major challenges in accomplishing the anti-money laundering check is corporate finance’s management and progress towards guaranteeing that active Anti-Money Laundering (AML Framework) practices and methods are in place. Repudiation to accept that the risks of not having a proper AML framework in place can lead your organisation to become explicitly subjected to:

• corporate fraud
• corruption
• exploitation from the theft of money and other assets

Why is having an effective AML framework crucial?

An important aspect of functioning well as an organization is meeting stakeholder expectations and safeguarding your corporate reputation and competitive positioning. You need to comply with national, regional, and international legislative frameworks such as:

• Section 453 of the 2017 Companies Act (Pakistan); and
• UK’s Proceeds of Crime Act (POCA) 2002).

More profoundly, money that is unknowingly, inadvertently or (in the case of fraud and corruption) even consciously ‘laundered’ through the organization could at the proper time support, finance and promote international terrorism and the drugs trade.

An effective AML framework is a testament to your organization position against crime. As global corporate citizens aware of their responsibilities, any international organization must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.

What are the consequences of an absent AML framework?

To have insufficient controls and be charged with engaging in money laundering can have any of the following negative consequences:

• Damaged corporate reputations & brand devaluation
• Eroding employee morale
• Potential consumer boycotts
• Negative investor perceptions
• Possible legal action
• Fines and potential jail terms for directors

What are the Solutions for an Effective AML Framework?

CRI Group™ specializes in dissuading, sensing and investigating crimes against organizations. We achieve success using a global network of professionals specially trained in anti-corruption, risk management and compliance due diligence, and corporate investigations. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organization to demonstrate adequate procedures:

• In-Depth Anti-Money Laundering Risk Assessment.
• GAP Analysis for the scope of ISO 37301 Compliance Management System.
• Provision of AML Framework
• Global Sanction Screening and Third-Party Risk Management

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

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

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

Step 5: Follow up Audit (optional)

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

Step 6: Awarding of Certificate

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

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

Step 7: Continual improvement and surveillance audits

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

Step 8: Re-certification Audit

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

What comes next? 

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

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

Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due 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 Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

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

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

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

Step 1: Audit confirmation

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

Step 2: Pre-assessment audit (optional)

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

Step 3: Stage 1 audit

Review the results of the audit, including:

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

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

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

Step 4: Stage 2 audit

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

Outcome: The audit report will detail the following:

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

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

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

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

What Comes Next?

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

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

Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due 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 Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

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Meet Samia El Kadiri; Gifted Consultant, Author & Trainer

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

MORE ON THE WEBINAR HERE

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

Meet Samia

Samia El Kadiri Consultant , Author & Trainer 6σGB |IRCA- QMS Lead Auditor | TOT Auditor | Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence

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

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

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

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

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

WATCH SAMIA AT OUR UPCOMING WEBINAR

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

SAVE YOUR SEAT NOW!

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

Check out some of Samia’s publications:

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

Filed under: Anti-Bribery Anti-Corruption Solution, CRI News by admin
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Employee Background Checks: A Requisite for all Businesses

Employee Background Check Concepts

Employee Background check concepts are inescapable for your organisation if you are looking to minimise risks surrounding a bad hire. The concept of an employee background check has become one of the most significant phases in the recruitment process.

The escalating figure of crime scenes and fraudulence incidents is a key justification why organisations take up this step as aside from the rising crime rates, organisations are also becoming hyperaware of their employee turnover rate, employee burnout, employee retention, etc. Employee Background Checks are a highly effective method of ensuring that organisations are recruiting the finest. What are the key concepts of conducting an employee background check and why is it substantial for corporations of all sizes and statures?

Concepts of Employee Background Check

In wake of the digital development, it is fair to say that the recruitment process has become quite demanding, and an employee needs to cross numerous phases to at the right time reach the finishing point. The Employee Background Check is quite a time-consuming concept as employers strive to have the greatest pick from the numerous candidates who have come up for the recruitment process. After the interview sessions are over, it needs some time to let the employee know about their joining since this is the time when most organisations go through the employee background check procedure. Some companies opt to perform this procedure in-house while some others hire external service providers to conduct a comprehensive check of the employee’s academic, professional, and even social presence. After the employer is gratified with the check, the employee is offered an appointment letter to join them.

CRI Group’s EmploySmart™ can be tailored into specific screening packages to meet the requirements of each specific position within your organisation. Ensure a safe work environment for all. Download our EmploySmart brochure or get a free quote.

Significance of The Employee Background Check and its Advantages

Organisations carry out such checks due to a myriad of reasons, some of these include:

1. Knowing the validity of the resume

Many candidates tend to embellish their experiences on their resumes and make use of such methods to obtain their desired job through such falsified recognitions. If a candidate does obtain their role through this method, they will not be able to handle the position well making this a complicated situation for the employee and the employer concurrently. Therefore, it is incredibly valuable to know what the candidate has falsified on their resume. An appropriate and comprehensive verification of the employee’s background can unveil all such truths in front of the employer. After knowing the true details, employers can make a judgment that will be more beneficial for the organisation as well as the employee.

2. Knowing about the nature of the candidate

Like the falsified details on the resume, candidates also tend to wear somewhat of the false mask of confidence on their faces while attending the interview. It is tricky to distinguish and judge a person in a conversation of a few minutes. If it is a career profile where the pressure is going to be intense, it is crucial to know whether the candidate can handle such pressure or not. Knowing the authentic behaviour and personality aids in evading bad hires. The experts of the verification check get you an appropriate note about the personality, nature, and behaviour of the candidate to determine whether they can match up to the demands of the needed position.

3. Knowing experiences at the past offices

Candidates produce diplomatic answers about their past experiences when a question is thrown at them about said experiences. Many of the experts suggest cracking this during the interview session as the employers must verify the factual scenario at the previous offices. It may turn out that the candidate had a terrible record at the last office, or it may also happen that the employer had fired the candidate from the last job. There can be a few things that can happen. You can of course offer the candidate a chance to clarify, but it is imperative to get the verification done before this.

4. Knowing criminal experience and legal support

Having an employee background check is also about having an awareness of any criminal experience a candidate could have potentially had. It can be unsafe for the organisation to hire an employee with such a background and place them amid unharmful employees. It is just as vital to know whether the candidate has legal support or not. If yes, it should be checked whether the candidate has misused the support in the past or not. If the candidate has misused the support in the form of a lawsuit or so in the past, they do the same for your organisation too.

What to include in Employee Background Check?

• History of employment: Verify the reference given by the candidate as it confirms their behavioural and working patterns with previous employers. This way, their overall performance, commitment, and proclivities can be assessed.
• Criminal background: It is essential to determine that the candidate does not have a criminal history. It is inevitable, principally for the profiles related to defence or trust.
• Credit history: Knowing the credit rating of your candidate is also important as this reveals the integrity of the employees. This can be done by completing an employee background check for the credit history.
• Terror Watch List: For the businesses running in countries like the USA, checking the Terror Watch List of their candidates is especially critical. Again, it is a necessity for security positions.
• Checking Social Security: Organisations should check the legitimacy of Social Security Number. Proper background checks of distinct names, aliases, date of birth, history of addresses, etc. This way, it can be found out if the candidate has been living with other names or anything else questionable which is not accessible in criminal records.
• Checking public/court records: This is done to check if the candidate has been or is implicated in any sort of court proceedings or not. This is incredibly significant in picking the right candidate that can offer comprehensive devotion to the job profile you are proposing to extend.
• Reference checks: There are two types of reference Employee Background Checks: personal and employment. Both facilitate in confirming the integrity, reliability, steadiness, and personality of the employee.
• Checking Sex Offender Registry: Sex Offender Registry check must be an integral part of the employee background check as you must not endanger other employees or consumers, especially in roles surrounding children and other susceptible individuals, by hiring a sexual predator.
• Education check: This sort of background check is carried out to determine the authenticity of the various credentials provided by the candidate you are planning to recruit.
• Driving Records: If your candidate is required to drive a company-owned vehicle, then checking driving records and license is essential for you.
• Record of Military Service: You need to pay attention to some key measures while hiring a candidate with a military service record. That is why checking the military service records of your candidates is also important.
• Compensation Record: Checking the candidate’s compensation claims from past employers is also significant before hiring an employee.

Measures to take for Employee Background Checks

Having a proper flow chart of different steps

• Organisations must have a consistent policy for the employee background check, and for this, responsible authorities should know about the different steps they need to follow for background verification. A flow chart of all the steps is often used for this measure as they are easily comprehensible across the board. 

Legal Assistance to understand the role of Local Laws in Employee Background Check

• An assortment of confidential data is involved in the background check which is why taking legal Assistance will help avoid many sorts of legal complications.

Opt for FCRA Compliant Employee Background Check

• As FCRA (Fair Credit Reporting Act) determine what you can and cannot do in your employee background check proceedings and govern all the background checks, organisations must ensure that they follow FCRA’s rules and regulation.

In case of any mistake or misunderstanding, allow a candidate to Clear Up that.

• There are instances in which the data an employer has received can be incorrect; it is important to offer the chance to a candidate to rectify those misunderstandings as it determines a prudent and productive practice.

Being aware of the difference b/w Investigative Consumer Reports and Reference Checks

• If you reject a candidate because of the Investigative Consumer Report, the candidate needs to be provided with a copy of that report. However, if the information was obtained via reference check, such as asking past employers, you need not give such details to the candidate.

Academic references Checking

• Academic circles and experience are easily exaggerated and manipulated areas in recruitment and can be problematic and at times difficult to identify. Therefore, the prospective employer ought to start their reference check from this point. Undeniably, there is no need whatsoever to employ an applicant who is not honest regarding their academic qualification as they would not be productive and are likely to have ill motives. Consequently, they could be a liability to your organisation. This kind of candidate cannot be trusted at all, and therefore there is no need why the employer should. However, it would be to think such an individual for their interest in your organisation, but never should one hire them.

Call current and former supervisors.

• At times, it can prove difficult to extract any information about an applicant due to some legal handles and the fear of being sued for character defamation or even libel where the information which would be given might be negative, especially from either the current or former employers of your prospective candidate. However, it is worthwhile to find out as the data available at your disposal allows for sound and appropriate decisions to be made for the benefit of both the organisation and other members of staff.

Checking one’s network of associates

• Undeniably, for those who have been in the personnel management department, it is most likely that they have a vibrant network of associates, friend colleagues and family members who would be willing to share information about a prospective employee. It is therefore essential and significant to gather information from them. It would not be surprising that one might even get more information from such people.

Browse online sites

• With the use of the internet and using several search engines or numerous social sites, one is likely to find crucial and critical information that would go a long way in facilitating the employer get sufficient data about either the applicant or the organisation that they have worked or claim to have worked for.
• This information might range from positive to negative, thereby allowing the employer to make the right decision. Undoubtedly, the internet is a sure and free source of data that any prospective employer should employ in doing a background check.

In conducting employee background checks, there are some golden rules that one needs to observe to avoid any legal and challenges in executing the duties of their human resources and making the background check most effective and efficient. These do and don’ts include but are not limited to:

Do’s

• Having a consistent background checks policy and detailing how the policy should be used.
• Getting legal advice on how to conduct background checks under the local legal framework.
• Giving the applicants a chance to clear up any faults or misconstructions appearing on their documentations and during the interview process is inconsistent with your background check.
• Employing the services of background check services compliant with the legal frameworks of your region
• Understanding the difference between background checks vis-à-vis investigative consumer reports.

Don’ts

• Avoid making decisions on using the background checks on an applicant-by-applicant basis.
• Avoid the assumption that some parts of the background check process routine
• Avoid making decisions without letting the applicant a chance to respond.
• Avoid assuming that any companies seeking information about an individual are legally compliant.
• Avoid requesting information about the character or personal and private of an individual while verifying the historical employment facts.

Fundamentally, employee background checks are not too viewed superficially as they play an important role in ensuring that neither the employer nor the organisation encounter loss or legal handles in exercising their mandate and role. Consequently, by attracting competency and matching the skills with the tasks, employers ensure that their organisations remain profitable and are sustainably produced and competitive in their respective fields.

Finally, the most critical information that these background checks elicit are vital and are diversified in range and scope depending on the tasks to be performed and are as follows:

Criminal Records

Indeed, background checks are instrumental in providing information about the individual, which would inevitably be vital, especially where the candidate is required to handle or maintain important levels of trust, confidentiality, and security. Consequently, this kind and level of reliability would not be forthcoming from a criminal record person.

Social Security Validation

Apart from and the individual being tax compliant, background checks guarantee the legitimacy of the applicant’s social security number. The Social Security Validation facilitates in and discovering of all the names, as well as aliases and any variations thereof, dates of birth in addition to the history addresses associated with the applicant.

This limits the incidents of the employer contracting an individual who has a criminal record or does not have any legal status of seeking and getting employed in that country or region. Further still, it provided information on whether the candidate has ever lived in unrevealed places or under other pseudonyms that could divulge unlawful records that wouldn’t have otherwise been established.

Address History

Address History background checks help in tracing prior addresses where the applicant could have resided and facilitated the establishment of where else the applicant could have lived, making it easier in the verification of their true identity and may form the basis of further interview questions as well as getting to know the candidate better.

Terror Watch List

With the prevalent threat of terrorism and the global danger posed by terrorists, a thorough background check is more likely to establish if your potential employee could have been involved in terror acts or whether they are in any country or even states terror watch list. Although this was explicitly imperative for security jobs, it has been deemed necessary in almost every profession due to the changing dynamics and tactics employed by terrorists and other criminal syndicates in the twenty-first century.

Sex Offender and human trafficking Registry Check

With the ever-increasing levels of human trafficking, child pornography, organ harvesting, paedophilia and sexually related abuse globally, it is paramount that for positions dealing with minors, the marginalised and the most vulnerable through background checks are a necessity rather than just an option to ascertain the credibility of the applicant to avert and reduce the prevalence of the vices above.

Necessities for conducting Employee Background Checks

• You need to have your full name, date of birth, and Social Security Number for doing a background check.
• If you want to check credit reports, military records, and school transcripts, you need the candidate’s permission.
• If you hire an outside company to do the background check, you need to take the candidate’s permission.
• If the candidate denies the permission, you will be entitled to take the candidate out of consideration for that job profile.

Are There Any Disadvantages?

One of the major disadvantages that you can see is the wastage of time and money. The organisation invests large sums of money in conducting such investigations, and most of the time, the person turns out to be a genuine one and with the time it takes to conduct these checks, the candidate may think that the organisation is not interested and hence, they may join some other organisation in this period.

Judging a candidate on their background deeds may not always prove to be fruitful either. It may happen that a candidate got trapped in a criminal, offence and in an actual sense, they are a gem of a person. But when you do not know the candidate personally, you will focus on the verification reports and let a genuine person go.

Opting for an employee background check depends on the type of your business and the kind of job profile you are going to hire that candidate. Getting an employee background check has become eminent today because there have been so many instances each day.  They are getting the verification done to get the employer the satisfaction that they are selecting a genuine person and will not hamper the reputation and environment of the company.

If there is still any uncertainty in your mind about conducting employee background checks, why not reach out to us? CRI Group has experts across the globe from all backgrounds who are trained to provide you with specialised, expert advice fit for your business needs. Get in touch today!

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What is Business Intelligence? Investigative Operations vs Intelligence Operations

What is Business Intelligence?

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 known to be 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 Solutions?

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

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 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.)

Why not check out our BI solutions brochure to know more about our approach.

What are Intelligence Operations?

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

Our market research will collect the statistics mandatory to make significant corporate decisions; everything varying 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 in a way that allows 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™’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.

What are Investigative Operations?

It is no secret that every industry has its issues. Some matters, however, such as Employee Theft, Company Fraud, rivalry, continuous malingering, or Industrial Espionage, can start on a moderately trivial scale but 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 start being detrimental 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 that is 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 hail from a range of 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.

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

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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 Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

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Risk Management New Approach. All Explained in this Free Playbook!

Risk Management New Approach. All Explained in this Free Playbook!

Risk management new approach. How do you manage risk? Managing risk effectively is essential to ensure businesses succeed and thrive in an environment of constant uncertainty.  All types and sizes of organisations face internal and external factors that directly impact whether an organisation can achieve their objectives or not. CRI Group™ can help you simplify risk management through a wide range of solutions that can be fully customised, regardless of the size, nature, or location of a business.

An organization can implement risk management across the entire company, and it can do so at any time. Risk management plans, such as ISO 37001 Audit Process, can offer several benefits that make them a worthwhile endeavor for every business. For example, risk management plans help companies to identify the potential risks they may face. Being aware of these risks allows businesses to make plans to avoid specific risks or deal with them when they arise. There are many benefits of implementing a risk management strategy:

• Can be used by organizations to compare their risk management practices with an internationally recognized benchmark, providing sound principles for effective management and corporate governance.
• Leads to more satisfied customers is a clear indicator to your customers and other stakeholders that as an organization, you are committed to managing risks in every part of your business.
• Increases public confidence in the organization as it demonstrates your management capabilities in protecting your business from internal and external threats.
• Gives you a healthier bottom line.
• Makes for consistent and efficient operations.
• In competitive bidding for commercial tenders, it will enhance your company’s reputation and give you a competitive advantage.

This playbook covers everything you need to know about Risk Management. Here’s a quick rundown of the playbook structure:

• What is Risk?

• What is Risk management?

• How is risk management evolving to tackle modern challenges?

• Business Risks Every Organization Should Plan For

• Principles of Risk Management

• How Risk Management and Due Diligence Interlock?

• and more

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