Our recent poll reveals an alarming gap between concern and action regarding fraud. While nearly half (48%) of the 258 surveyed compliance professionals across the UK, Europe, North America, and other key regions consider fraud a high concern, 38% of their organisations haven’t planned any fraud prevention training.
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The field of economic sanctions has been growing increasingly complicated in recent years. The past year was a historic and transformative period for the use of financial sanctions on both the global and UK levels. Western nations launched an unprecedented line of sanctions against Russia and Russian companies, and also against Russia’s ally Belarus, in response to its February 2022 invasion of Ukraine. With the war showing no end in sight, sanctions and penalties for non-compliance are only continuing to ramp up.
All businesses, both regulated and unregulated, must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and remember that there’s strict liability when it comes to sanctions so any sanctions breach, even accidental, is a crime.
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Wednesday 13 March 3pm UK
The issues of gifts, hospitality and bribery are increasingly complicated – especially for companies doing business in other countries. The danger of getting caught up in a corruption scandal is damaging, expensive and could be ultimately devastating. But when is a gift considered bribery? How can corruption, or even the perception of corruption, be avoided in business?
In this webinar we’ll highlight some recent bribery scandals, analyse how they could be avoided and take a deep dive into international anti-corruption laws. Most importantly, we’ll discuss how companies can safely conduct business around the world. We’ll include info on Transparency International’s recently released annual report on perceptions of corruption and bribery across the world and explain how it can form a critical part of a company’s bribery and corruption risk assessment.
This free, one-hour session will provide key background info on everything from the Foreign Corrupt Practices Act in the US to the UK’s Bribery Act to the EU’s proposed anti-corruption legislation. If your company has any business in a foreign country, including any parts of its supply chain, you’ll want to join this one.
This webinar will feature:
A recent survey by compliance eLearning and software provider, VinciWorks, has found that only 29% of compliance professionals have implemented specific procedures, training, or preventive measures to guard against Artificial Intelligence (AI) related compliance breaches. The majority (71%) admitted to lacking such protective measures, with 13% having no plans to address this significant gap in their compliance strategy in the near future.
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The field of economic sanctions has been growing increasingly complicated in recent years, and the past year was a historic and transformative period for the use of financial sanctions on both the global and UK levels, with Western nations launching an unprecedented line of sanctions against Russia as a result of its invasion of Ukraine in February 2022.
Recent conflicts such as the Hamas-Israel war in response to Hamas’s October 7th massacre, the Russian invasion of Ukraine, as well as events in Iran, China and other countries have grabbed global headlines. These events have sparked waves of new laws and regulations around the world, from sanctions to tougher economic crime compliance rules.
All businesses must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and any sanctions breach, even accidental, is a crime.
This webinar covered:
Our latest survey has exposed a stark reality: 44% of compliance officers and managers feel unprepared for the compliance challenges that lie ahead in 2024. Only 7% feel fully confident in tackling the challenges in the year ahead, signalling a potential industry-wide gap in readiness to address the ever-changing regulatory landscape.
The survey gathered 212 responses from industry leaders across the UK, USA, Spain and Germany, and gauged professionals’ confidence levels and preparedness in managing compliance issues. The findings underscore a critical need for robust compliance training programs as organisations navigate an increasingly complex regulatory environment.
Beyond the headline unpreparedness, the survey explored various dimensions of compliance readiness:
While 27% have implemented failure to prevent fraud training and an additional 27% are planning to do so, a concerning 46% revealed they have not yet rolled out failure to prevent fraud training, are undecided or have no plans to in the near future. This lack of preparation and preventive measures leaves businesses at an increased risk of fraudulent activities.
The new “failure to prevent fraud” offence comes into the UK as part of the Economic Crime and Corporate Transparency Act, which marks a significant shift in how businesses will be held accountable to combat corporate fraud and protect victims. Failure to provide adequate training can leave organisations susceptible to financial losses and reputational damage.
2. CSRD Compliance Preparedness
Only 2% of compliance professionals claimed to be fully prepared for Corporate Sustainability Reporting Directive (CSRD) compliance despite 50,000 companies worldwide being expected to be impacted by it. In comparison, almost half (47%) expressed uncertainty or deemed CSRD irrelevant to their operations.
As 2024 sees the first published reports from many large companies on their CSRD compliance, the global implications will ripple through supply chains, demanding a proactive approach.
In an era witnessing a quadrupling of neurodiversity discrimination cases from 2018-2022, compared to the number of cases from 2003-2017, organisations risk legal repercussions and employee well-being concerns without proactive measures for the fair treatment of neurodivergent employees to create a work environment that values and respects differences.
Despite these figures, only 8% of businesses polled incorporate neurodiversity training into their yearly programs, and a notable 28% have no plans to do so, potentially hindering the creation of an inclusive work environment and causing an escalation of neurodiversity discrimination cases.
4. Gifts and Hospitality Registers
With 2023 witnessing a nearly quarter-billion pound fine against mining giant Glencore for flying suitcases stuffed with cash to local public officials, getting a handle on gifts and hospitality is crucial for businesses to get right in 2024. Worryingly, when questioned on the types of gift registers in place, 43% of compliance professionals admitted relying on outdated spreadsheets, while 18% admitted to not using any tools for this purpose at all, despite a legal requirement to implement procedures to prevent bribery.
Given the prevalence of digital solutions, the reliance on manual tools poses a risk to accurate and comprehensive compliance tracking. Organisations should consider investing in modern systems and technologies for more efficient and accurate compliance management.
5. Internal Policies on the Role of AI
Finally, the survey explored internal policies on the role of AI. While 23% have established policies, 37% have not considered AI policies in the workplace.
As AI integration becomes more commonplace, organisations must proactively develop and update policies to ensure responsible and ethical use. Neglecting this aspect may expose organisations to legal and moral concerns.
“As the compliance landscape undergoes rapid evolution with various regulations coming into force, this survey reveals a glaring gap in preparedness among compliance professionals,” said Nick Henderson-Mayo, Director of Learning and Content at VinciWorks. “The findings emphasise the critical need for proactive compliance procedures and new initiatives, including training. There are solutions out there for busy compliance professionals, including new technologies and automation. Being prepared is half the battle, and businesses can buffet against global headwinds by investing in proactive compliance and risk mitigation.”
To support compliance professionals in understanding the compliance challenges that lie ahead, VinciWorks is offering a free guide on Compliance Trends 2024.
In a recent study carried out by VinciWorks, a global compliance eLearning provider, 212 compliance professionals were surveyed on Compliance Trends 2024.
As more Hamas leaders come under international sanction, their relationship with international aid agencies and charities has come under scrutiny. The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) is a UN agency that is meant to provide essential services to Palestinians who fled or were displaced during the 1948 War of Independence. With a staff of over 30,000, primarily Palestinians, UNRWA operates in Gaza as well as Jordan, Lebanon, Syria and the West Bank, with a mandate to provide medical care, education, and other social services to vulnerable families and individuals.
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Navigating the Ethics, Risks and Opportunities
Today, we are meeting the challenges of the AI revolution head-on with the launch of our new AI Compliance eLearning collection.
Amid the wave of AI transformation, businesses grapple with understanding both the potential advantages and risks it presents. A recent poll by VinciWorks revealed that 63% of respondents do not currently have internal AI policies implemented within their organisations. With the International Monetary Fund (IMF) forecasting AI’s impact on nearly 40% of global jobs—either replacing or complementing them—there is a pressing need for companies to adapt proactively to the evolving AI landscape.
Designed to empower professionals across industries with essential insights into AI, the latest collection is a key addition to the Information Security and Data Protection suite, comprising seven comprehensive courses. As AI continues to reshape the way we work, this collection offers a thorough overview, beginning with foundational principles and clarifying the core aspects of AI. The courses delve into best practices for workplace AI usage, ethical challenges, and associated risks. The new courses include:
Understanding AI – Opportunities and Risks
This course addresses the surge in AI’s disruptive impact on the business world, providing insights into opportunities and clarifying misconceptions. It explores optimal uses of AI tools for office productivity and examines the legal and moral challenges and the risks associated with AI on a global scale.
This course focuses on businesses’ challenges in reconciling technological innovation with preserving personal privacy rights. It objectively explores fundamental concepts related to data privacy laws and AI technologies, offering insights into effectively managing associated complexities.
This course covers fundamental AI concepts and legal considerations for intellectual property rights, challenging users to navigate grey areas in IP ownership. It addresses legal and ethical dilemmas surrounding AI-generated works and guides organisations to mitigate intellectual property compliance risks.
This course tackles the rising dependence on AI models for crucial decisions affecting various aspects of life. It examines the potential consequences of poorly designed AI models, uncovering inherent biases that may result in unfair treatment. It focuses on recognising biases and discusses strategies for rectification, ensuring accuracy and fairness.
AI and Conducting an Effective Risk Assessment
This course addresses the rapid disruption caused by AI and emerging technologies, emphasising the critical need for companies to adapt swiftly. It focuses on AI-related risks, guiding users in crafting thorough risk assessments and exploring ways to leverage AI tools for enhanced risk-control strategies.
This course guides users through the changing landscape of AI and cybersecurity, providing a vision for what to expect as attacks get more complex and how to stay a step ahead. This video-based course provides insights from subject matter expert Richard Merrygold, Director and Infosec Lead Consultant at iStorm, on understanding and navigating this environment.
In academia, plagiarism concerns grow with AI usage. This course delves into higher education foundations, stressing the severe consequences of plagiarism. It explores how AI exacerbates this issue, navigating potential risks students face when resorting to copied content.
The new AI eLearning collection is available in various learning formats, including case studies, videos, and full and short courses, targeting a global audience. The VinciWorks in-browser editing tool enables HR and learning and development teams to tailor courses in real-time, with visible edits and easy sharing capabilities via a unique link.
Nick Henderson-Mayo, Director of Learning and Content at VinciWorks, commented, “Embracing the transformative power of AI in the workplace demands not only awareness but proactive education. Our AI Compliance eLearning Collection is not just about understanding the intricacies of artificial intelligence; it’s a navigational guide through the ethical considerations, potential risks, and untapped opportunities. In a landscape where adaptability is paramount, this new collection of AI compliance training courses empowers professionals to harness the full potential of AI responsibly.”
To support compliance professionals’ comprehension of AI, VinciWorks is offering a complimentary AI and Compliance guide. For more information on VinciWorks’ AI training collection, click here.
The Post Office scandal is quickly gaining a reputation as one of the UK’s largest miscarriages of justice. For nearly 15 years, the UK Post Office went after operators of sub-post offices across the country, accusing them of committing theft, fraud and false accounting. Many of these sub-postmasters – over 700 were wrongfully prosecuted – were imprisoned, lost their livelihoods or faced bankruptcy. There are four suicides attributed to this scandal.
How did it go so wrong? The Post Office relied on its supplier, Fujitsu, and its Horizon IT system for which the Post Office had contracted to digitise social benefits payments.
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Following earlier rounds of US sanctions on Hamas, the US is now offering up to $10 million for information on five Hamas financiers or anything leading to the disruption of the Palestinian terror group’s financial mechanisms, the State Department reported. The five Hamas financial facilitators under this reward offer are named as Abdelbasit Hamza Elhassan Khair, Amer Kamal Sharif Alshawa, Ahmed Sadu Jahleb, Walid Mohammed Mustafa Jadallah, and Muhammad Ahmad ‘Abd Al-Dayim Nasrallah.
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