VinciWorks

Train your entire organisation on fraud prevention

Preventing fraud and unethical business practices is a constant challenge for any organisation. The key to prevention is recognising red flags and having the necessary protocols in place to ensure business integrity. Our fraud and fair competition courses offer a comprehensive look into the critical issues surrounding fraud prevention, fair competition, and ethical business practices. The training empowers individuals and businesses alike to uphold fair competition and integrity in all aspects of their operations.

With our in-browser editing tool, you can now tailor any of the courses in real-time to reflect your organisation’s specific protocols for maintaining business integrity. Edits are clearly visible as you make them and results can easily be shared with your colleagues via a unique link.

Compliance
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4 min read

More than 70% of Compliance Professionals Lack Protective Measures Against AI Breaches, According to New Survey

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.

Religion, Belief & Bereavement: A workplace guide to religious sensitivities when employees are coping with loss

Many people turn to religion when confronted by grief or going through a mourning process. Even if someone is not very religious, cultural traditions for coping with loss are often relied upon when going through a period of bereavement.

But it can also be tricky for workplaces to know how to best support their employees who are mourning, given the wide diversity of religious beliefs, practices and traditions.

Should you send flowers, or food? Will the funeral be straight away, or days and weeks later? Is it appropriate to say Rest in Peace? Does the religion believe in an afterlife?

On-demand webinar: Global sanctions compliance in 2024

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:

Recent sanctions issues and key compliance challenges and lessons to be aware of in the present volatile international landscape.
The creation of the Office of Trade Sanctions Implementation (OTSI), the UK’s newly created body that will be responsible for the civil enforcement of trade sanctions, including those against Russia.
The ever-relevant crossover between sanctions, terrorist financing, and AML, which has become increasingly important as the world faces rapidly evolving geopolitical challenges.
The effectiveness of financial sanctions in general and those against Russia in the past two years in particular.
Cases of sanctions breaches and consequences.
Tips for sanctions compliance for both regulated and non-regulated businesses.

Watch on-demand

On-demand webinar: Making your organisation more menopause friendly

Many organisations discuss gender equality and promoting women, particularly older and more experienced women. But what does this look like in practice? What are the practical steps to supporting older women in the workplace, and how can barriers to success be overcome?

One highly effective strategy is making your organisation menopause friendly. Older women are one of the fastest growing in today’s workplace, and research has shown that nearly two-thirds of women have taken time off work due to their symptoms, with some even leaving their jobs due to not being supported in their workplace.

In this webinar, VinciWorks compliance experts will take you through the steps your organisation can take to become menopause friendly. From implementing a menopause leave policy to environmental factors affecting a workplace, this session will inform you on why making your organisation menopause friendly is a cost-effective, impactful and necessary initiative.

The webinar featured an interview with Dr Rebecca Lewis from the highly respected Newson Health Menopause and Wellbeing Centre.

This session covered:

The basics of menopause as a diversity and inclusion issue
Building a coalition for progressive menopause change in an organisation
Countering common myths, stigmas and stereotypes
Top tips for implementing a menopause leave policy
Tackling environmental, organisational and cultural factors on menopause

Watch on-demand

Thought Leadership
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12 min read

The regulatory horizon. What does a Labour government have planned for compliance?

Consistent polls are showing that the Labour Party will be in for a 1997-style landslide come the next British general election, expected sometime in 2024. In the run up to the election, the Labour Party have been setting out their agenda for government. In this blog, we examine the likely regulatory priorities for government, and what this could mean for compliance.

Anti-Money Laundering Thought Leadership
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3 min read

VinciWorks’ AML Core Group continues to grow

Last week saw the third in VinciWorks’ successful series of AML core group meetings and the first of 2024. These meetings are an opportunity for AML professionals in the world’s leading law firms to come together to share ideas and best practice hosted and facilitated by the VinciWorks and Compliance Office team.

Impact of ECCTA

VinciWorks’ Business Development Director Tom Evans gave a recap of the Economic Crime & Corporate Transparency Act (ECCTA) and its impact on KYC processes for firms. ECCTA has brought the biggest ever changes to Companies House since its inception, giving it new powers to act as an active gatekeeper to check and reject company registration details. ECCTA also introduces reforms to how LLPs are managed. LLPs must now have a UK-registered office. Many of the core group members have set up working groups on ECCTA.

Compliance Diversity and Inclusion ESG Fraud Awareness
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5 min read

Compliance Crisis Unveiled: 44% of Compliance Professionals Admit Unpreparedness for 2024 Challenges

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:

1. Fraud Prevention Training

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.

3. Neurodiversity Training

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.

Anti-bribery Anti-Bribery and Corruption
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8 min read

Transparency International’s Corruption Perception Index 2023: What are the riskiest countries for bribery and corruption?

The annual list is a must-read for global businesses

The anti-corruption NGO Transparency International has released their annual report into perceptions of corruption and bribery across the world. This list forms a critical part of any organisation’s bribery and corruption risk assessment. Countries within the supply chain or which are significant markets or resources should be assessed for their bribery and corruption risks, with the Transparency International Corruption Perception Index (CPI) forming a key source for bribery mitigation measures.

If a country which forms a critical part of the supply chain, base of operation, or otherwise plays a significant role in a business, a lower score on the Corruption Index should be incorporated into a bribery risk assessment, and would necessitate further anti-bribery risk mitigation measures.

Guides
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3 min read

The Corporate Sustainability Due Diligence Directive, explained – Free guide

This new EU initiative, designed to promote sustainability in the EU and globally, will impact companies in the EU and beyond. Here’s how you can get ready for it

The Corporate Sustainability Due Diligence Directive (CSDDD) is a new piece of legislation that will have far-reaching implications for EU companies and all companies doing business in the EU. It wants to ensure that companies operate sustainably and responsibly. The reporting requirements will be stringent and are designed to get companies to protect the environment, maintain social justice and promote a stronger, sustainable economy.

Download guide

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