Capturing New Compliance Risks: What’s Beyond the Horizon?

In the context of a major military conflict in Europe and a post-COVID world, managing new areas of risk has become a common theme for compliance, risk and legal professionals.

Global Anti-Corruption and International Risk Co-Chair Amanda Raad moderated a panel at the Economic Crime Prevention and Compliance Conference this week on how compliance programs can effectively seize new risks.

It’s no surprise that the majority of the audience identified sanctions as the newest and most challenging area of ​​risk organizations have faced this year.

Significantly, due to the attention sanctions have received in the media and among global regulators, pushing sanctions compliance has quickly moved to the top of the agenda for most organizations.

Indeed, as Laura Artherton (General Counsel, Global Health Unit, GSK) has pointed out – not so long ago compliance staff were taking the lead in leading organizations through a different global crisis. , COVID-19.

The panelists certainly agreed that managing the widely publicized global risks provided them with a platform to bring together different units within their organizations to bring about a step change in compliance.

But what happens when new risks are not as global or high profile, do they get enough attention within organizations?

Interestingly, while sanctions remained a vibrant compliance minefield, the audience identified two other areas of risk that they felt were not adequately addressed in their compliance program. organisation: (i) third parties; and (ii) sexual misconduct.

To be sure, third parties have increasingly come under new scrutiny, with sanctions compliance requiring organizations to perform proper due diligence and screening. But what about sexual misconduct, a risk area that often only gets attention within an organization when an issue comes to light?

Immersed in a major military conflict in Europe just after a post-pandemic world, have compliance teams looked to the horizon to think about the new risks they should anticipate and address?

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