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Economic crime causes significant financial damage to companies, and this has been exacerbated by the coronavirus (COVID-19) pandemic. Malicious actors often thrive during times of crisis and upheaval, and the pandemic has disturbed normal business processes, controls and working conditions, enabling many to rationalise bad behaviour that might otherwise have been caught by normal-functioning systems.

Corporate behaviour is coming under increased scrutiny, with some jurisdictions proposing heightened vigilance obligations. And with activist shareholders, employees and other stakeholders utilising both litigation and reputational levers to hold companies to account, internal compliance and whistleblowing procedures need to be fit for purpose. This should extend to all parts of a company’s operations.

It is vital that organisations take steps to protect themselves. Companies can reduce their financial crime risk and maximise their chances of successfully mounting an ‘adequate procedures’ defence, where applicable, by implementing an effective compliance programme, investigating allegations of misconduct and preparing to address inquiries from regulators. Robust processes and procedures are needed to defend against white-collar criminals.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

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