As the new year gets underway we take a closer look at some global themes we expect to see in 2023, a year where compliance is truly in the spotlight.
In this bulletin we highlight our top picks for 2023, offer tips to help you to deal with them (including a guide on how to conduct an internal investigation and free training).
Compliance in the spotlight: How we got here
The 2022 Russian invasion of Ukraine heralded a spike in energy and other commodity prices fuelling global inflation. This is being met with increased interest rates and the imposition of unprecedented sanctions packages against Russia. These have triggered recessionary fears, increased interest rates and economic headwinds.
Sloppy or non-existent due diligence has embarrassed investors and high-profile backers in two huge corporate failures. Rudimentary due diligence would have uncovered that Theranos technology simply did not exist and that Sam Bankman-Fried’s FTX had no corporate controls. Both cases have resulted in convictions and/or guilty pleas for fraud and the multibillion US$ collapse of each business.
This cocktail of war, tightening economies and high-profile corporate failures resulting from frauds will drive increasing scrutiny of businesses by stakeholders and commercial counterparties as focus returns to due diligence and compliance.
Read on for our pick of compliance trends this year.
Auditors requiring internal investigations if misconduct suspected
We are seeing auditors increase...
A slew of NYPD officers recounted on Sunday horror stories from their careers in which they say they were falsely accused of sexual misconduct and, despite being exonerated, had the allegations sh...