If you help oversee your company’s due diligence and compliance functions, you’re constantly shoring up your battlements to minimize risks that could damage the business. You’re helping make your organization less vulnerable to fraud, noncompliance fines, and loss of reputation. And as you know all too well, these essential duties have increased in frequency and complexity.
Take compliance. Whether your company has to deal with data privacy rules such as HIPAA, or various state, federal, and overseas requirements regarding environmental or financial reporting, it can be all too easy to lose track of changes in regulations, especially across multiple jurisdictions. Some regulatory requirements aren’t always easy to meet. For instance, companies in some investment-related businesses need to make sure that certain employees meet regulatory requirements, such as disclosure of outside business engagements, litigation, and bankruptcies.
Your company also may be involved in making sure new customers, employees, and vendors are who they say they are, and that they are worthy of your company’s trust. In the digital age, that has become a critical task. According to PwC’s 2022 global economic crime and fraud survey, the top external fraudsters companies faced in 2020 were customers (the source of 26% of all fraudulent activity), hackers (24%), and vendors/suppliers (19%). And they’re growing more and more sophisticated in their use of digital weapons. If your company can’t...
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