Kroll Report: only 37% of CFOs maintain active role in developing their anti-bribery and corruption programs.
Big investments into anti bribery programs is showing a decrease in company’s perceived ABC regulatory risks (Anti Bribery & Corruption) but as the very title of the report indicates the reputational risk to a firm still remain high. A company’s reputation can be at risk even if all practical compliance was met and it is this risk that will be top of mind among the board of directors. Goldman Sachs estimated that reputational risks far outweighed the regulatory aspects.
As Matt Kelly from Radical Compliance points out, “boards now see compliance risk as a component of the reputation harm they want to avoid at all cost”
Find the 2017 ABC Kroll Report here
In just a few more months on May 25th, The European Union General Data Protection Regulation (EU GDPR) will go into effect and put at risk every organization that processes data of EU citizens regardless of that organization’s size, industry, and location.
Fines for violations can be up to 4% of the company’s global turnover.
The European Commission defines personal data as, “any information relating to an individual, whether it relates to his or her private, professional or public life. It can be anything from a name, a home address, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer’s IP address.”
The intention of the new GDPR rule was to unify individual data rules across the European Union, especially regarding social networks. But corporations store all sorts of personal data about employees. Think of the HR feeds going into T&E tools like Concur or being sent over to global travel agencies. These will soon all be at risk.
This will result in substantial costs of implementation. So CFOs and CIOs should make sure they have planned these costs into the budgets.