The global economy has suffered two significant shocks — first, the pandemic sent shockwaves through every organization, and second, the war in Ukraine. Both of these events exposed the importance of risk management, especially with regard to supply chain and distribution operations. Hence, the renewed focus on third-party risk management and the repetitive description of “holistic” third-party risk management. Reality forces change, and we are now experiencing significant adjustments to overall risk management procedures. At the top of every list has to be third-party risk management beyond legal and compliance risks — we have new disruptive risks that have to be identified, quantified, or ranked and then addressed.
Michael Volkov outlines the new reality and opportunities stemming from holistic third-party risk management in this episode.
Tag: corruption
In today’s edition of Daily Compliance News:
- FTC fines Twitter $150MM. (NPR)
- Shocking sanitary conditions at shut down baby formula plant. (NYT)
- Illinois corruption probe yields secret recordings. (The Center Square)
- Disney drawn into Anaheim corruption probe. (WSJ)
In the Episode, I am joined by John Warren Vice President and General Counsel at the Association of Certified Fraud Examiners. We discuss the 2022 ACFE Report to the Nations, which is the most comprehensive report on the global scourge of fraud. It is a fascinating look of how fraud occurs, where is occurs and the steps you can take to prevent it.
Some of the highlights include:
- What is the ACFE Report to the Nations? How often is it released? What are you trying to capture?
- What are some of the big picture findings of the Report?
- What is the annual cost of global fraud?
- Why are hotlines so critical to fraud detection?
- What is the fraud tree?
- What are the 5 critical areas of occupational fraud reviewed?
- What does the Report to the Nations tell us about corruption?
- What detection/prevention areas are the most effective for corruption?
You can download a copy of the ACFE 2022 Report to the Nations by clicking here.
In today’s edition of Daily Compliance News:
- JPMorgan shareholders disapprove of CEO pay package. (Reuters)
- Allianz pleads guilty. (NYT)
- DOJ to require CCO certification. (Compliance Week)
- Top Nigerian accountant arrested in $193MM theft. (Bloomberg)
In today’s edition of Daily Compliance News:
· A Virtual currency put on sanctions list. (WSJ)
· Business travel rebounds. (Bloomberg)
· Feds move to seize Armenian politician mansion in LA. (LATimes)
· Twitter shareholders sue to stop Musk purchase. (Reuters)
In today’s edition of Daily Compliance News:
· Howard Schultz goes on a listening tour. (Inc.)
· Will SEC (and DOJ) gags in agreed Orders end? (NYT)
· Russian threat to the global energy industry. (WaPo)
· Waging war on Putin’s corruption. (Seattle Times)
