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How to handle the ethical dilemmas caused by AI, Data Analytics and the Blockchain?

25 March 2019

by Geert Vermeulen

Since my visit to the World Economic Forum in 2018 I have been following the technological developments in IT and the medical sciences with great interest. These two industries have something important in common. The technological developments are progressing at an astonishing pace. Great benefits lie ahead of us. However, these same developments also trigger a whole lot of ethical dilemmas. Organizations struggle with them. They don’t know how to deal with these issues and as a result they ask for more legislation. So, I was thinking: Are new laws really the best answer to these ethical dilemmas? And who would be in a better position to facilitate this debate than the Ethics & Compliance Officers? I am going to let the developments in the medical industry rest for a future occasion and concentrate on the IT developments. In my view, we have recently witnessed a couple really exciting developments in this area, namely the rise of blockchain, data analytics and artificial intelligence. Continue reading…

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FCA puts the spotlight on debt management firms

22 March 2019

The Financial Conduct Authority (FCA) has published its second thematic review of the debt management sector, looking at commercial and not-for-profit firms that provide debt advice and administer debt management plans to help customers deal with their debts. The FCA’s first thematic review in 2015 found significant concerns with the quality of advice being given by commercial providers in particular. Today’s review shows that most customers are getting better advice and outcomes today than was previously the case. Continue reading…

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Unlocking Beneficial Ownership a Key Concern in New ABC Benchmarking Report

10 June 2018

Rising concern about opaque and suspect third-party corporate ownership structures is a notable finding in the Kroll / Ethisphere 2018 Anti-Bribery and Corruption Benchmarking Report. When senior executives working in ethics, compliance or anti-corruption were asked to rank the reasons that potential third parties failed to meet their companies’ standards, risks associated with beneficial structures rose from fifth to third when compared to the previous year’s survey. While still ranking behind general reputational or integrity concerns, and conflicts of interest, such risks were elevated above questionable relationships with politically exposed persons, and unusual contract and payment structures. About 60 percent of respondents reported that they were concerned or very concerned about beneficial ownership risks associated with their third parties, and only one in five were ‘very comfortable’ with the mechanisms they had in place to address these risks. A similar proportion was minimally or not at all comfortable. Continue reading…

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ESMA report values EU Alternative Investment Funds at € 4.9 trillion

21 March 2019

The European Securities and Markets Authority (ESMA) published its first statistical report on European Union (EU) Alternative Investment Funds (AIF). The study finds that the EU AIF sector in 2017, as measured by Net Asset Value (NAV), amounted to €4.9tn or nearly one third of the total EU fund industry. The report is based on data from 26,378 AIFs, or 80% of the market, and will be published annually. Continue reading…

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Mark Dunn
Mark Dunn

Global spread

01 February 2018

In October 2016 the International Standards Organisation issued the ISO 37001, a new standard that organisations and companies can use to certify their anti-bribery and corruption compliance procedures. The ISO 37001 was agreed by standards bodies in 37 countries and it is already being promoted by many countries across the world. Peru became the first Latin American country to implement the standard. One reason given for this is that in 2015 the country lost nearly $4 billion because of misappropriation of public funds, bribery and other types of corruption. The government of Montreal in Canada has appointed someone to analyse and propose how to apply the principles of the ISO 37001 to the city. Earlier, Singapore’s Corrupt Practices Investigation Bureau (CPIB) launched the Singapore Standard, which is based on the ISO 37001. The standard has also been widely adopted in the Middle East and North Africa. Colin Keeney of Deloitte notes that six of the 37 countries involved in crafting the standard came from this region.

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