How Risk Management and Due Diligence Interlock?

RISK MANAGEMENT AND DUE DILIGENCE: HOW DO BOTH INTERLOCK?

Risk management and due diligence: How both interlock? These are challenging and complex times. COVID-19 is forcing organisations to adapt quickly and change their business model in the process. In an era of compliance, with many regulations and regional “interpretations”, leaders and organisations need to be careful about how they conduct business, who conducts business in their name and with whom. This demands extraordinary attention to the means and mechanisms used by the organisation.

Due diligence, in legal terms, entails taking reasonable steps to satisfy any legal or regulatory requirement, regardless of the size or type of business conducted. Businesses also need to take several mandated steps to ensure that the organisation remains safe from any unwanted or unauthorised action taken on their behalf. For example, when making an investment such as a merger or an acquisition, the organisation needs to take the appropriate action on the proper due diligence necessary to make the most informed decision possible.

Being casual about the due diligence process is a failure to execute the proper level of investigation regarding the assets being purchased or financed or the management team being backed and vetted.

Where does Risk Management Come into Play?

Risk management is the identification, evaluation, and prioritisation of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unfortunate events or to maximise the realisation of opportunities.

A formal business discipline that relies on the forecasting and evaluation of any risks, along with identification and (where feasible or warranted) implementation of procedures to avoid or minimise their impact. Using ISO 31000 can help organisations increase the likelihood of achieving objectives, improve the identification of opportunities and threats and effectively allocate and use resources for risk treatment.

DOWNLOAD ISO 31000 PLAYBOOK

Risks can come from various sources including your employees. From a risk management perspective, the penalties on conducting business that can result from unwanted or unauthorised third-party relationships or any employee unethical business action are exceedingly high making it imperative to perform due diligence when trying to protect your business and brand.

Inadequate due diligence can easily take down an organisation; from damaged reputation to brand devaluation, from regulatory violations to fines and jail terms for directors, the risks are exceedingly high.

The risks from losses of such potential magnitude should not be ignored. At such cost, implementing the most stringent and effective controls and protections in place even at a cost still makes absolute financial sense. And the only way to fully protect a corporation’s assets, therefore, is through a strong and viable 360 due diligence program.

Learn more about due diligence from this article. When is due diligence most critical?

Managing risk and due diligence should begin with a policy and a plan. Here we will focus on the human element of risk management, specifically background investigations. Organisations need to perform due diligence to make sure that their business is conducted by their employees and through their partners and vendors. Such insurance invariably includes regular security audits, ISO certification, pre-employment background checks, TPRM, etc.

There are several incentives to practice due diligence and perform risk management to ensure you conduct business appropriately and comply with all applicable laws and regulations. Anything less is just asking for trouble and losses!

What Can and Should Organisations and Risk Professionals Do?

The very first step to mitigating risks and exposures starts with a risk assessment. There are plenty of risk assessment checklists and tools available. If you want to dive deeper into how to start a risk assessment, just read our Risk assessment breakdown: Identification, Analysis, Evaluation to learn more. Once risk professionals get a handle on their due diligence processes and other compliance regimes, it’s time to start the entry process into the regulatory life cycle:

1. Prioritisation and planning
2. Implementation of a response
3. Integration of related tools, technologies, audits, processes and procedures to integrate compliance into normal operations

The first steps toward achieving compliances are usually big ones and may require substantial time and effort. But after that, it’s just a matter of sticking to a routine to maintain compliance, meet reporting requirements and keep up with changes to governing regulations and day-to-day tools and operations.

About CRI Group™

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI Group™ launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body established for ISO 37001 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000 Risk Management, providing training and certification. ABAC™ operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group™’s global team of certified fraud examiners work as a discreet, white-labelled supplier to some of the world’s largest organisations. Contact ABAC™ for more on ISO Certification and training.

Prove that your business is ethical with our free Gap Analysis

Evaluation of Corporate Compliance Programs – Highest Ethical Business Assessment: Evaluating Adequate Compliance, Business Ethics, Anti-Bribery and Anti-Corruption Framework

Prove that your business is ethical. Complete our free Highest Ethical Business Assessment (HEBA) and evaluate your current Corporate Compliance Program. Find out if your organisation’s compliance program is in the line with worldwide Compliance, Business Ethics, Anti-Bribery and Anti-Corruption Frameworks. Let ABAC™ experts prepare a complimentary gap analysis of your compliance program to evaluate if it meets “adequate procedures” requirements under the UK Bribery Act, DOJ’s Evaluation of Corporate Compliance Programs Guidance and Malaysian Anti-Corruption Commission.

The HEBA survey is designed to evaluate your compliance with adequate procedures to prevent bribery and corruption across the organisation. This survey is monitored and evaluated by qualified ABAC™ professionals with Business Ethics, Legal and Compliance backgrounds. The questions are open-ended to encourage a qualitative analysis of your Compliance Program and to facilitate the gap analysis process.

The survey takes around 10 minutes to complete.

TAKE THE SURVEY NOW!

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Risk management and its continuous improvement

Risk management requires continuous improvement. Without a company culture strongly aligned with principles of continuous improvement, organisations will struggle to implement, let alone maintain, successful risk management programs. This can be challenging in practice, as cultivating a risk management attitude within a company involves aligning risk initiatives with existing company values, policies and, to put it simply, convincing everyone involved that risk management is worthwhile. However, improving risk culture is possible, and, like many things, it becomes a lot easier when you have a process for it.

Such a process can be separated into three stages:

• Cultural awareness
• Cultural change
• Cultural refinement

Phase one: Building and strengthening cultural awareness

The first stage is building cultural awareness; this will take the form of communications, training, and general education initiatives within the organisation. Here is where companies set risk management expectations and objectives, define roles and responsibilities, and communicate all of these things with their employees. You shouldn’t expect your employees to conform to your ideas about risk management without first taking the time to educate and inform them, whether through formal training or access to knowledge base material or similar.

Successfully building and strengthening cultural awareness about continuous improvement includes:

• Establishing a common risk management vocabulary
• Making sure communications are consistent with said vocabulary and that everyone in the organisation has clear access to all relevant documents
• Being clear about risk management responsibilities and accountabilities.
• Launching and maintaining training programs, providing training support and guidance where needed and as required by different roles and responsibilities within the organisation
• Making sure onboarding processes adequately cover risk management.
• Making sure recruitment processes adequately cover risk management.

Phase two: Changing the way the organisation operates

Once a firm foundation of cultural awareness regarding continuous improvement has been established, it’s time to start thinking about how to gradually change how the organisation operates to reflect these values. This phase begins by recognising and rewarding employees for paying attention to risk and responding to risk in a way that challenges the previously established (pre-continuous improvement) status quo. These motivational systems, rewarding and penalising behaviour according to the established ideals of continuous improvement outlined in the early planning stages, will result in the gradual but certain shift towards a proliferation of continuous improvement-conscious company culture. Another important element is recognising the talent that conforms with the desired vision of continuous improvement and capitalising on this alignment by placing them accordingly in relevant, optimised positions of responsibility or seniority. It’s getting people in the right place to drive the right results.

Some important considerations for this phase:

• Utilising challenge as a motivator for driving cultural change
• Gamifying and quantifying risk performance metrics and rewarding/penalising behaviour accordingly.
• Considering risk management and continuous improvement culture in talent management approaches.

Phase three: Optimising and refining the cultural ecosystem

The third and final stage of cultural adoption of continuous improvement occurs once the company culture has matured to the point of widespread adoption and desired values are already well-entrenched. At this point, the focus shifts to monitoring performance versus expectations and attempting to tweak and refine the system to further improve cultural adoption. The expectations can and will be influenced by a wide range of stakeholders, not just top management; employees, a board of directors, analysts, customers, investors – they all have a say in the definition of cultural expectations because these expectations should directly reflect the whole entity that is the organisation, made up of all its constituent stakeholder parts.

Steps taken during this phase might include:

• Iterating feedback and observations from risk management into training, education, resources, and communications.
• Making sure stakeholders are held responsible for their actions
• Make sure any risk performance metrics or quantifiers are adjusted to reflect risk strategy, goals, and objectives changes.
• The capacity to redeploy and reassign individuals within an organisation according to desired risk culture goals
• Continually reflecting on and refining risk culture by continually changing business goals, objectives, and strategies.

At CRI® Group, we are committed to spreading the knowledge about the risk, compliance management and negative impact of fraud, bribery, and corruption to global businesses and promote transparent business relations across the world. As part of this effort, we want to present you our in-depth risk management and compliance insights – articles, whitepapers, eBooks, and other publications to help organisations overcome fraud, compliance, bribery, and corruption management challenges and tackle risks more effectively.

Don’t miss the opportunity to step up towards transparency and better protection for your business and your career – CRI® Group’s risk management and compliance insights give you a chance to explore these topics in-depth. If you are interested in our solutions, please click below to a free quote or contact us today.

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CRI™ Malaysia celebrates Anti-Corruption Day

Anti-bribery and anti-corruption efforts are a huge priority in the South Asia Region, with many governments trying to strengthen laws and enhance enforcement in both their private and public sectors. As recent high-profile corruption cases in the region have demonstrated, today’s regulators are seeing the issue as a societal problem as much as a legal one. That’s why CRI™ Malaysia celebrates Anti-Corruption Day partnered with the Malaysian Anti-Corruption Commission (MACC), Transparency International Malaysia (TI-M), the Malaysian Anti-Corruption Foundation and the Malaysian Youth Council for International Anti Corruption Day to raise awareness throughout Malaysia and beyond of the risks posed by bribery and corruption. Themed “United Against Corruption,” the event, held 9 Dec.  in Kuala Lumpur, placed the focus squarely on stepping up the fight against corruption and helping position Malaysia a leader against fraud in the South Asia region.

United Against Corruption received extensive coverage in the press – including articles in the The Borneo Post, The Sun Daily, The Edge Markets and other outlets, and a video posted on MACC’s YouTube channel – helping to fulfil the goal of increasing awareness among the general public. As reported in The Borneo Post (“International Anti-Corruption Day celebrated nationwide,” 10 Dec. 2018), the event was held in conjunction with the Premier Walk-About Program and “celebrated simultaneously throughout the country to raise public awareness on the dangers of corrupt practices”.

Efforts increase following 1MDB scandal

The high-profile push against bribery and corruption comes just a few years after the 1MDB scandal first hit the news cycles in Malaysia and, eventually, across the world. Malaysia’s state-owned investment fund, 1MDB, was created to attract foreign investment, but instead it triggered a scandal that led to criminal and regulatory investigations that continue today. “A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions related to 1MDB. In May, Najib was ousted from power in a general election as the scandal fuelled a voter backlash that ended his party’s 61 years of rule. As the investigations continue, Najib faces trial on corruption charges and U.S. prosecutors have implicated at least three senior Goldman Sachs Group Inc. bankers in a multiyear criminal enterprise” (Bloomberg, 2018).

After-effects from the 1MDB case spread far beyond Malaysia and the South Asia region. In the U.S., federal prosecutors announced that one of the implicated former Goldman Sachs bankers had pleaded guilty, with bribery and money laundering charges lodged against a second banker as part of the investigation.

With eyes on Malaysia due to the breadth of the 1MDB scandal, the Malaysian Anti-Corruption Commission (Amendment) Act 2018 was passed in April of this year – with a provision on corporate liability. The amended act gives more power to the MACC in fighting corruption in the private sector, with penalties for firms that can now be held liable if their employees commit bribery.

On 25 Sept. 2018, Mohd Nur Lokman bin Samingan, Assistant Commissioner at Malaysian Anti-Corruption Commission, spoke in Kuala Lumpur at CRI Group’s Anti-Bribery Anti-Corruption (ABAC) Summit 2018, where he explained some of the key objectives of the 2018 Amendment Act. Among them, the new provisions are meant “to encourage business and commercial activities being carried out in a corruption-free environment; to encourage all commercial organisations to take adequate measures in order to prevent corruption in their respective organisations; and to promote better corporate governance and legal compliance by requiring corporations to take proactive roles in preventing corruption”. Mr. Mohd Nur Lokman went on to explain that punishment for bribery and other corrupt acts under the amendment can include fines “of not less than 10 times the sum of value of the gratification which is the subject matter of the offence”, or one million ringgit (whichever is higher) – and can also include imprisonment for a term not exceeding 20 years.

What is clear to everyone, however, is that governments cannot fight the war on corruption alone. It is critical for government organisations to work hand-in-hand with private sector corporations, non-governmental organisations (NGOs) and nonprofits to change the culture and tolerance level of bribery and corruption along with the legal framework for prosecuting it. In today’s business landscape, companies have found that it is far better to be proactive in the fight against fraud rather than to try to sweep problems under the rug. The problem in years past was a lack of a consistent framework for organisations to follow in efforts to increase their compliance and decrease risk on their own.

ISO 37001 Anti-Bribery Management System

That’s why the International Organization for Standardization (ISO) issued the ISO 37001 Anti-Bribery Management System standard in 2016: to help organisations worldwide increase and measure their efforts against bribery and corruption. As an accredited provider of ISO 37001 training and certification, CRI Group has been helping organisations at every level through measures that include adopting an anti-bribery policy, appointing a person to oversee anti-bribery compliance, training, risk assessments and due diligence on projects and business associates, implementing financial and commercial controls, and instituting reporting and investigation procedures. Experts in CRI Group’s ABAC Centre of Excellence help walk clients through specific requirements and provide guidance for establishing, implementing, maintaining, reviewing and improving an anti-bribery management system. The system can be stand-alone or can be integrated into an overall management system.

ABAC Group’s ISO 37001 training and certification process helps companies or government organisations reduce the risk of bribery by establishing, implementing, maintaining and enhancing internal anti-bribery and anti-corruption systems. This comprehensive protocol can:

• Provide needed tools to prevent bribery and mitigate related risks
• Help an organisation create new and better business partnerships with entities that recognise ISO 37001 certified status, including supply chain manufacturing, joint ventures, pending acquisitions and co-marketing alliances.
• Potentially reduce corporate insurance premiums
• Provide customers, stakeholders, employees and partners with confidence in the entity’s business operations and ethics
• Provide a competitive edge over non-certified organisations the organisation’s industry or niche
• Provide acceptable evidence to prosecutors or courts that the organisation has taken reasonable steps to prevent bribery and corruption.

Which organisations need ISO 37001?

ISO 37001 can be used by any organisation, large or small. It specifies a series of common-sense measures to help prevent, detect and address bribery that can benefit organisations of any industry or type. These include adopting an anti-bribery policy, appointing a person to oversee anti-bribery compliance, training, risk assessments and due diligence on projects and business associates, implementing financial and commercial controls, and instituting reporting and investigation procedures.

United Against Corruption helped to bring to the forefront an issue that must remain near or at the top of the priority list for most organisations in the South Asia region. With anti-bribery and anti-corruption laws and regulations changing at a rapid pace, organisations must keep up with the latest compliance requirements. In fact, many South Asia governments are trying to improve on spotty records of prevention and enforcement when it comes to bribery and corruption in both their private and public sectors. That’s why implementing a standard like ISO 37001 – Anti-bribery Management System can be invaluable to organisations that aim to have a comprehensive approach to compliance in this area.

Who is CRI Group™?

Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI Group™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC™ operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC™ for more on ISO Certification and training.

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Corruption won’t stop: is your organisation protected?

In one case, an enforcement agent for a Malaysian government department pleaded guilty for receiving a bribe from a business owner. In another, a U.S. district attorney from Philadelphia was accused of taking cash in return for helping people with their legal cases. He was accused of 28 counts of bribery, and in the end was given a deal to plead guilty on one count. Both cases show how easy it is for organisations to fall victim to bribery and corruption.Businesses, non-profits, government organisations both face a risk to their financial well-being and reputation.

In Malaysia, the case centred around an employee of the Domestic Trade, Cooperatives and Consumerism Ministry. According to the article “Domestic Trade enforcement staff fined RM1,200 for bribery” published in the New Straits Times, Muhammad Mat Sa’ad, 36, was charged with taking bribes from a fuel storage owner in 2014. His case was prosecuted by the Malaysian Anti-Corruption Commission (MACC).

In the U.S., Philadelphia’s top law enforcement officer, District Attorney R. Seth Williams, pleaded guilty to bribery in a more sweeping case with some very troubling details. According to the New York Times article “Philadelphia District Attorney Pleads Guilty to Bribery and Resigns,” Williams allegedly accepted bribes from business people in return for offers of legal help with their cases or those of their friends. But he may have also defrauded his own mother.

The article states:

“Mr. Williams accepted gifts including a trip to the Dominican Republic and checks for thousands of dollars from people who wanted favours, prosecutors said. According to an indictment by the United States attorney’s office for New Jersey, he promised one of the business people that he would “look into” a case that had been brought against a friend of that person.

He also faced charges including wire fraud and extortion for his alleged personal use of political action committee funds and government vehicles. Among the most damaging charges against Mr. Williams was that he defrauded a nursing home and family friends of money that was designated for the care of his mother.”

He faces a up to five years in prison and a fine of up to $250,000.

These types of troubling cases can likely be prevented with the right training, internal controls, and certification. The International Organization for Standardization (ISO) issued the ISO 37001:2016 Anti-Bribery Management System standard to help companies worldwide increase and measure their efforts against bribery and corruption.

CRI® Group is registered as a foremost ISO 37001:2016 Certification Body with the Dubai Accreditation Center (DAC) Government of Dubai, UAE, and has formally launched its ISO 37001:2016 Anti-Bribery Management Systems certification program. ISO 37001:2016 certifies that your organisation has implemented reasonable and proportionate measures to prevent bribery. These measures involve top-level leadership, training, bribery risk assessment, due diligence adequacy, financial and commercial controls, reporting, audit and investigation.

Through CRI® Group’s 3PRM-Certified™, the ISO 37001:2016 Anti-Bribery Management System Certification will help your company, organisation or department to reduce risk of bribery and corruption by establishing, implementing, maintaining and improving your management system. The certification empowers you with the ability to safeguard and maintain the integrity of your company by:

• Guaranteeing that all workers and agents are devoted to the latest anti-bribery practice.
• Regularly validating compliance to appropriate legislation like the FCPA and UK Bribery Act 2010.
• Jointly cooperating with stakeholders to observe and reduce the risks throughout your supply chain.
• Externally scrutinising your company, testing the effectiveness of your anti-bribery policies and processes.
• Creating “Compliance in Action.”

ISO 37001:2016 Anti-Bribery Management System certification is offered under CRI® Group’s ABAC® Centre of Excellence, an independent certification body established for Anti-Bribery Management System training and certification, ISO 37301 Compliance Management Systems and Risk Management System certification. The program will be tailored to your organisation’s needs and requirements. For assistance in developing and implementing a fraud prevention strategy, contact ABAC® today or get a FREE QUOTE now!

Who is CRI® Group?

Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI® Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI® Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.

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ISO 37001 certification: enhance your reputation and credibility

Bribery and corruption are serious concerns to businesses, government agencies and non-profit organisations. In fact, the risk of being associated with the negative impacts of this type of fraud extends to third party partners and influences present and future businesses relationships.

In this business climate, consider the tremendous advantage your organisation will enjoy if it is ISO 37001:2016 certified to prevent bribery and corruption, a designation you can proudly communicate to the public and market to potential partners. CRI® Group‘s ABAC® Center of Excellence provides that assurance – not just to you, but to your potential partners, as well.

Due diligence as a critical business tool

When it comes to due diligence, CRI® Group helps organisations thoroughly evaluate third-party partners for red flags, such as:

• Reputational risk
• Compliance risk
• Operational risk
• Business risk
• Strategic risk
• Credit risk
• Country/location risk

The flip side of that coin is that organisations that are identified as ethical and maintaining a zero-tolerance approach to fraud gain immediate preference over others in their industry or field. By engaging with CRI® Group, your organisation can immediately see the benefits of ISO 37001:2016 certification by being established and recognised as a potential partner or provider that is ethical and effective at preventing bribery and corruption, satisfying all of the risk criteria above.

The benefits of being certified

Here are just a few of the benefits of participating in training and certification opportunities offered through ABAC® Center of Excellence:

• ISO 37001:2016 certification helps ensure that your organisation is implementing a viable anti-bribery management system.
• It provides assurance to management, investors, business associates, personnel and other stakeholders that the organisation is actively pursuing internationally recognised and accepted processes to prevent bribery and corruption.
• In legal proceedings, having completed the certification process provides acceptable evidence to prosecutors or courts that the organisation has taken reasonable steps to prevent bribery and corruption.
• Certification helps set your organisation apart as a proactive, ethical team that would be a preferred partner, supplier and/or service provider for other businesses or agencies.

Don’t delay – the sooner your organisation is certified to prevent bribery and corruption, the sooner you can build stronger and more beneficial relationships.

ISO 37001:2016 Anti-Bribery Management System certification is offered under CRI® Group’s ABAC® Centre of Excellence, an independent certification body established for Anti-Bribery Management System training and certification, ISO 37301 Compliance Management Systems and Risk Management System certification. The program will be tailored to your organisation’s needs and requirements. For assistance in developing and implementing a fraud prevention strategy, contact ABAC® today or get a FREE QUOTE now!

Who is CRI® Group?

Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, TPRM, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- Guidelines; ISO 37000:2021 Governance of Organisations; ISO 37002:2021 Whistleblowing Management System; ISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS); Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC® offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC® for more on ISO Certification and training.

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Manage business intelligence and identify risks

Gathering intelligence isn’t just the stuff of spy movies. It’s also an important part of the business world – and when conducted legally, ethically and effectively, it is a critical tool for any organisation seeking to be successful in their industry or field.

Business investigations are about more than just identifying risk factors or weaknesses. They also reveal opportunities, from emerging commercial markets to potential new partnerships and acquisitions. At CRI® Group, our business intelligence revolves around giving you the information and the edge you need to make smart, insightful decisions that help grow your business.

Consider this: How quickly is the business world-changing in the face of technology and our interconnected world? What is your organisation doing to stay ahead of this curve and position yourself to take advantage of opportunities as they develop? In this article, we’ll talk about how business intelligence can help you grow your business while also avoiding some serious pitfalls.

Market research & analysis: Your key to information

CRI® Group’s market research & analysis experts gather the facts you need to make critical decisions, from entering new markets or industries to partnering with other organisations. Our service is based on getting you accurate information on a timely basis, interpreting and communicating it in a way that makes it easy to integrate it into your business planning.

For example, our CRI® Group’s agents put their investigative skills to work for you by helping you identify and analyse the following factors in your organisation’s market:

• Unmet needs. What gap can your organisation help fill?
• Consumer behaviour and business trends. How can your organisation take advantage?
• Brand awareness and identity. Is your organisation known and respected?
• Commercial viability and potential for success. What’s holding you back?

CRI® Group’s experts also know business trends and market changes and will guide you through the process of effectively communicating your brand and marketing your product through times of transition.

Commercial investigations: Know what you’re getting into

Mergers, partnerships and acquisitions represent another exciting area of potential growth for your organisation. But never go into such major engagements blind. CRI® Group’s comprehensive and thorough commercial investigation services involve a review of all relevant information concerning virtually any business on the planet to ascertain past business dealings, criminal records, executive stability and suspect associations.

Before you engage with another entity, CRI Group’s experts focus on the other organisation’s industry experience, its financial condition, knowledge of applicable laws and regulations, reputation, and the scope and effectiveness of its operations and controls. Our commercial investigations can reveal:

• Details of the organisation’s business and operations
• The organisation’s financial condition and reputation
• Any past or present litigation involving the organisation
• Background checks of the organisation’s key principals
• Reference checks, including peer businesses and industry groups
• Certifications, quality controls and continuous improvement initiatives
• The organisation’s experience in implementing and delivering on the proposed scope of services
• The organisation’s culture, vision and business style
• The organisation’s internal controls, information systems, security, confidentiality and contingency planning documents
• Any existing working relationships to gauge the reliance on subcontractors
• Adequacy of insurance coverage
• Marketing and customer service practices

In business, you need every piece of information available in order to position your organisation for success. With the right mix of market research and analysis and commercial investigations, opportunities will be clearer, and engagements become more secure. Contact CRI® Group today to learn how our business intelligence services can help.

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Fraud: Ripple effects of the Hurricane Harvey

As Hurricane Harvey devastates the Texas coast and the U.S. megacity of Houston, however its ripple effects go beyond as investigators will be on high alert for another type of threat: fraud.

Disaster fraud is nothing new. Law enforcement, prosecutors and other legal authorities in eight different countries are still dealing with cases from 2012’s Hurricane Sandy, which devastated the Caribbean and eventually wreaked havoc upon the U.S. eastern seaboard. In New Jersey, new indictments reported just last month indicate how long these investigations can take, and how lengthy the process can be.

And that’s just for those who get caught.

According NJ.com in New Jersey, five more individuals face charges for filing fraudulent applications for relief funding, bringing the tally there to 100. As the article reports:

The latest group filed claims for homes they said were primary residences when they were not, the state Attorney General’s Office said.

Most state and federal relief programs are only available to those whose primary residences were damaged by the storm.

But there are other risks as well. Relief organizations have been charged with misappropriating funding meant as direct aid for disaster victims. Materials and supplies earmarked for disaster areas are sometimes horded, sold or otherwise used contrary to their purpose. And sham “charities” can pop up overnight, soliciting cash donations under the pretence of relief, while that money actually lines someone’s pockets.

Now, as another disaster unfolds, CRI Group offers some guidelines for individuals, corporations and non-profit organisations to follow as they seek to provide aid.

Research the charity

Disasters unfold quickly, but some quick checking online can help establish whether a charity or non-profit aid group is legit. Make sure it is tax exempt and rated by an external evaluation site, like GiveWell or Charity Navigator.

Look out for “new” charities

If a charity or non-profit aid group has no history, very little trail on the Internet, no registration with the government nor any testimonials online, it might be fake or fraudulent. It’s better to give your donation to an established, charitable organisation.

Be suspicious of solicitations

Social media posts, mass or spam emails, all requesting quick cash donations could be red flags of fraud. Look for inaccurate or incomplete information about the disaster, the location, and the charity itself. Double check the credibility of the charity and don’t donate through an email link – instead, visit the organisation’s website directly. After doing so, if you’re comfortable that it is a legitimate group, consider making your donation.

When disaster strikes, people need help. The generosity of others can mean the difference between life and death for those who are suffering. But we must always be cognisant of the fact that fraudsters are opportunists. Any situation that creates urgency and chaos is a scenario they will seek to exploit.

As with all other business matters, conducting due diligence investigation will help cut down on disaster fraud – and provide you with the peace of mind that your contribution is going where it can do the most good.

Who is CRI Group?

Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.

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