Seven Types of Business Risk You may Want to Address in Your Company

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FCRA: Risk Assessment and Financial Crime

A thorough understanding of its financial crime risks is key if a firm is to apply proportionate systems and controls. The following are self-assessment questions to help you implement an efficient risk assessment to mitigate the risk behind finance crime.

Self-assessment questions:

• What are the main financial crime risks to the business?
• How does your firm seek to understand the financial crime risks it faces?
• When did the firm last update its risk assessment?
• How do you identify new or emerging financial crime risks?
• Is there evidence that risk is considered and recorded systematically, updated assessments, and appropriate sign-off?
• Who challenges risk assessments and how? Is this process sufficiently rigorous and well-documented?
• How do procedures on the ground adapt to emerging risks? (For example, how quickly are policy manuals updated and procedures amended?)

Examples of good practice:

• A comprehensive risk assessment.
• Risk assessment is a continuous process based on the best information available from internal and external sources.
• The firm assesses where risks are greater and concentrates its resources accordingly.
• The firm actively considers the impact of crime on customers.
• The firm considers financial crime risk when designing new products and services.

Examples of poor practice:

• Risk assessment is a one-off exercise.
• Efforts to understand risk are piecemeal and lack coordination.
• Risk assessments are incomplete.
• The firm targets financial crimes that affect the bottom line (e.g. fraud against the firm) but neglects those where third parties suffer (e.g. fraud against customers)

Using An External Services Provider to Conduct Your Financial Crime Risk Assessment

Aside from it often being difficult to schedule time for this type of review or know where to start, there is considerable benefit in having an independent, objective review of the financial crime risks your business faces. Corporate Research and Investigations Limited (CRI Group™) has a wealth of knowledge in Financial Crime and can help you identify risks and exposures that might otherwise be missed, thereby enabling appropriate procedures to be put in place.

To engage CRI Group™ to conduct your Financial Crime Risk Assessment, contact the CRI™ team. CRI™ has a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your organisation.

About CRI Group™

CRI Group™ has protected businesses from fraud, bribery and corruption since 1990. We are a leading Compliance and Risk Management company licensed and incorporated entity of the Dubai International Financial Center (DIFC) and Qatar Financial Center (QFC). CRI™ protects businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business.

In 2016, the company launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence. This independent certification body helps organisations mitigate internal and external risks by providing a complete suite of Anti-Bribery, Compliance and Risk Management programs.

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, 

In 2016, CRI Group™ launched the 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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What is Fraud Investigation?

Fraud is one of the biggest and most damaging risks businesses face. The headlines are full of organisations both in the private and public sectors affected by fraud, irregularity or other wrongdoing – either as a victim or accused. Statistics show that the threat of Corporate Fraud increases markedly in a down economy. And when such fraud occurs, it takes an average of 18 months to detect. In that timeframe, the damage to your business can be both widespread and irreversible. The hidden costs related to corporate fraud drains an estimated five per cent of revenue from corporations worldwide.

Fraud Risk Assessment and Fraud Risk Management: A Proactive Approach to Prevention and Detection

Historically, most major corporate fraud cases have been perpetrated by senior management who can circumvent internal controls and often work in collusion with other employees. By establishing a strong workplace environment that promotes ethical behaviour, deters wrongdoing and encourages all employees to communicate any known or suspected activity to the proper authority, you would be taking a proactive approach to prevention and detection.

What is the Fraud Investigation Process?

When fraud is suspected within the organisation, CRI Group’s experienced fraud analysts use proven techniques to aggressively investigate the case, collect evidence and determine the facts. Once the type of fraud is determined, a process of gathering all evidence possible to bulk out the investigation case starts. Evidence can be collected through a variety of means and methods.

These methods include conducting detailed asset checks, background verifications, surveillance checks and stylised forms of investigation and analysis; including employee investigations and investigations of an entire business. Subsequently, the victims and potential fraudsters will be interviewed.  Our analysts work with your management, internal security and legal teams to uncover the truth and bring proper closure to the case.

Are You Auditing Your Fraud Prevention Program Regularly?

• Review and assessment of your current fraud risk management program, including policies, procedures, controls, reporting functions, responsibilities assignment and investigative requirements to identify the organisation’s susceptibility to fraud and vulnerability by the department.
• Developing fraud prevention measures and implementing Anti-fraud controls.
• Defining detection methods that encompass internal audits, suspicious transaction reporting, whistle-blower strategies, and program enforcement.
• Re-engineering targeted job functions or internal controls to mesh with fraud risk management program refinements.

Take Extra Precaution with Fraud and White-Collar Crime Investigations

Fraud and white-collar crime investigations and risk consulting services have helped financial institutions, corporations, partnerships, and individuals worldwide minimise fraud and thereby satisfy capital markets, reduce legal costs, and maintain their reputation and brand equity. CRI Group’s global team of Certified Fraud Examiners are trained in virtually every aspect of corporate fraud, including:

• Money Laundering
• Intellectual Property Crimes
• Embezzlement
• Check & Credit Card Fraud
• Online Cybercrime
• Accounting Fraud
• Cash Theft
• Asset Misappropriation
• Bribery
• Corruption
• Contract & Procurement Fraud
• Payroll Fraud

CRI Group™ develops preventative measures that have helped organisations worldwide identify a material weakness in internal controls to mitigate collusive activity and reduce the liabilities associated with corporate fraud. Our trained investigators leverage our collective investigative experience, leading technology tools, global reach and credibility with regulators to bring you insights with precision and speed.

Our international team of Certified Fraud Examiners (CFEs) work with companies to analyse and assess fraud prevention measures, develop solid risk management programs, provide training for executives, board, management and staff, establish effective communications strategies for reporting suspicious behaviour, and implement investigation and corrective action policies that meet regulatory and compliance requirements.

CRI Group™ professionals work with your organisation on an unbiased level, strengthening your fraud risk management program by:

• Adhering to the organisation’s written code of conduct
• Reviewing existing fraud risk management programs
• Training employees to properly identify fraud
• Developing internal and external reporting channels
• Identifying senior management, board and employee responsibilities
• Conducting and monitoring the progress of investigations
• Providing thorough reporting of investigative results
• Testifying as expert witnesses, if required

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, 

CRI Group™ invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation. 

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Why CRI Group™?

• CRI™ has one of the largest, most experienced & best-trained integrity due diligence teams in the world.
• We have a flat structure which means that you will have direct access to senior members of staff throughout the due diligence process.
• Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, & we’re committed to maintaining & constantly evolving our global network.
• Our solutions are easily customisable, flexible & we will tailor our scope to address your concerns & risk areas; saving you time & money.
• Our team of more than 50 full-time analysts is spread across Europe, Middle East, Asia, North and South America & is fully equiped with the local knowledge to serve your needs globally.
• Our extensive solutions include due diligence, employee pre & post background screening, business intelligence & compliance, facilitating any decision-making across your business no matter what area or department.

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.

Filed under: All Industries, All Regions, Background Investigation,

Employee Fraud: Why are Human Factors so Important in Risk Management?

When any fraud, including employee fraud, is discovered, it’s usually by surprise. That’s because most of us aren’t used to looking for criminal behaviour inside our organisation. We trust our employees and co-workers, and we keep our focus on succeeding as a team and accomplishing our goals for the business. Nobody wants to think that someone might be subverting the rules for their gain.

Unfortunately, though, fraud does happen. The statistics tell us that, on average, organisations lose about 5 per cent of their total revenues to fraud, and the median loss in frauds committed by owners/executives is $600,000. If that’s not bad enough, the average fraud lasts 18 months before being discovered – if it is discovered at all (ACFE, 2020). 

Employee fraud is a combination of complex events, and many organisations include “human factors” in generic terms in the causation path of failure. Because for many organisations, it is hard to specifically identify human factors and understand how to manage them. At CRI Group™, we have 32 years of experience in the causes of potential deviations, the unwanted scenario that organisations may face, and the controls necessary to prevent or mitigate incidents. Our analysts uncover the truth every day; here are the most common human factors that lead to employee fraud:

• Pressures to Perform
• Staff Reductions
• Departmental Cuts
• Business Survival
• Overworked Audit Staff
• Increased External Vulnerability Due to Weak IT Controls
• Reduced Regulatory Oversight

Human factors in risk management

Understanding the impact of human behaviour on your primary process is key. When we address human factors related to health and safety, we aim to optimise human performance and reduce human failures. Organisations need to take a proportionate approach to human factors in risk assessment based on their hazard and risk profile. Several large companies have recognised the value of adopting some kind of a risk model. 

Applying human factors tools and techniques in your risk assessment is detrimental to the safety of your workforce too. This human factor risk management process should consider work ethic, culture, and stakeholder expectations as organisational culture is affected by these concepts and links management processes to corporate sustainability.

Benefits of implementing human factors in risk management

• Reduce turnover and training costs
• Gain a competitive edge through the hiring of better people
• Increase productivity – help your employees be more productive knowing that everyone employed by your company has been screened
• Set your company apart and win more business
• Reduce employee-related problems
• Protect company reputation/brand & customer relations
•  Comply with mandates created by state or federal law for certain industries
• Increase retention
• Reduce negligent hiring claims
• Avoid violence in the workplace (threats of violence and actual violence)
• Reduce theft and espionage
• Avoid lawsuits and the costs associated with the defence
• Avoid loss of goodwill

Mitigate employee risk

Organisations spend years and thousands, even millions, to brand their products and services – it only takes one bad hire to cause a loss of capital and reputation. Employee Background Checks can aid in reducing the risk of hiring an employee who does not live up to their supposed skill set and could cause irrevocable damage. It can cause a business to fail, especially if the employee holds malice toward the organisation. EmploySmart™ is CRI Group’s own solution aiming to expose vulnerabilities and threats within your organisation. Our EmploySmart™ is a risk management measure that can significantly reduce business and financial crime, fraud and malpractice within your workplace.

Our EmploySmart™ solutions are also certified by the British Standard Institute BSI for the scope of BS 7858:2019 Screening of individuals working in a secure environment, Code of practice (the only BS 7858 certified background screening services provider in the UAE and across the Middle East); and BS 102000:2018 Code of practice for the provision of investigative services.

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Other Solutions…

CRI Group™ has experts who have conducted fraud investigations worldwide for organisations of all sizes and industries. Our investigators work on-site at your company bringing a boots-on-the-ground approach to uncovering all the case facts. When you’ve uncovered fraud, that’s the time to let the experts take over. You owe it to yourself and the future of your business to make sure every investigation is done professionally and effectively. 

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CRI Group’s unique identity and vision evolved from our fundamental desire to support our clients and their candidates, thus creating the DueDiligence360™. Identifying key risk issues clearly and concisely helps enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime. The DueDiligence360™ reports help organisations comply with anti-money laundering, anti-bribery, and anti-corruption regulations. This service also proves beneficial ahead of a merger, acquisition, or joint venture. It can be used for a third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.

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7 Reasons Why You Should Perform Global Integrity Due Diligence Investigations

Why should you perform global integrity due diligence investigations?

Global integrity due diligence investigations provides your business with the critical information it needs to make sound decisions regarding mergers and acquisitions, strategic partnerships, and the selection of vendors, suppliers, and employees. Due Diligence on potential business partners when adding a new vendor or hiring a new employee is vital to confirm the legitimacy and reduce the risks associated with such professional relationships. It will ensure that working with an, i.e. potential trade partner will ultimately achieve your organisation’s strategic and financial goals.

Why perform due Diligence?

To answer questions such as “Does trade partner adhere to (inter)national regulations on anti-corruption and anti-bribery?” or “Is it possible that there is a liability risk in your supply chain?,” performing due Diligence across your business is key to:

1. Quantify the real risk of a financial transaction, particular if the transaction takes place in a jurisdiction unfamiliar to you
2. Meet legal compliance and/or get regulatory approval
3. Assist in accurate decision-making
4. Identify red flag issues
5. Provide leverage for business valuation and negotiation
6. Verify that investment or acquisition criteria have been met
7. Ensure the other party or company is trustworthy

At CRI™, we provide due diligence services where ever you are. Use our DueDiligence360™ reports to help you comply with anti-money laundering, anti-bribery, and anti-corruption regulations ahead of a merger, acquisition, or joint venture. You can also use them for third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.

Identify key risk issues clearly and concisely using accurate information in a well-structured and transparent report format. Our comprehensive range of reports includes specialised reports that support specific compliance requirements. Protect your reputation and the risk of financial damage and regulator action using our detailed reports. They enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime.

VIEW DUEDILIGENCE360™ BROCHURE

CRI™ investigators employ a proven, multi-faceted research approach that involves a global array of databases, courts and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include:

• International business verification
• Individual business interest search
• Personal profile on individual subjects
• Company profile on corporate entities
• Historical ownership analysis
• Identification of subsidiaries and connected parties
• Global/national criminality & regulatory records checks
• Politically Exposed Person database
• International digital media research
• Company background analysis
• Industry reputational assessment
• FCPA, UK Anti-Bribery and corruption risk databases
• Global terrorism checks
• Global financial regulatory authorities checks
• قاعدة بيانات مخاطر غسيل الأموال.
• Financial reports
• Asset tracing
• Country-specific databases that include litigation checks, law enforcement agencies & capital market regulators.

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Clients who partner with us benefit from our:

• Expertise: CRI™ has one of the largest, most experienced and best-trained integrity due diligence teams globally.
• Global scope: Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, and we’re committed to maintaining and constantly evolving our global network.
• Flexibility: Our DueDiligence360™ service is flexible and can apply different levels of scrutiny to the subjects of our assignments, according to client needs and the nature of the project.

At CRI™, we specialise in Integrity Due Diligence, working as trusted partners to businesses and institutions worldwide. Our people work with energy, insight and care to ensure we provide a positive experience to everyone involved – clients, reference providers and candidates.

CRI Group™’s unique identity and vision evolved from our fundamental desire to support our clients and candidates. Safeguard your business and its integrity with DueDiligence360™. Our DueDiligence360™ expose vulnerabilities and threats that can cause serious damage to your organisation and can significantly reduce business. The world’s largest corporations trust CRI® and consultancies – outsource your due Diligence to an experienced provider, and you will only ever have to look forward, never back.

We are always ready to assist you in effectively managing your business and organisation efficiently and risk-free manner that best suits your needs. CRI Group™’s investigators and Certified Fraud Examiners understand fraud patterns. They are trained to recognise the elements of fraud characteristics and where they might come into play at any organisation. Through this knowledge, we can help you uncover the trail of fraud and help bring about a quick and successful resolution.

Having global coverage, CRI™ works directly with the key personnel to lead and conduct fraud investigations, including, if needed, your internal board of directors, audit committee, ethics and compliance officers, general and in-house counsel, corporate security, human resources, and C-level executives. Explore our broad range of risk management solutions for your business.

Check out our Why Partner With CRI Group™ InfoPack

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, 

In 2016, CRI Group™ launched 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.

OUR MISSION AND VISION

• CRI™ mission is to safeguard the corporate world by detecting and exposing those elements that can cause irreparable harm to a business
• Stand up against the outside forces that, through corruption, collusion, coercion and fraud, can cause financial, organisational, reputational and legal harm to our global clients
• Stand out as the preeminent provider of specialised investigative services that enable our clients to exhibit the highest standards of business integrity, ethics and behaviour

Filed under: All Industries,

Anti-Money Laundering (AML) Services, Why Do You Need it?

There are many advantages to outsourcing portions of your Anti-Money Laundering (AML) compliance program to CRI Group™

CRI™ Anti-money laundering (AML) advisory services help analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. An effective AML framework is a testament to your organisation’s position against crime. 

Our unmatched investigative capabilities, worldwide presence and a long-standing reputation for independence and integrity make us uniquely qualified to resolve regulatory concerns.

Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organisation’s success. Leave it for experts. Ensure you have the 360-degrees analysis of your challenges – get in touch with the experienced CRI Group’s AML team for a bespoke quote.

Meet stakeholder expectations and safeguard your corporate reputation and competitive positioning

As a global business entity with a range of subsidiary partner operations that cross several distinct business sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/distribution, chemicals, fertilisers and food), your organisation needs to recognise that it is targeted by hostile entities seeking to take advantage of your market presence.

One of the critical challenges is corporate finance’s control and movement and the need to ensure that effective Anti-Money Laundering (AML Framework) procedures and practices are in place. Refusal to accept the risks and your organisation is openly exposed to:

• Corporate Fraud;
• Corruption;
• Exploitation from the theft of money & other assets.

You need to comply with national, regional, and international legislative frameworks such as:

• Section 453 of the 2017 Companies Act (Pakistan); and
• UK’s Proceeds of Crime Act (POCA) 2000).

More fundamentally, money that is unknowingly, unwittingly or (in the case of fraud and corruption) even consciously ‘laundered’ through the organisation could ultimately support, finance and promote international terrorism and the drugs trade. 

A money-laundering prevention program is an essential element among institutions’ measures to protect their operations and promote trust among their clients and partners. CRI Group™ works with clients to design, implement, and refine comprehensive AML policies and procedures and establish an overarching compliance strategy and culture, including firm-wide training on AML compliance that reflects the latest regulatory and enforcement trends and industry best practices.

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As global corporate citizens aware of their responsibilities, any international organisation must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.

Consequences of an absent AML framework

To have insufficient controls and be charged with engaging in money laundering can have any of the following negative consequence

• Damaged corporate reputations & brand devaluation
• Eroding employee morale
• Potential consumer boycotts
• Negative investor perceptions
• Possible legal action
• Fines & potential jail terms for directors

Contact CRI™ today and learn more about how your organisation can remain in full compliance with all applicable AML laws and regulations, giving you, your partners and your clients the confidence of knowing that the organisation, and its reputation, is protected from the negative consequences of money laundering.

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AML Due Diligence with CRI Group™

Complying with AML regulations requires taking a risk-based approach towards assessing the risks from doing business with customers and third parties. CRI Group™ offers a broad spectrum of risk-based screening, monitoring, and due diligence solutions that suit the needs of AML compliance professionals. We provide tailored solutions commensurate with the level of risk involved.

There are many advantages to outsourcing portions of your AML compliance program to CRI Group™. More and more, in-house compliance professionals have faced internal financial pressures and resource constraints while looking to build an effective and robust AML program. CRI Group™ can help supplement your existing efforts and provide AML and due diligence solutions capabilities worldwide.

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AML Service Capabilities

CRI™ excels at deterring, detecting and investigating crimes against businesses. We achieve success using a global network of professionals specially trained in Anti-Corruption, Risk Management and Compliance due diligence, and corporate investigations. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organisation to demonstrate adequate procedures and to provide a complete solution consisting:

• In-Depth AML Risk Assessment
• GAP Analysis for the scope of ISO 37301 Compliance Management System
• Provision of AML Framework
• Global Sanction Screening & Third-Party Risk Management
• Money laundering reporting officer (MLRO)
• Policy statement
• AML framework – scope of the AML framework
• What is money laundering – regulatory requirements
• Identifying financing terrorism
• Corporate principles – an ethical & integrated business approach
• Screening of politically exposed persons & sanctions
• Suspicious activity reporting, tipping off & sar submission
• Record keeping

CRI™ professionals work closely with your business to analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organisation’s success.

VIEW AML ADVISORY BROCHURE

CRI Group™ excels at deterring, detecting and investigating crimes against businesses. We achieve success using a global network of professionals specially trained in Anti-Corruption, Risk Management and Compliance due diligence, and corporate investigations– a complete 360-Degrees AML management solution. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organisation to demonstrate adequate procedures:

• In-Depth Anti-Money Laundering Risk Assessment;
• GAP Analysis for the scope of ISO 37301 Compliance Management System;
• Provision of AML Framework; and
• Global Sanction Screening and Third-Party Risk Management

CRI Group™ helps clients expertly and efficiently resolve gaps and deficiencies in their AML compliance programs. We offer diligence remediation services to assist our clients with changes in the law and/or internal firm policies. CRI Group™ also offers transactional remediation services when clients require a “look back” to evaluate in-house performance and compliance. 

Why Partner with CRI Group™

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, 

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 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.

CRI Group™ invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation. 

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Filed under: All Industries,

External Protection: Due Diligence Investigations

Due Diligence Investigations Can Give You External Protection

Due Diligence investigations involve thoroughly identifying, evaluating and verifying all available information on a person, company or entity. By conducting a comprehensive due diligence investigation through a reliable partner, you can make informed and confident business decisions – especially important when you’re hiring or considering prospective business partners or new commercial relationships – and protect your organization and team from external risks.

With corruption rife on an international scale, due diligence investigations with a global reach are more important than ever. To protect your business from liabilities and regulatory non-compliance and to ensure successful, legitimate business transactions, you must make sure your organization has timely and accurate business intelligence as a business leader.

Due diligence is called for whenever an individual or company enters into a high-stakes transaction. For example, if your company is considering acquiring a piece of real estate, purchasing another business, or hiring a job candidate to fill a top position, a due diligence investigation can uncover information that might not be readily available. Companies may also benefit from investigating potential clients, overseas business partners, and intellectual property.

In theory, anyone can perform a due diligence investigation. However, the process is time-consuming and requires access to a wide range of data sources. Most companies hire professional investigators who have the time and the expertise to do in-depth due diligence research properly and legally and to provide an informed analysis of potential risks. CRI Group™ uses a proven, multi-faceted research approach to third-party investigations involving a global array of databases, court and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include:

• International business verification
• Individual business interest search
• Personal profile on individual subjects
• Company profile on corporate entities
• Historical ownership analysis
• Identification of subsidiaries and connected parties
• Global and national criminality and regulatory records check
• World-check politically exposed person database
• international media research
• Country-specific databased that include litigation checks, law enforcement agencies and capital market, regulators
• Company background analysis
• Industry reputational assessment
• FCPA, UK Anti-Bribery and corruption risks databases
• Global terrorism check
• Global Financial authorities check
• Money laundering risk databases
• Financial reports

CRI Group™ investigations delve deep into every aspect of the third-party provider, including operational performance, financial condition, reputation, references, present and past litigation, key principals, internal controls, current relationships, customer services, quality control and insurance coverage. A company’s reputation is one of its greatest assets and should be protected at all costs. Unfortunately, one dishonest associate or poor choice of investment can do a lot of damage to a company’s image as well as to its bottom line. A proper due diligence investigation can protect you and your business from bad investments, unpleasant surprises, and even legal troubles. Getting a more complete picture of a situation through due diligence can help you make better, more profitable decisions. If you’re ready to perform a due diligence investigation but don’t know where to start, contact CRI Group™ today. 

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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, 

We’d like to share with you 10 great reasons to partner with CRI Group™ today:

1. CRI Group™’s personal touch: Our high level of service sets us apart from our competitors: As your partner, our team become members of your team – working for you with our “boots on the ground” approach to gathering information. Our experts excel at deterring, detecting and investigating fraud and other crimes against businesses.
2. Our vast business intelligence network: We access information from 180 countries, gathering local knowledge in places our competitors cannot. Our presence in Pakistan, Oman, Turkey, Saudi Arabia, Libya, Qatar, Egypt, Kuwait, Bahrain, as well as other countries in Africa and the whole of Southeast Asia, means that many of our competitors contact us for information from those countries.
3. Competitive pricing: CRI Group™ does not maintain the high overhead of larger firms, many of which lack our specialisation and level of individual client attention. We work within your budget, as CRI™ Group’s prices are consistently lower than our competitors’ rates.
4. “3PRM” – Our Third-Party Risk Management Strategy™: At CRI Group™, we have developed our own comprehensive service for helping clients manage third-party risks. Our team of experts provide the highest level of protection for companies worldwide.
5. CRI Group™’s wide knowledge base: Our experts come from a variety of professions and possess industry knowledge and experience serving clients spanning the oil and energy, banking, investments, international finance, and public and privately held multinational business sectors. CRI Group™ professionals work closely with your business to analyse systems and develop effective solutions that reduce the risk of your company falling prey to employees, suppliers or outside crime.
6. Our background checks catch everything: CRI Group™’s background screening and pre-employment screening services expose vulnerabilities and threats within your organisation and can significantly reduce the potential of business and financial crime, fraud and malpractice from occurring within your workplace.
7. We’re recognised and acclaimed: As well as winning awards for “Anti-Fraud Advisor of the Year,” “Leading Adviser in UAE”, and “Business Due-Diligence Firm of the Year,” CRI Group™ is also working towards the “Investors in People” accreditation.
8. We are discreet: Let’s face it; there are some problems you just don’t want announced to the world. Fraud, internal investigations, due diligence or liability issues – CRI Group™’s experts are trained to maintain the highest levels of client confidentiality. We keep your private business private.
9. Our updates keep you in the know: As industry experts, we offer a publication called Fraud 360, which is produced on a quarterly basis, with monthly email updates offering awareness, knowledge, latest trends and helpful advice for companies on fraud. If you would like to be on our mailing list, please subscribe here.
10. CRI Group™ is truly international. We maintain offices in UAE, Turkey, Pakistan, Qatar, Singapore, Hong Kong, the United States and the United Kingdom. For more information, please visit www.crigroup.com.

Check out our “Why Partner With CRI Group™” InfoPack

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 37301:2021 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 organizations. Contact ABAC™ for more on ISO Certifications and trainings.

Filed under: All Industries, Background Investigation,

Stop Gender Based Violence: Incorporate Risk Assessment Into Your Due Diligence Process

Gender Based Violence: Incorporate Risk Assessment Into Your Due Diligence Process

Gender based violence is constantly on the rise – research by the UN Women, “The economic costs of violence against women” suggests that the cost of violence against women is 2% of global GDP, equivalent to US$1.5 trillion – incorporating gender-based violence into risk and mitigation analyses is a must. The company and country-level economic costs of violence include losses in productivity and increases in health and legal costs according to UN Women, “Ending violence against women”

Gender-based violence is known to increase in emergency situations, and the global COVID-19 pandemic has increased the urgency across the globe. During this global pandemic with long-lasting effects, the rising rates of violence are impacting every country and sector. Incorporating an analysis of gender-based violence can help to mitigate the risks of a future that looks very different than it did even three months ago.

UNICEF has launched the 2022 Covid-19 Diligence Tool Criterion. This tool equips investors to understand the risk their investments are exposed to because of gender-based violence and to incorporate that risk assessment into the due diligence process.

Due diligence is a standard process that all investors undertake when deciding whether and how to invest in a company. This tool is designed to align with standard diligence processes for direct private investments. It also offers recommendations and tools that investors can use to mitigate the risks of violence. The risk assessment is also relevant to public investors at the sector and market levels.

Covid-19 Diligence Tool Criterion highlights the areas of focus in due diligence to determine a company’s exposure to risks created by gender-based violence in the company. This tool provides you with company-level due diligence questions that can help you mitigate any risk:

• Is the company leadership, including the board, aware of potential regulatory changes?
• Have any policies been reviewed or changed in response to the pandemic?
• How has the company responded during the crisis? Have disaster mitigations been measured, effective, and gender-balanced?

This tool is one component of a broader global effort to ensure the right to live free of violence and toward greater gender equality. Download the report now.

The mere process of asking questions about gender-based violence creates an impact and could result in improved practices and business.

Staying one step ahead of any critical risk to your organisation is part of being an effective business leader. Contact us today to get started on implementing a robust program that will serve you well for years to come. Get your FREE QUOTE now!

Let’s Talk!

Don’t leave hiring to chance. Take a proactive stance with the highest level of background screening as a part of your essential corporate strategy. Contact us today to learn more about our full range of services to help your organisation stay protected.

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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, 

In 2016, CRI Group launched 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.

Meet the CEO

Zafar I. Anjum is Group Chief Executive Officer of CRI Group™, a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world’s leading business organizations. Headquartered in London (with a significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center – QFC, and the Abu Dhabi Global Market-ADGM, CRI Group™ safeguard businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. CRI® Group maintains offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China, the USA, and the United Kingdom.

Contact CRI Group™ to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.

Zafar Anjum, MSc, MS, CFE, CII, MICA, Int. Dip. (Fin. Crime) | CRI Group™ Chief Executive Officer

37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA United Kingdom

t: +44 207 8681415 | m: +44 7588 454959 | e:

Filed under: Background Investigation, COVID-19 Insights,

New Legislation to Tackle Global Economic Crime

The Government Has Brought Forward New Legislation (Economic Crime – Transparency and Enforcement- Bill) To Tackle Economic Crime And Improve Corporate Transparency

The Economic Crime (Transparency and Enforcement) Bill has been introduced in Parliament this week for its first reading. Following the commitments announced by the Prime Minister, Boris Johnson, last week (21 February 2022), the government has brought forward the new legislation to tackle economic crime following Russia’s invasion of Ukraine. Legislation to crack down on dirty money in the UK and corrupt elites was introduced in Parliament on 1 March 2022, and the new Policy paper is out already. The new legislation will help the National Crime Agency prevent foreign owners from laundering their money in UK property and ensure more corrupt oligarchs can be handed an Unexplained Wealth Order (UWO).

As part of this, a Register of Overseas Entities will be developed to crack down on foreign criminals using UK property to launder their money. The Register of Overseas Entities will be at the heart of a new global standard for transparency and significantly contribute to improved ownership transparency. Prime Minister Boris Johnson said: “There is no place for dirty money in the UK. We are going faster and harder to tear back the facade that those supporting Putin’s campaign of destruction have been hiding behind for so long. Those backing Putin have been put on notice: there will be nowhere to hide your ill-gotten gains.” The new register will require anonymous foreign owners of UK property to reveal their real identities to ensure criminals cannot hide behind secretive chains of shell companies, setting a new global standard for transparency. Entities who do not declare their ‘beneficial owner’ will face restrictions overselling their property. Those who break the rules could face up to 5 years in prison.

What does this mean for Companies?

Under the reforms being brought in on UWOs, those who hold property in the UK in a trust will be brought within the scope. The definition of an asset’s ‘holder’ will also be expanded to ensure individuals can’t hide behind opaque shell companies and foundations. The reforms will also remove critical barriers to the use of UWOs by increasing the time available to law enforcement to review material provided in response to a UWO and reforming cost rules to protect law enforcement agencies from incurring substantial legal costs if they bring a reasonable case that is ultimately unsuccessful.

The Treasury will also intensify sanctions enforcement by introducing a more wide-ranging ‘strict civil liability test’ for monetary penalties, rather than the current one, which requires firms to have knowledge or a ‘reasonable cause to suspect’ sanctions are being breached. This will make it easier for the Office for Financial Sanctions Implementation (OFSI) to impose significant fines. A further change will mean OFSI will publicly name organizations that have breached financial sanctions but have not received a fine.

These new measures are being introduced as one part of our response to tackling the scourge of economic crime in the UK and will safeguard our reputation as a clean and safe place for legitimate investment. In addition, the government is today (4 March 2022) publishing a detailed White Paper setting out its plans to upgrade Companies House, which will mean:

• Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;
• Companies House will be given the power to challenge the information that appears dubious and will be empowered to inform security agencies of potential wrongdoing;
• Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs;
• The quality of the information provided by companies to Companies House will be improved so that the thousands of small companies who rely on it to make business decisions can trust who they are doing business with;
• Filing processes for small businesses will be streamlined and digitalised; and
• Company directors will be better able to protect personal information published by Companies House, which might put them at risk of fraud or other harm.

Reform of Companies House will form part of further legislation which will be introduced in the coming months via an additional Economic Crime Bill to clamp down on illicit finance and improve corporate transparency, which will also include:

• New powers to seize crypto assets and bring them within the scope of civil forfeiture powers to tackle the growing threat from ransomware and the use of crypto assets for money laundering;
• Strengthened AML powers to give businesses more confidence to share information on suspected money laundering and other economic crime; and
• Reforms to bear down on the use of limited partnerships as vehicles for facilitating international money laundering (including illicit Russian finance) and illegal arms movements.

How to comply with the new Economic Crime (Transparency and Enforcement) Bill?

As a global business entity with a range of subsidiary partner operations that cross several distinct business sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/ distribution, chemicals, fertilizers and food), your organization needs to recognize that it is targeted by hostile entities seeking to take advantage of your market presence. The government has taken unprecedented action in the face of barbaric Russian aggression and we are all in this together. This new legislation is a reminder of how important it is to protect your business and the world.

Money that is unknowingly, unwittingly or (in the case of fraud and corruption) even consciously ‘laundered’ through the organization could ultimately support, finance and promote international terrorism and the drugs trade. One of the key challenges is corporate finance’s control and movement and ensuring that effective AML Framework procedures and practices are in place. Refusal to accept the risks and your organization is openly exposed to:

• corporate fraud
• corruption
• exploitation from the theft of money and other assets

Our CRI AML advisory services can help you analyze systems and develop effective solutions that not only make sure you comply with the new legislation but also reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organization’s success. An effective AML framework is a testament to your organization’s position against crime. As global corporate citizens aware of their responsibilities, any international organization must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.

Leave it for experts. Ensure you have the 360-degrees analysis of your challenges – get in touch with the experienced CRI Group’s AML team for a bespoke quote.

VIEW AML ADVISORY BROCHURE

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 Engage Due Diligence Services to Protect Your Business!

Business Secretary Kwasi Kwarteng said: “The new register will shine a light on who owns what in the UK so we can flush out the oligarchs, criminals and kleptocrats who think they can use UK property to hide their illicitly obtained wealth.” At CRI Group, we specialize in Integrity Due Diligence, working as trusted partners to businesses and institutions worldwide. Our global integrity DueDiligence360^TM investigations provide your business with the critical information you need to reduce risks – including risks arising from the FCPA (Foreign Corrupt Practices Act) and the UKBA (UK Bribery Act) and comply with the new legislation. Unlike other kinds of control (audits, market analysis, etc.), it must be completely independent and rely as little as possible upon information provided by the researched subject.

The other significant difference lies in the methodology: commercial or financial due diligence analyses available information, investigative type provides reliable and pertinent, but raw, information. Our people work with energy, insight and care to ensure we provide a positive experience to everyone involved – clients, reference providers and candidates. CRI Group’s unique identity and vision evolved from our fundamental desire to support our clients and candidates. Safeguard your business and its integrity with DueDiligence360™.

VIEW DUEDILIGENCE360^TM BROCHURE

Our DueDiligence360™ expose vulnerabilities and threats that can cause serious damage to your organization and can significantly reduce business. CRI is trusted by the world’s largest corporations and consultancies – outsource your due diligence to an experienced provider. You will only ever have to look forward, never back. CRI investigators employ a proven, multi-faceted research approach that involves a global array of databases, courts and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include: 

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VIEW DUEDILIGENCE360^TM BROCHURE

More Details on the New Policy Paper Corporate Transparency and Register Reform

This white paper sets out the government’s position on reforming Companies House ahead of introducing legislation into Parliament. It concludes the results of further consultation and policy development since September 2020. It contains responses to the following talks:

• Corporate transparency and register reform: powers of the registrar
• Corporate transparency and register reform: implementing the ban on corporate directors
• Corporate transparency and register reform: improving the quality and value of financial information on the UK companies register

The white paper is accompanied by 2 impact assessments:

• Corporate Transparency and Companies House Register Reform Impact Assessment
• Exceptions to prohibition of corporate directors set out in the SBEE Act (2015)

About CRI Group

For short, Corporate Research and Investigations Limited, or CRI Group, has been safeguarding businesses from fraud, bribery, and corruption since 1990. Globally, we are a leading Compliance and Risk Management company licensed and incorporated entity of the Dubai International Financial Center (DIFC) and Qatar Financial Center (QFC). CRI protects businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. Based in London, United Kingdom, CRI is a global company with experts and resources located in key regional marketplaces across the Asia Pacific, South Asia, the Middle East, North Africa, Europe, North and South America. Our global team can support your organisation anywhere in the world.

CRI Group invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation. 

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Filed under: All Industries,

CRI™ Named Certified Provider by HRO Today Association

CRI Group™ has been approved by the HRO Today Association as a Certified Provider to the human resources services industry. CRI Group™ completed a rigorous audit process and “demonstrated a high level of accountability of standards and ethics,” according to an HRO Today Association statement.

“The HRO Today Association has long been the HR industry’s standard-setting organisation,” said Renee Preston, Global Executive Director of the HRO Today Association. “We are pleased to add CRI Group™ to the growing list of certified providers who are dedicated to offering the highest level of service to the HR community.”

“We are extremely proud to be recognised by HRO Today Association for our diligence and rigorous processes to ensure best practices across organisations,” Anjum said. “At CRI Group™, we share the vision with HRO Today Association that shifting demographics and increased globalisation means that human resources truly lead from the front among employers, candidates and customers,” Anjum said.

Established in 1990, CRI Group™ is a leading global provider of expert employee background screening services. Serving clients worldwide, CRI Group™ also provides investigative due diligence, third-party risk management, compliance and other professional investigative research services. Addressing a need for thorough pre- and post-employment background screening, CRI Group™ developed its own EmploySmart™ background screening service to avoid negligent hiring liabilities. EmploySmart™ can be tailored into specific screening packages to meet the requirements of each specific position within an organisation.

Proper pre-employment checks can reduce the risk of hiring someone who could cause irrevocable damage. Zafar Anjum, founder and CEO of CRI Group™, said “Firms spend years, thousands, even millions to brand their products and services, and one bad hire can cause loss of capital and reputation. EmploySmart™ focuses on using best practices, technological solutions, and a ‘boots on the ground’ approach to provide the best possible background screening for clients.”

About HRO Today Provider Certification Program

HRO Today Association certified members demonstrate that they have undergone evaluation and testing to verify themselves as credible and trusted providers. This form of certification ensures customers have access to qualified service providers in the HR services and technology industry.

Let us know if you would like to learn more

If you have any further questions or interest in implementing compliance solutions, please contact us. 

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, 

In 2016, CRI Group™ launched the 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 organizations. Contact ABAC™ for more on ISO Certification and training.

Meet our CEO

Zafar I. Anjum is Group Chief Executive Officer of CRI Group™, a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world’s leading business organizations. Headquartered in London (with a significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center – QFC, and the Abu Dhabi Global Market-ADGM, CRI Group™ safeguard businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. CRI Group™ maintains offices in UAE, Pakistan, Estonia, Turkey, Singapore, Malaysia, Brazil, China, the USA, and the United Kingdom.

Contact CRI Group™ to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.

CONTACT INFORMATION

Zafar Anjum, MSc, MS, CFE, CII, MICA, Int. Dip. (Fin. Crime) | CRI Group™ Chief Executive Officer

37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA United Kingdom

t: +44 207 8681415 | m: +44 7588 454959 | e:

Filed under: CRI News,