The most popular type of fraud is misappropriation of assets, including theft of cash and inventories. The motivation to commit fraud include a lack of understanding about fraud behaviour, opportunity to commit fraud and lifestyle and financial pressure.
The motivation for employee to commit fraud stems from three conditions:
Let us look at this case from 2019 which resulted in the conviction of a UK solicitor for fraud.
A former senior partner, the UK solicitor, has been jailed for four years after defrauding his firm out of a total of £2.3m. Andrew Davies, 59, paid personal invoices to himself from the business and under-declared £1.1m in stamp duty land tax to HM Revenue and Customs (HMRC) for over nine years.
Davies pleaded guilty to one count of fraud by false representation at Reading Crown Court in 2019 and was sentenced to four years imprisonment in January this year. As a senior partner at the firm, Andrew Davies managed to defraud it out of the money by paying personal invoices to himself from the business account.
The 59-year-old also under-declared £1.1m in Stamp Duty Land Tax to HMRC over nine years, over-declaring tax to clients and then taking money from the solicitor’s firms account for himself, both defrauding the company he worked for and HMRC at the same time.
Davies also raised invoices to pay over £1.6 million to his friend Stephen Allan, who worked as a property developer and was a firm client. The 62-year-old from Bishop’s Stortford was convicted at Reading Crown Court on one count of money laundering and jailed for three years.
In a statement, police mentioned the convictions and sentencing of a solicitor’s firm in Berkshire defrauded out of £2.3m between 2010 and 2017.
Allan then made smaller payments into Davies’ account and also pocketed around £400,000 himself. The solicitor extracted funds from the firm’s client account, paying it to Allan in transactions described as ‘fees’, but there was no known work for this.
Davies of The Street, West Clandon, Guildford, and Allan of Thornberry Road, Bishops Stortford, Hertfordshire, was charged by police officers in August 2019.
The statement did not name the firm, but a Solicitors Regulation Authority notice has previously stated that Davies worked for Reading firm Pitmans LLP, which has since become part of another practice. Davies has already been struck by the Solicitors’ Disciplinary Tribunal and ordered to pay £17,000 in costs.
Investigating officer Detective Constable Katie Taylor of Thames Valley Police’s Economic Crime Unit said: ‘In this case, a solicitor trusted to safeguard client funds abused this position and systematically defrauded his firm of large sums of money for his benefit.
‘He then used a corrupt relationship to launder the proceeds of his crime through a property developer. These professional enablers of organised crime represent a significant risk, and we hope that the conviction and sentence, in this case, will act as a deterrent to others.’
Source: Financial Crime News & The Law Society Gazette
Employee background check and employment history check is vital to avoid horror stories and taboo tales within HR, your business, or your brand. Simply investing in sufficient employment screening services can save you time, money and heartbreak.
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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, the 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.
There is growing momentum among governments all over the world that calls for Mandatory Due Diligence. This requires companies to undertake human rights and environmental due diligence. We now have the French Duty of Vigilance Law and the adoption in 2021 of new laws in Germany and Norway to the publication of a proposal for an EU-wide law in 2022, all moving in this direction. Major investors and companies are also speaking out in favour of such legislation, according to business-humanrights.org
Corporates will not be allowed anymore to focus on short-term benefits at the expense of long-term sustainable value creation. Environmental and social interests will also need to be fully woven into business strategies of the corporates.
Corporates are bound to get in line with human rights due diligence guidelines, as prescribed by the UN Guiding Principles on Business and Human Rights. Yet very few actually comply with the standards and nearly half of the biggest companies in the world analysed in the latest Corporate Human Rights Benchmark could not produce any proof of mitigating human rights issues in their supply chains.
The KnowTheChain benchmarks showed companies scoring a poor 29% for their human rights due diligence efforts — something that mandatory human rights and environmental due diligence laws seek to address.
For these laws should to be effective, a few important factors need to be factored in, such as a due diligence obligation for businesses across their global value chains; an effective and safe stakeholder engagement; mandatory requirements that go beyond routine check and audits, a thorough look at irresponsible business models and purchasing practices, and strong civil liability enforcement.
The CRI Group™ has developed a highly specialised assessment solution for Corporate Due Diligence and Third-Party Risk Management to assist organisations in accurately identifying, preventing, mitigating and addressing actual and potential adverse impacts of affiliating with global partners and complies with all EU mandates.
From enhanced due diligence to identify non-compliance of the regulatory framework and damaging environmental allegations to investigating company (or stakeholder) human rights violations related to labour laws, child labour or human trafficking, CRI Group experts help determine the legal compliance, financial viability, and integrity levels of outside partners and suppliers affiliated with your company’s value chain.
Recent studies have demonstrated a positive correlation between the extent to which companies implement environmental, social and good governance policies, and their overall economic performance, all while contributing to a more stable global marketplace. Such responsible business conduct will:
Further, apart from general compliance with EU mandates, such organisations will benefit from:
CRI Group’s corporate due diligence and accountability solutions can help your organisation comply with a growing list of global regulations and mandates related to human rights and the environment while acting as an integral part of your business decision-making and risk management systems.
Contact the CRI Group to learn more about our Corporate Due Diligence and Accountability solutions and stay one step ahead of the pending EU mandates. We look forward to assisting you.
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 37001:2016 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. Contact ABAC™ for more on ISO Certification and training.
This article looks at the Supply Chain Due Diligence Act (LkSG) that applies to companies operating or trading in Germany and will enter into force on 1 January 2023.
The new German law, known as the Supply Chain Due Diligence Act (LkSG, short for Lieferkettensorgfaltspflichtengesetz in German) imposes due diligence obligations on environmental protection and on human rights, with all businesses having to introduce iterative and ongoing, or in certain circumstances ad hoc, due diligence processes specified by the Act.
Identification and management of an organisation’s supply chain and the risks that come with it require the implementation of due diligence processes.
The term “supply chain” refers to all products/services of a business, including all manufacturing and services, in Germany and/or abroad, from the extraction of raw materials to their delivery to the end customer.
Furthermore, due diligence processes should implement the following criteria:
More details can be had in our FREE Supply Chain Due Diligence Act (LkSG) eBook.
From 2024, the law will apply to businesses with more than 1,000 employees.
Even if companies with fewer employees are not addressees of the Supply Chain Act, they may still be indirectly affected. This is because the companies directly affected would be obliged to enforce compliance to the best of their ability with human rights in their supply chain. The measures necessary for this can have a direct impact on their suppliers, for example, through the implementation of a code of conduct. In addition, the directly affected companies will often be dependent on the active support of their suppliers and thus have this support be contractually assured, e.g. in the form of reporting obligations as part of their risk analysis.
DOWNLOAD THE SUPPLY CHAIN DUE DILIGENCE ACT (LkSG) EBOOK.
At CRI®, we provide corporate reporting and due diligence services wherever 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.
Due Diligence helps you 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.
The CRI® Group invites you to schedule a quick appointment with them to discuss in more detail how conducting due diligence and compliance can help you and your organisation.
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.
CRI Group™ hosted a free webinar on August 31st. Our intention was to be able to provide resources on workplace cultures in organisations around the globe that will aid them in expansion and an positive employee environment. Take advantage of this free recording on employee wellness, remote work, pre-employment screening and workplace cultures.
The live training session was conducted by senior certified HR professional and member of CRI’s expert team, Nilofar A. Gardezi.
Workplace trends are dictating major shifts and becoming new norms in the workplace. These trends are expected to grow in the coming years. Examples of this include hybrid work, employee wellness, and ongoing education. Adapting to workplace trends will help employers improve company culture, boost employee retention and defeat workplace complacency. This will help companies stay competitive within the industry and remain relevant in the wider world.
With over nine years of experience in HR, Nilofar A. Gardezi is a HRBP & an Associate Director with the CRI Group™. She is a gold-certified Trainer from DWE with a Certification in Psychology and serves as a Certified Professional Counsellor. She has worked with renowned organisations like Attock Group, British Council and Standard Chartered Bank.
Get answers to frequently asked questions about background checks / screening cost, guidelines, check references etc. This eBook is a compilation of all of the background screening related questions you ever needed answers to:
Taken as a whole, is the perfect primer for any HR professional, business leader and companies looking to avoid employee background screening risks. It provides the tools and knowledge needed to make the right decisions.
The CRI Group™ has been safeguarding businesses from fraud, bribery and corruption since 1990. We are a global company based in London, United Kingdom. Our experts and resources are located in key regional marketplaces. These are 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. For more details about the CRI Group™ or to schedule a meeting with us, click here.
Having dedicated his career to a background investigation, fraud prevention, protective integrity, security and compliance, Zafar Anjum is a distinguished and highly respected professional in his field. As Group Chief Executive Officer (CEO) at Corporate Research and Investigations Limited (CRI Group™), he uses his extensive knowledge and expertise in creating stable and secure networks across challenging global markets. For organisations needing comprehensive project management, security, safeguard testing, background investigations and real-time compliance applications, Anjum is the assurance expert of choice for industry professionals.
Anjum: Fraud always seems to be increasing. No matter how sophisticated our attempts to prevent it become, perpetrators are always adapting with new methods. According to the 2020 Association of Certified Fraud Examiners (ACFE) Report to the nations, asset misappropriation is the leading type of occupational fraud. It makes up 86% of fraud cases and causes a median loss of $100,000. On the other spectrum, financial statement fraud schemes are the least common (10% of cases) but are the most costly, causing a median loss of $954,000. A typical fraud case can last 14 months before detection and cause a loss of $8,300 per month – a whopping 5% of an organisations revenue is lost to fraud each year. There are various factors at play here, but it starts with ‘tone at the top’. Basically, corporate culture often sets the tone for how strict or lax an organisation prevents or detects fraud. Combine a lax approach with a country or jurisdiction where corruption is still prevalent, even considered ‘business as usual, and there will likely be a fraud.
Anjum: It should be a priority to conduct thorough background investigations when engaging in a merger or acquisition, an initial public offering (IPO), engaging suppliers, contractors or new clients – your client relationships can affect your organisation’s reputation and your ability – to name a few situations. This can help you avoid becoming entangled with third parties that have hidden fraud and other legal issues. It will also make you aware of a potential partner who has credit risk, has claimed bankruptcy or is faced with debtor filings, for example. In one case, a company was seeking to engage a new supplier for medical supplies and equipment. A background investigation revealed that the warehouse’s physical location – claimed by this ‘supplier’ did not exist. The company’s principal had previously been charged with a ‘criminal breach of trust’. Three other civil damages claims against the principal were discovered, with millions claimed in liabilities.
Anjum: One of the most important aspects of thorough background investigations is having a ‘boots on the ground approach. Online database searches can only take you so far. When conducting due diligence on entities or individuals, red flags that pop up often warrant further checking before they can be truly weighed as part of the decision process. For example, if you are considering partnering with another company and providing information for their physical location, do you have agents who can visit that location to make sure it is legitimate? Investigations sometimes discover that purported ‘headquarters’ is actually an abandoned home or vacant lot. Also, if certain credentials are claimed, you need to make phone calls or possibly a visit to the school or accrediting bodies to verify them. These are the important details that help you with facts that help guide your decisions.
EFFECTIVE RISK MANAGEMENT THROUGH BACKGROUND INVESTIGATIONS. FIND OUT HERE
Anjum: Privacy laws are probably the most important issue, and they need to be carefully understood and followed for every jurisdiction. In the UK, for example, the pandemic has created new data privacy issues, but prudent organisations are constantly evaluating their data protection strategies under the General Data Protection Regulation (GDPR). When it comes to background investigations, similar privacy considerations apply. You might want to check an individuals’ financial or credit history – relevant information if they own a business you seek to partner with or acquire, or if you are considering them for a high-level position at your organisation. Accessing such information is permitted in some jurisdictions and restricted by law in others. The last thing you want is to end up in court for violating someone’s privacy. It is best to engage a professional due diligence background screening firm. They will be trained and up-to-date on the laws governing your background investigations, plus they will have access to resources that most companies do not have.
Anjum: This goes back to the importance of having investigators in various locations, your ‘boots on the ground’, in your approach to due diligence. The world is much smaller these days as organisations seek to expand across international borders. And the COVID-19 is teaching leaders invaluable lessons in business efficiencies and future strategy. This can lead to obvious challenges – both following the laws and regulations in various jurisdictions and overcoming language and cultural barriers. That is why it is important to have access to locally-based agents – including certified fraud examiners and similarly credentialed professionals – to help with your checks, whether investigating a potential third-party partner or an individual being considered for employment. Another advantage is to have a set, written policy and process for conducting background investigations that you can reference and rely upon when undertaking key business decisions. In this way, your organisation is less susceptible to someone convincing you to bypass proper due diligence simply because it might seem logistically difficult to conduct an overseas investigation.
MITIGATE EMPLOYEE RISK BEFORE & AFTER HIRE? LEARN MORE HERE
Anjum: If red flags are uncovered, the best way to further investigate is to understand discrepancies. For example, suppose you are conducting background screening on a potential employee, and something comes up in their criminal record, rather than eliminating them from consideration. In that case, you should ensure that there was no error in your background check, investigate the discrepancy, gather all relevant information, and ask the person to explain what you found and why they did not disclose it. They might have an explanation that affects your decision process. In other words, do not overlook potential talent. According to Nacro, more than 11 million people in the UK have a criminal record – that’s 1 in 3 men – however, just over half of these had been convicted on only one occasion, and 85% were convicted before they were 30 years old. Not all of those have a prison record, however. Most convictions are for motoring offences, such as speeding or unpaid tickets.
Anjum: Intensive background investigations should be a part of an organisation’s standard procedures. It should be part of a greater risk management plan, be set forth as written policy that owners and directors approve, and be reviewed and understood by management and other relevant personnel. Engage risk management professionals when developing your policies and procedures. They can help tailor a plan based o your organisation. Key questions to address should include; who will implement the plan, how an investigation is conducted, who evaluates and reports the results, etc. Sometimes organisations put forth a thorough, excellent programme for background investigations and then, six months or a year later, nobody is following it. The key to success is following through with it and ensuring your entire organisation understands the process and why it is so important. The security of your company depends on effective risk management.
Background investigations are critical to any company’s success because working with qualified, honest and hard-working employees and other businesses is integral to thriving in the business community. What you don’t know can hurt you, and the simple act of one bad decision can result in an unprecedented loss for your company.
From vendor and third-party screening to employment screening, CRI Group™ recommends background investigations as critical proactive measures to help keep your business safe. An effective background screening investigation will help screen for bad apples that can cause havoc down the road. Because we maintain a diverse talent base comprised of multilingual and multi-cultural professionals, CRI™ can traverse obstacles that often impede international background investigations. That’s why we are frequently contracted by our competitors to conduct background investigations in geographic regions not serviced or accessible by larger investigative firms.
Zafar I. Anjum is Group Chief Executive Officer of CRI Group™ (www.crigroup.com), a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world’s leading businesses organisations. 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 safeguards 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.
CONTACT INFORMATION
37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA United Kingdom e: zanjum@crigroup.com | LinkedIn | Schedule a meeting | t: +44 207 8681415 | m: +44 7588 454959
Global enterprises generally take the approach of conducting background verifications on candidates to ascertain the data that they present at the interview. One-time background verifications help organisations check candidate data while hiring but not after that. New forward-looking entrants have been disrupting the background screening industry with this trend. The continuous background screening process is a systematic technique and is not completely new. Companies can perform real-time background checks on employees to identify internal threats and flag them immediately when found. It is a post-hire employment screening process that applies to any specific part (or all) of your workforce.
Staying informed about the employees’ background is as important, or conceivably, more important than verifying the candidates’ data when they initially apply. Certain regulated industries have been performing some form of continuous background check of employees as it is a mandate – but most of them are not real-time. The best examples include high-risk industries like transportation, healthcare, and finance. But with the advent of rapidly evolving technology, real-time background screening that uses online record databases and digital platforms has allowed taking a proactive approach toward risk mitigation.
Now let’s take a deeper look at how this works. CRI Group™ looks for any change in candidates’ background data. It identifies them so that organisations can stay away from possible risks. When the background screening software detects an employee’s data change, it notifies the employee and begins verification. Furthermore, the tool will allow candidates disqualified due to criminal violations to resurface after an allowed time frame. This will empower employers to give a second chance to the employees and perform a more comprehensive pre employment background check on them.
Continuous background screening still has a paramount need to comply with regulatory policies. In addition to being compliant with global regulations, organisations must adhere to the state and local laws that pertain to disclosure and authorisation requirements and adverse action processes. It is recommended to follow the rules of the Equal Employment Opportunity Commission (EEOC) and Federal Trade Commission (FTC) when any issues arise due to removing an employee based on the screening results.
The regulations demand the employer to get written consent from the employees before a background verification starts. Employers should take immense care to make the consent clear enough, failing which a new notice and fresh consent need to be provided the next time. But, even though the federal law (FCRA) accepts such practices, the state or local law might not (Californian laws, for instance).
HR teams need to be prepared for the worst – when an employee refuses to authorise a background verification stating it as a privacy intrusion. Hence, designing a screening program that adheres to global and local compliance is key.
CRI Group™ can help companies nip bad employees in the bud, thus ensuring the brand image is not affected by bad hires. Yet, surprisingly, an SHRM study states that only 4% of 6500 HR professionals said that their companies performed rolling background checks.
Employers should revisit their screening programs and incorporate technology-powered techniques like real-time screening, so they do not go blind in the interim.
Get in touch with us to learn more about how you can leverage employment screening services and proactively mitigate risks in real time. CRI Group™ is happy to assist you.
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.
Running a business takes hard work and while success – customers, revenue and satisfaction – is the ultimate goal, all businesses come with risks which could stop you from achieving your goals. That’s why business risk management is key to building confidence in both your internal and external stakeholders – people want to be assured that each business decision is properly vetted before being made, that losses are minimised and successes maximised. A robust business risk management plan puts in place procedures that can help you identify, pre-empt, and avoid potential threats – or at the very least minimise their impact. Here are seven types of business risk you may want to address in your company.
The economy is constantly changing as the markets fluctuate. It’s important to watch changes and trends to identify and plan for an economic downturn. Some positive changes are good for the economy, which lead to booming purchase environments, while negative events can reduce sales. To counteract economic risk, save as much money as possible to maintain a steady cash flow. Also, operate with a lean budget with low overhead through all economic cycles as part of your business plan.
Business owners face an abundance of laws and regulations to comply with. For example, recent data protection and payment processing compliance could impact how you handle certain aspects of your operation. Staying well versed in applicable laws from federal agencies like the Occupational Safety and Health Administration (OSHA), the Environmental Protection Agency (EPA), and state and local agencies can help minimise compliance risks. If you rely on all your income from one or two clients, your financial risk could be significant if one or both no longer use your services. Start marketing your services to diversify your base so losing one won’t devastate your bottom line. Non-compliance may result in significant fines and penalties. Remain vigilant in tracking compliance by joining an industry organisation, regularly reviewing government agency information and seeking assistance from consultants specialising in compliance. For more on data compliance, read: “GDPR, Everything You Need to Know” and “GDPR: A 21st Century approach to Compliance.”
As more customers use online and mobile channels to share personal data, there are also greater opportunities for hacking. News stories about data breaches, identity theft and payment fraud illustrate how this type of risk is growing for businesses. Not only does this risk impact trust and reputation, but a company is also financially liable for any data breaches or fraud. To achieve effective enterprise risk management, focus on security solutions, fraud detection tools and employee and customer education about how to detect any potential issues.
This business risk may involve credit extended to customers or your company’s debt load. Interest rate fluctuations can also be a threat. Adjusting your business plan will help you avoid harming cash flow or creating an unexpected loss. Keep debt to a minimum and create a plan to start lowering that debt load as soon as possible. If you rely on all your income from one or two clients, your financial risk could be significant if one or both no longer use your services. Start marketing your services to diversify your base so losing one won’t devastate your bottom line.
There has always been the risk that an unhappy customer, product failure, negative press or lawsuit can adversely impact a company’s brand reputation. However, social media has amplified the speed and scope of reputation risk. One negative tweet or bad review can decrease your customer following and cause revenue to plummet. To prepare for this risk, leverage reputation management strategies to regularly monitor what others say about the company online and offline. Be ready to respond to those comments and help address any concerns immediately. Keep quality top of mind to avoid lawsuits and product failures that can damage your company’s reputation.
This business risk can happen internally, externally or involve a combination of factors. Something could unexpectedly happen that causes you to lose business continuity. That unexpected event could be a natural disaster or fire that damages or destroys your physical business. Or, it might involve a server outage caused by technical problems, people, or a power cut. Many operational risks are also people-related. An employee might make mistakes that cost time and money. Learn more about the” Top Risk Management Concerns and The Need for Leadership During COVID-19.”
Whether a people or process failure, these operational risks can adversely impact your business in terms of money, time and reputation. Address these potential operational risks through training and a business continuity plan. Both tactics provide a way to think about what could go wrong and establish a backup system or proactive measures to ensure operations aren’t affected. Investigative operations (via commercial investigations) focus on the current status of your business – i.e. location of assets, financial information, identification of unmet needs of any market, gauge brand awareness and identity in the market, etc.) For example, more businesses are using cloud storage to protect company data and rely on remote team members to maintain operations. Automating more processes also helps to reduce people’s failures. Learn more about it HERE!
While a business may be aware that there is always some competition in their industry, it’s easy to miss out on what businesses offer that may appeal to your customers. In this case, the business risk involves a company leader becoming so comfortable with their success and the status quo that they don’t look for ways to pivot or make continual improvements. The increasing competition combined with an unwillingness to change may result in a loss of customers. Enterprise risk management means a company must continually reassess their performance, refine its strategy, and maintain strong, interactive relationships with its audience and customers. Additionally, it’s important to keep an eye on the competition by regularly researching how they use online and social media channels.
Business Intelligence is most effective when it combines data derived from the market in which your business operates (external) with data from within, such as financial and operations data (internal). When combined, this data can provide a complete picture so that you can make any business decision, from operational to strategic, such as product positioning or pricing. Learn more about it HERE!
Although you will never be able to eliminate business risk, proactively planning for it can help. Awareness is key in helping you save money and time while protecting the trust, reputation, and customer base you’ve worked so hard to achieve.
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 and is an HRO-certified provider and partner with Oracle.
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.
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.
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, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. Our global team can support your organisation anywhere in the world. 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 and 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 37001:2016 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.
May 17th of 2022 marks the 32nd anniversary of the establishment of Corporate Research and Investigations (CRI Group™). Yay, for us! From the very beginning, the CRI Group™ has been dedicated to safeguarding organisations and helping businesses by establishing the legal compliance, financial viability and integrity levels of outside partners, suppliers and customers seeking affiliation. And we would like to thank all of you who have supported us over the last 32 years.
We were then, and continue to be, passionate about helping businesses fight bribery and corruption while promoting transparent business relations. CRI Group™ always stands ready to assist clients on every level and has achieved many significant accomplishments within the past year alone. From engaging in new partnerships, adding new clients to a new AML advisory service, and even opening two new offices, CRI Group™ has been busy expanding our reach to help more organisations prevent fraud, bribery, corruption, and other business risks.
In November 2021, CRI™ proudly announced the opening of its office in Turkey and, in February 2022, the opening of its Estonia office. Zafar Anjum, Group CEO at CRI™, said: “The ability to effectively pre-empt fraud and corruption by mitigating internal and external risks to prevent these issues can save corporations from immense potential losses and reputation damage. Our services such as DueDiligence360™, 3PRM™ and EmploySmart™ can significantly help organisations deal with bribery and corruption, third-party risk management, noncompliance with the regional and international regulatory framework and malpractice. CRI Group™’s expertise will enhance Turkey’s diverse pool of business support services.”
“Today’s business climate dictates an increasing demand of international business organisations for proactive measures designed to reduce bribery and corruption, particularly in the financial, government and multi-national business sectors,” Anjum further said. “CRI Group™’s worldwide network of multi-disciplined subject specialists and analysts, which now include Estonia, helps organisations prevent and deter bribery and corruption, third-party malfeasance, threats and corruption risks while ensuring our clients conform to the local and international regulatory framework. The establishment of our offices in Turkey gives us the platform to expand further and enhance the level of support we offer to the international business community.”
In March, CRI Group™ was delighted to take its place at the Trade Winds, the largest annual U.S. government trade mission organised by the U.S. Commercial Service. Trade Winds was a great opportunity to have meaningful conversations with many of you. Our 3PRMTM solution address various specific areas, including conversations on how to protect your organisation from liability, business interruption and brand damage by partnering with the CRI Group™.
This weekend, we attended FutureFest, Pakistan’s largest tech conference & Expo. CRI Group™ was able to talk with many of you about your goals and challenges in staying better protected from fraud and corruption. If you missed the event, don’t despair, CRI Group™ invites you to schedule a quick appointment with us to discuss how conducting due diligence and compliance can help you and your organisation. The role or size of the third party is not as important as the nature of the relationship they have with your business. Think of your third-party access to your sensitive data or your property!
After two years of having to put our ABAC summit on hold because of the pandemic, we are very excited to finally announce our “2022 Anti-bribery, anti-corruption (ABAC™) Summit.” In association with the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence, our Summit embraces the theme of “Managing your Organisation Governance, Anti-bribery, Whistleblowing, Compliance & Risks Effectively.” This must-attend event for anyone working in anti-bribery and anti-corruption, due diligence, risk management, and anti-fraud such as CEOs, CFOs, Chief Legal Officers, Chief Compliance Officers, In-house Counsels, Compliance Managers, Lawyers and Auditors, Heads of Procurement and Other officers responsible for Compliance and Anti-Corruption. You can check out the full schedule here.
The ABAC Summit will bring together some of the greatest minds in the fight against corruption, with a lineup of expert speakers that share their experiences, knowledge and best practices with an attentive audience, including members from MACC, the Prime Minister of Malaysia Office and the U.S. Embassy in Malaysia. Intending to redefine the anti-bribery culture within organisations in the country, the conference and workshops bring together Foreign Consulates, high-profile enforcement authorities, faculty speakers, delegates from top 500 Forbes and public limited companies, and media in a single forum to discuss effective internal controls, ethics, compliance measures and best practices for preventing and detecting bribery within organisations. The event aims to provide guidance and training that enables business sectors to fight malpractices.
Finally, we are delighted to unveil our place at the 2022 ACC (Association of Corporate Counsel) annual conference as a sponsor and exhibitor. The ACC Annual Meeting at Las Vegas on October 23-26 is convened each year, emphasising law, legislature, training, and compliance associated topics in correlation to Third-Party Risk Management and ISO certification (ISO 37001 Anti-Bribery Management System and ISO 37301 Compliance Management System).
The ACC Annual Meeting is the world’s largest gathering of corporate counsel and will include more than 30 sessions led by industry-leading specialists and counsel. It is standard for the Exhibition Hall to be packed with industry affiliates and experts showcasing their goods and services and is an excellent prospect for you to educate yourself about the most recent industry manufactured goods and services that can be used to enrich your organisation’s stance on conducting due diligence and compliance. Every attendee is guaranteed to leave this conference equipped with significant data and resources to advance their corporate objectives.
If you are attending 2022 ACC, please come by and visit with us. CRI Group™ would love to talk about your goals and challenges in helping your company stay better protected from fraud and corruption.
With businesses continuing to turn to online learning opportunities, CRI™ hosted several webinars, including the upcoming “Compliance and Adequate Due Diligence for Third-Party Risk Managements” with the speaker, Samia El Kadiri, a renowned Consultant, Author and Trainer (6σGB | IRCA- QMS Lead Auditor | TOT | Auditor | Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence). A webinar on building a Culture of Compliance and Trust Through ISO 37301:2021 CMS: Compliance adequate Due Diligence for Third-Party Risk Management – corporate compliance program.
In February, our CEO was invited to speak at The Fraud Outlook 2022 Webinar hosted by the Fraud Advisory Panel. A webinar took a forward look at some of the current and emerging global fraud threats and what they mean for practitioners. It will provide a timely update on the current fraud landscape in Europe, the U.S., the Middle East and Asia, key insights into anticipated fraud trends over the next 12 to 18 months and the implications for counter fraud professionals and businesses.
We launched new Anti-money laundering (AML) advisory services that 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 to 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.
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 ensuring 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:
You need to comply with national, regional, and international legislative frameworks such as:
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.
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.
Reflecting on the beginning of our company’s story, our CEO, Zafar I. Anjum, said: “While working on one insurance fraud case, I realised that whereas the justice system deals with most types of crime, fraud itself mandates investigation by an external specialist agency in fraud detection however such organisations were sorely lacking. In addition to a distinct lack of counter fraud education in the general population, which aided those committing fraud greatly. Even where individuals were aware that they were being defrauded, they lacked the knowledge of how to resolve disputes between themselves and the defrauder effectively”.
Mr Zafar Anjum raised the firm to a new level in 2006 when he incorporated the U.K. company in 2006, and Corporate Research and Investigations LLC DIFC was incorporated in 2008 in UAE. Today, CRI Group™ is a leader in employee background screening services, investigative due diligence, third-party risk management services and Anti-bribery Management Systems.
Today, the company is a global firm with experts and resources located in key regional marketplaces across the Asia Pacific, South Asia, the Middle East, North Africa, North America and Europe. The company’s success and growth continue; CRI Group™ always stands ready to assist organisations and has achieved many significant accomplishments within the past year alone. From expanding service capabilities to launching podcasts and webinars every month, CRI Group™ has been busy helping businesses overcome risk management challenges. We collated a few of our achievements below.
Thank you for your past support, and we look forward to continuing to work with you. Check out our eBook of Why Partner with CRI Group™. CRI Group™ invites you to schedule a quick appointment with us to discuss how our risk management solutions can help you and your organisation.
Corporate Research and Investigations Limited (CRI Group™) is happy to invite you to watch this exclusive talk with CXO Rendezvous. Our HRBP & Associate Director, Nilofar, sat with CxO Global Forum at the Rendezvous show to talk about her professional journey and discuss insights into the HR domain in Pakistan.
CXO Rendezvous is a monthly series that is intended to connect the professional community, and listen to inspiring talks from industry leaders, experienced entrepreneurs, visionaries, and innovators. And in this particular episode, Nilofar discusses how HR departments continue to evolve to meet the demands of a fast-paced, digitally-driven environment, forcing employers to be met with a new and distinct set of challenges. Nilofar also discusses how important is it to engage the workforce; attract and retain talent; manage relationships; train and development, embrace inevitable change, employee health and well-being, and more…
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Ms. Nilofar A. Gardezi is a Senior Certified HR professional with more than nine (9) years of experience in HR. She has expertise in strategic human-centric based HR practices. She holds membership in PSHRM, SODEIT-UN and Rotaract Club Pakistan. Ms. Gardezi has done MPhil-PhD with a specialization in HRM. She has an MBA in Management and is an accredited SHRM professional from EPCA. Ms. Gardezi is also a gold-certified Trainer from DWE. She holds a certification in Psychology and serves as a Certified Professional Counsellor. She has worked with renowned organizations like Attock Group, British Council and Standard Chartered Bank. |
 Nilofar A Gardezi
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The CxO Global Forum Network is an invitation-only membership exclusively for Chief investment/information officers and technology officers, financial and marketing, executive officers and country heads from the world’s largest and most influential companies. Top Journal editors get together with global analysts and key thought leaders with the mission to identify key challenges in technology and new opportunities for innovation that will unlock value for their organisations.
We live in a social world. Connecting with others broadens our collective thinking while adding texture and dimension to the issues and challenges we all face, regardless of our professional roles. In today’s hyper-connected world, collaborating with a self-made network has become necessary. The forum is about global exposure, especially in digital transformation and innovation around the globe.
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 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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