What are the ongoing and new anti-bribery and corruption challenges in financial services and how can organisations overcome these?
Whether you’re a medium-sized private hedge fund, a tier 1 investment bank or a small European Union bank; the impact of bribery and corruption on poverty, inequality and social injustice is having a direct effect on reputation and profitability.
We can all agree that financial services across the globe are increasingly working towards more ethical and anti-corrupt ways of working to ensure profitability and reputational damage control. But, why then do we continue to see bribery and corruption related fines in 2018?
The reality is that financial institutions are operating in a complex and fast-changing global environment; one minute we are dealing with Brexit, the next new GDPR rules. Companies are constantly trying to adapt to changing laws, multifaceted regulations and converging markets, all while trying to avoid enforcement actions, reduce their costs, restructure, deliver higher profits by venturing into uncharted waters and maintain public trust - no wonder managing the risks of bribery and corruption has never been more challenging.
5 Key Challenges
Staying ahead of bribery and corruption challenges
So what steps can you take to address and overcome these challenges?
To read more about the key ABC challenges in financial services and how organisations can overcome these, download our ‘Today’s anti-bribery and corruption challenges in financial services’ report.