Summary of Global Risk and Compliance Report 2021

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Global Risk and Compliance Report 2021 summary

Editorial Rating

7

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

COVID-19 forced companies to operate under extremely challenging conditions, and many neglected the proper due diligence of third parties, like suppliers, distributors and other agents. That inattention opens them up to myriad financial and business risks. This timely and easy-to-read report, replete with helpful graphics, from the risk consultants at Refinitiv reveals the critical role of advanced technology in mitigating those perils, returning firms to profitability and restoring damaged supply chains. Risk managers and analysts will find this an important reference.

About the Author

Refinitiv is a financial data provider and a subsidiary of the London Stock Exchange Group. 

Summary

The coronavirus altered many companies’ approach to risk.

A recent survey of risk executives has found that the pandemic has forced many businesses to bypass normal due diligence and know-your-customer procedures. Some 65% of respondents reported that pressures in keeping daily operations going and in coping with broken supply chains have kept them from properly vetting third-party vendors and agents. Proper compliance procedures – such as monitoring sources of funds, financial fraud and transactions – have also suffered. The pandemic has had a similar chilling effect on governments and regulators; for instance...


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