Global Risk and Compliance Report 2021

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...