Anti-bribery and corruption challenges in FS | KPMG | UK
close
Share with your friends

How to tackle today’s anti-bribery and corruption challenges in financial services

Anti-bribery and corruption challenges in FS

What are the ongoing and new anti-bribery and corruption challenges in financial services and how can organisations overcome these?

1000

Partner and UK Head of Anti-bribery and Corruption investigation and compliance

KPMG in the UK

Contact

Also on KPMG.com

working on laptop

Download our ‘Today’s anti-bribery and corruption challenges in financial services’ report.

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

  1. Keeping up with books and records
  2. The struggle with data analytics and management information (MI)
  3. Commitment to ongoing monitoring of third party risk
  4. Understanding and assigning ownership and accountability of anti-bribery and corruption (ABC) risk
  5. Managing mergers and acquisition risk

Staying ahead of bribery and corruption challenges

So what steps can you take to address and overcome these challenges?

  1. Start thinking about technology
  2. Be proactive and horizon scan
  3. Join up the dots in compliance
  4. Culture – the new starting point
  5. Are you adequately resourced? 
  6. Learn from others in your industry

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.

Connect with us

 

Request for proposal

 

Submit