The #FacingChange series explores the impact of the global pandemic on government, industry and others, sharing experiences, opinions and supporting the wider conversation during these uncertain times. Throughout the series of video-chats with special guests, we will be examining what might come from this unique situation and asking, once it's all over, what will the new normal look like?
Why the fight against fraud is a critical component of how businesses react to the extraordinary set of challenges posed by COVID-19.
Richard Bistrong is CEO of Front-Line Anti-Bribery LLC, a Consultancy dedicated to assisting organisations with anti-bribery compliance challenges as they impact front-line business teams.
“With shortened supply and increased demand, that will always bring about a risk of the potential for bribery and corruption which companies need to be aware of.”
Barry Robinson, Director of Forensics Services, BDO Ireland, discusses anti-bribery and corruption in the supply chain, the industries he thinks are particularly at risk, and why he believes anti-money laundering has come under greater scrutiny at board level in recent times.
“The drop in the market was the sharpest I’ve ever seen and consumers weren’t able to react quick enough, they took the loss very quickly and weren’t able to get out.”
David Dalton Brown, CEO at Tisa, spoke with Angus Sim about maintaining and improving consumer and financial wellbeing, bounce back loans, open banking and the role of digital id.
“There needs to be a change in the way we move forward. Should policy makers be prescribing the data?”
Alistair Johnson, CEO of Nuggets, discusses taking back control of your data and why personal information should be owned and controlled by the person.
“The challenge for an organisation that operates across the world, is to make sure that you’ve a broad enough data privacy, compliance and risk management framework to ensure that you accommodate all variances and nuances.”
Rob Donohoe, Data Protection Officer for eShopWorld, discusses the challenges and opportunities created by the current crisis for international eCommerce providers.
“Now should be the time organisations are examining their own approaches to risk management, compliance, and prevention of bribery and corruption.”
Daniel Bruce, CEO of Transparency International UK, discusses the pandemic’s impact on corporate transparency, corruption and bribery.
“Even with the best systems in the world in place, you still see determined financial criminals being able to manipulate large sums of money through legitimate financial institutions to achieve their objectives.”
Ian Clark, Partner at White & Case, highlights the impact of the global pandemic on some of the most vulnerable states, their reliance on international debt markets and the need for thorough due diligence by those investing in capital markets.
“It's really important that we stop thinking about financial crime as a separate function, a separate check, a separate system, because actually the only way to really detect financial crime is to look at behaviour and understand the client pattern.”
Katarina Cook, Head of Financial Crime and MLRO at Brewin Dolphin, one of the UK’s leading investment management and financial planning firms, discusses the main financial crime challenges facing the wealth management industry post COVID-19 and how we can expedite recovery.
“At the end of the day if we all have the same best practice and the same standards it’s better for the entire industry.”
Niall Bodkin, MD and founder of the Ecommerce Association of Ireland (eCAI), discusses how the e-commerce sector in Ireland have pulled together to face up to the challenges of COVID-19.