With regulation increasing, international cooperation strengthening, and public attitudes hardening, the pressure to develop robust, joined-up AB&C compliance strategies is more intense than ever before. Yet many organizations are struggling to balance this pressure with a pressing need for growth and rapid expansion into new markets.
Compliance leaders are also grappling with a proliferation of new technologies, from cryptocurrencies to encrypted messaging platforms. In time, this technology may actually help to reduce levels of corruption, but until the implications have been fully explored and governance procedures have been put in place, they will continue to cause concern.
In this high-pressure environment, AB&C compliance needs to be a key focus for global corporates, and processes and procedures need to be as watertight as possible. Yet our research shows that investment into compliance teams has stalled somewhat.
Organizations that are entering new markets and finding new pathways to growth need to do so with enough understanding and preparation, ensuring that compliance policies are dynamic and regularly refreshed, and that staff have sufficient AB&C training. Organizations need to take a long-term approach to investing in AB&C.
Commercial growth and comprehensive compliance programs are not mutually exclusive. In fact, sustainable growth should be supported by a proactive, transparent approach to governance. Multinational companies should seek legal and compliance experts who understand all of the markets in which they operate, and who can help them to adopt a more joined-up approach.