This webcast aired on February 18, 2021.
CPE Credit(s): 1
In the wake of COVID-19, compliance professionals need to be aware that the pandemic made instances of fraud more likely. This reflects the astonishing pressure put on governments and global financial systems and service providers to respond and adapt to the crisis. During its height, when cash flow was being squeezed and deals needed to get done fast, the prospects for cutting compliance corners were significant. Opportunists saw their chance to benefit from the relaxed standards and profited accordingly. And the costs were very steep: In a recent global survey by PwC, respondents reported a shocking $42 billion in total losses due to fraud.
Enterprises now face the challenge of ensuring that the period of rapid response, which may not have been conducted with customary regulatory rigor, does not continue to engender fraud, or to reduce the ability to understand who they’re doing business with. Good data governance can be a key piece of the strategy for mitigating this risk.
In a webinar hosted by Compliance Week, experts from Dun & Bradstreet will discuss the convergence of fraud and compliance in 2021 and what the “new normal” should look like if the goal is to contain fraud risk.
Key Discussion Points:
- Balancing policy and regulatory management against ongoing dependence on digital technologies
- How compliance professionals should focus their fraud detection efforts in the coming months
- The role of data quality in creating a best-practice, fraud-mitigating data governance model
Paul Westcott, Senior Product Director, Third-Party Risk & Compliance - Dun & Bradstreet
Tom Cosgrove, Product Management Innovation and Strategy Leader - Dun & Bradstreet