Within the boundaries of the legal and regulatory framework Senior Management must give due consideration to, and decide on a clear and unambiguous vision for the firm with respect to business integrity topics such as Money Laundering and Bribery & Corruption. This vision must be unequivocally communicated to all staff and become embedded in the organisational culture.
The corporate vision is the backdrop against which the organisational integrity risk appetite is subsequently determined. This is an essential step to giving the vision tangible impact for staff.
The answer to the question "What is our risk tolerance?" will in turn lead to the framework of a policy for the company. This policy must be detailed enough to provide guidance, but not too prescriptive to hold the organisation hostage.
Once the policy is decided on, effective operational control over business integrity topics depends on getting it right in three critical areas:
- corporate governance & procedural controls;
- business integrity education strategy
- information and tooling
Let i-KYC be your sparring partner as you migrate through all of these phases.