There is enormous pressure on finance, compliance, and internal audit functions to assist with the management of risk to an organization. But are these functions truly joined-up?
Regulators and enforcement authorities in the UK are building momentum in their efforts to tackle corporate economic crime with a trend towards ‘failure to prevent’ models. In such an environment, monitoring and testing is important. Companies need to look at existing controls more broadly and identify what is in place that has cross-functional benefit.
Finance, compliance and internal audit each have their own roles but the interplay between them is receiving more attention.
FRA’s Emma Hodges discussed in The Lawyer how a more joined-up approach will serve organizations well in achieving efficiencies across these functions and helping to bridge the controls gap.
Author: Emma Hodges, FRA director
As an expert provider of forensic accounting services to clients involved in anti-corruption investigations and regulatory compliance, we counsel clients involved in disputes, anti-corruption enforcement responses, anti-money laundering and counter terror financing, sanctions, damage valuation and penalty calculations, and fraud investigations. We have provided expert testimony and acted as consulting experts in a variety of matters.