The importance of proactive compliance action against corruption and fraud
FRA director Viktor Josefsson recently spoke to major Swedish business newspaper Dagens Industri as part of a series focused on proactive compliance. Read the original here.
The requirements for ensuring regulatory compliance have become increasingly complex in today’s globalized world. At the same time, irregularities within the company can greatly affect the business. These are risks that can be minimized by investing in a risk-based, technology-enabled approach that follows international practice.
“It is becoming increasingly important for Swedish companies to develop their proactive compliance efforts, in order to operate with confidence in the international arena. We need only look at cases in recent years, such as Ericsson, Telia and Swedbank, to realize that there is still a lot to do”, says FRA Director, Viktor Josefsson.
Companies that fail to stop irregularities risk major consequences, including fines that can be exceptionally high in the context of global matters. They also risk reputational damage that can lower both brand and stock price.
“There are, therefore, no alternatives for companies operating on the international stage – they must invest in more proactive work. In that work, I think some Swedish companies are still lagging behind in comparison with foreign companies. This is where FRA comes in. We are a global company that has built up deep expertise and experience across various sectors over the years, in a very broad range of international matters. This ensures our clients a risk-based, technology-enabled approach that is tailored to each company and stands up to international best practice”, says Viktor Josefsson.
FRA helps its clients to work both proactively and reactively when something happens that should not, and to take advantage of today’s smart technology to do this better.
“Our customers can feel secure with our extensive experience in cross-border forensic investigations. With our specialized skillset, we keep ourselves at the cutting-edge of compliance solutions across different industries and countries, in order to truly support our clients in the best way possible, whether in proactive work or helping act quickly and navigate correctly when irregularities arise”, concludes Viktor Josefsson.