The industry also suffers from higher than average instances of management conflict of interest.
It is clear that the greatest threat to this sector comes from its internal workforce; from junior employees, through to management.
On the whole, the sector has good risk management systems in place, particularly in relation to external threats with partner, client and vendor due diligence processes being commonplace.
A significant threat to this industry is the risk of cyber-attack.
The professional services industry reported a higher number of instances of denial of service type attacks than in other industries. Cyber-attacks on professional services businesses were more likely to target customer records, employee identities and physical assets rather than IP, trade secrets and R&D.
Being a professional services provider, we recognize our duties and obligation to our regulator and outcomes focused regulation within the context of financial crime threats. Issues typically of concern around AML or an understanding of sanctions are all materials Tenet are well placed to advise upon.