There is a direct correlation between financial crime risk and the culture and governance of an organisation.
The culture and governance may be driven by regulatory requirements, however, financial crime compliance risk management is not solely driven by regulatory requirements.
In many unregulated organisations, where governance about acting in the correct and ethical way is evident, it has been shown to have a positive impact on productivity, as well as savings against loss caused by fraud.
Adopting a strong cultural approach to combatting financial crime driven by the governance of senior management is more frequently being recognised as a business enabler, leading to greater retention of employees and greater satisfaction and profit from commercial relationships.
With specialist expertise in advising on fraud, financial crime, bribery and corruption, Tenet can assist a corporate body to instil an understanding of the approach to positive financial crime governance.
This can lead to development of systems, policies and culture to aid and effect a zero-tolerance stance to financial crime both internally and externally.
Creating a culture of zero-tolerance takes time and can only be achieved with the backing of all those involved with governance; it must be adopted from the top down.
Tenet can advise on and assist a Board through training, drafting statements and policies, and advise on correct procedures and good governance.