Travel restrictions and remote working brought about by Covid-19 coupled with the economic downturn create ripe opportunities for new compliance risks to form. With no end in sight for the pandemic, it appears that these risks and challenges could prevail for some time yet. Keith Williamson, Head of Disputes & Investigations at Alvarez & Marsal in Asia, reflects on the need for an adapted approach.
A key risk of remote working and travel restrictions is a weakening of existing compliance controls and hindrance to forensic investigations. With the prevention of in-person site visits, interviews and access to original documentation, internal audits and investigations are facing major challenges and delays.
To stay in control, companies are advised to put in place a ‘Compliance Continuity Plan’ and adapt existing compliance frameworks and policies. Eight practical steps to take:
1. Ensure compliance, audit and investigation activities are conducted remotely and effectively
In order to achieve this, compliance teams must arrange to have remote access to accounting and transactional data. Access to such data is always essential in performing investigations and not all…
