The UK has witnessed significant escalations in both the frequency and sophistication of economic crime in recent years. Organisations are exposed to many types of fraud, internally and externally, with the digitalisation of society only increasing vulnerability.
In response to this rising threat, the Government is introducing legislative changes that place the onus on UK companies to take proactive measures for preventing fraud. It is important organisations are aware of the implications of the reforms and establish the necessary fraud prevention and risk mitigation strategies required.
Corporate governance reforms
Key reforms in corporate governance requirements are part of the UK Government’s response to various major corporate failures that stemmed from material control weaknesses.
Last year, the UK Government published a series of proposed corporate governance reforms in response to the Department for Business, Energy, and Industrial Strategy’s policy paper, Restoring Trust in Audit and Corporate Governance. Published in 2021, this document was in response to various investigations into major corporate collapses and failures. The reforms proposed focus on legislative changes to…
