Latest Sanctions on ISIS Affiliates Highlights the Role of AML/BSA Compliance in Anti-Terrorism

Predict360 Compliance Management System

The U.S. Treasury has recently added 6 more names to its list of sanctioned entities, all of them affiliated with the Rawi Network and known to launder money for ISIS. This action further highlights the crucial role AML compliance plays in the anti-terrorism efforts around the world. This is also why AML/BSA compliance has increased in importance exponentially in the past few decades. When we look at why these laws were created and how their role has changed over the past few years it is easy to understand why the government is so adamant at enforcing AML/BSA laws and regulations.

Why AML Laws were created
AML/BSA regulations were created with very different goals in mind. The first AML/BSA law was created in 1986 (PDF link) and was created specifically to curb the drugs that were pouring in from across the world into the country. The laws were very successful, and more BSA/AML related legislation was […]

Improving the Enterprise Cyber Risk Management Framework

Predict360 Cyber Security Management System

Everyone understands the importance of cyber security. We live in the age of information and communication, where every business uses digital communication channels. Businesses use these channels to transmit and store highly confidential business and customer data.

A breach here can result in heavy monetary losses, penalties, loss of reputation, and most importantly, the loss of loyal customers. Cyber risk management, however, has not become as popular as it should be. Let’s look at what it is and how it differs from normal cyber security.
What is cyber risk management?
The need for […]

Enhancing Document Management Workflow Through Technology

Predict360 Policy and Procedure Management System

Document management workflow is one of those things which people don’t realize they are missing until they see it in action.

This is a reaction we are used to when we demo the Predict360 Policy and Procedure management system, which contains a comprehensive document management system. When people see how convenient things can be with the right tools it is hard for them to back to the inconvenient way of doing things.

All businesses use documents […]

Volkswagen Announcement Reaffirms the Importance of Culture of Compliance

Compliance Management System

Volkswagen recently suffered a major compliance scandal. The organization had been misreporting emission data for years. They were fined $25 billion for the scandal which was termed ‘’Dieselgate’’ by the media.

The whole scandal and fines were also widely covered in mainstream media, which resulted in reputational losses that will take decades to rebuild. The new leadership started by doing an in-depth audit of the organization to understand how such a breach of ethics could occur within their organization. They found that the lack of […]

Culture Remains One of the Most Important Factors in Improving Compliance and Risk Management

We have written about the importance of having the right culture before, and so have other prominent publications like Quartz. Culture is often found to be a major factor in scandals related to risk, compliance and accounting. Just look at this list from Forbes of the biggest corporate scandals in 2015 and note how often culture is mentioned as one of […]

Metrics That Help Gauge GRC Performance and Effectiveness

GRC implementations increase compliance levels, lower risks, and make businesses more effective. While it is easy to see that GRC software has brought improvements to the way the business operates, assessing the benefits in an objective, quantified manner often remains an elusive goal. That is why it is important to create metrics that can […]

Future Topics

What would you like to read more about?

  • Cost of Compliance Management - 4
  • How to perform effective Internal Audit - 9
  • Key strategies for Risk Management - 15