Why should we care about human rights and the environment in the supply chain, and what are the benefits for my business?
Why care about human rights and environmental protection in your supply chain? There’s an increasing awareness of the impact supply chains have on environmental health along with human rights implications. Placing focus on these efforts allows you to position your company as an ethical business and separates you from your competitors that aren’t doing so. […]
Why should non-US companies adhere to OFAC and US sanctions? Who enforces UN and nation state sanctions against other nations, companies, and individuals?
Why should a company outside the US adhere to US Sanctions and OFAC regulations? Companies outside of the US should obey the US Sanctions and the Office of Foreign Assets Control (OFAC) because refusing to do so will cause major penalties and other sanctions. OFAC is a US government agency that enforces economic trade sanctions […]
Audit, Cost of Compliance, and Risk of Non-Compliance
How do I weigh compliance costs, such as conducting comprehensive KYB vetting with UBO identification, against the risks of non-compliance? You should weigh the costs of compliance against the risks of non-compliance. While being compliant with regulations may require you to carry out a complete “Know Your Business” vetting with ultimate beneficial owner identification, the […]
Why are some companies unwilling to disclose their UBO, and how will it benefit me to inquire about it?
Why are so many companies reluctant to disclose their ultimate beneficial owners (UBO), and why do we have to continue to request this information? There are several reasons why companies may be reluctant to reveal their UBOs. These include: Companies are concerned about protecting the privacy of their UBOs, especially if they’re natural persons instead […]
Difference between reputation risks and adverse media
What are “reputation risks”? Reputation risks are any potentially harmful effects a company’s actions, behaviors, or relationships may have on its reputation. The risks come from various sources, including negative media coverage, customer complaints, and unethical business practices. What type of impact do reputation risks have on a company? Reputation risks have the ability to […]