2020 and the beginning of another decade
The winds of change are upon us - how will organisations respond?
What will this new decade bring? What are the legacies of the last decade? We are now operating in a time of increased scrutiny and higher personal risk when organisations get it wrong. The stakes are high and the risks are real.
Poor business conduct presents due to either bad culture, weak or in some instances corrupt leadership, compliance failures, incompetence or the unfortunate pursuit of sales and revenue above all else. These themes emerged again throughout the last decade and culminated with front page headlines.
The revelations of the past few years have seen some businesses slow to react and others be more proactive with remediation programs. Increased enforcement and litigation; the evolving threats associated with cyber crime and foreign interference, are now demanding more of organisations.
We expect that the use of technology to monitor compliance and identify misconduct will increase. New technologies provide greater knowledge and power, which results in greater responsibility for risk managers.
New criminal offences and whistleblower legislation have put Directors and executives on notice and regulators have moved away from a consultative approach. Independence is vital and has been the catalyst for Boards, management and legal counsel to reassess how investigations are handled.
We enter the year with recession warnings, the impact of the devastating bushfires still to be determined and the influence of the coronavirus on markets yet to play out. We expect discretionary spend will tighten.
In times of uncertainty people often do things they usually would not. Organisations are now navigating corporate crime investigations, which are difficult matters that often present conflicts for senior management.
The key themes for 2020 require careful consideration and assessment. Our experts are working with our clients to help them respond to and avoid unwanted events or scrutiny.Download Forecast