GRC Report Staff

EU Tightens Anti-Money Laundering Rules with Stronger Oversight

The European Union has adopted a sweeping package of new anti-money laundering (AML) rules aimed at better protecting the bloc's financial system from illicit funds and terrorist financing. The stricter regulations will harmonize enforcement across member states and introduce more stringent requirements for certain sectors.

Combating Labor Exploitation in Global Supply Chains

In today's globalized economy, supply chains span continents, connecting a vast network of suppliers, manufacturers, and distributors. While this intricate web fuels economic growth, it also introduces significant risks, including the often-overlooked issue of workforce exploitation. As regulators tighten scrutiny and consumers demand ethical sourcing, organizations must prioritize labor rights throughout their supply chain.

Safeguarding Mission-Critical Data in the SaaS Era

As organizations increasingly rely on software-as-a-service (SaaS) solutions to power their operations, the need to secure sensitive data has become paramount. While SaaS providers offer convenience and scalability, they often fall short in providing robust data protection measures, leaving the onus on businesses to safeguard their critical information.

DOL Targets Hyundai, Suppliers Over Child Labor Allegations

The U.S. Department of Labor has filed a federal complaint against Hyundai Motor Manufacturing Alabama LLC and two of its suppliers, accusing the companies of employing oppressive child labor and seeking to stop their illegal use of underage workers.

Navigating the Rising Cybersecurity Threat Landscape

The escalating cybersecurity threat environment is keeping compliance professionals on their toes, according to the latest Wall Street Journal survey. An overwhelming majority of companies (90%) reported an increase in cybersecurity risks over the past year, with nearly half describing the risk as having shot up substantially.

The Imperative for Robust Technology in Internal Audit

While Microsoft Office tools like Word, Excel, and Outlook are ubiquitous in businesses, relying solely on these manual methods for internal audit processes is highly inefficient and risky. Most organizations still use scattered documents, spreadsheets, emails, and SharePoint sites to manage audits, risk assessments, compliance activities, and other internal audit (IA) functions. However, this outdated approach has major drawbacks that can undermine IA effectiveness.

Evolving Risk Management: Leveraging Internal Controls for an Agile Approach

In today's dynamic business landscape, organizations face an ever-evolving risk landscape that demands a proactive and agile approach to risk management. Traditional methods of identifying and implementing controls for common risks are no longer sufficient as risks continuously adapt and transform. Effective risk management now requires vigilance, agility, and the ability to rapidly identify and address emerging threats while pursuing business goals and objectives.