TPRM & Value Chain Implications of the UK’s Failure to Prevent Fraud Offence

A new Failure to Prevent Fraud (FTPF) offence has been introduced in the United Kingdom as part of the country’s Economic Crime and Corporate Transparency Act. In scope companies now have just a few months to ensure their fraud prevention procedures meet the standards outlined in recently published guidance from the Home Office. This creates a window of opportunity for companies to ensure their policies, processes and procedures are up-to the task. Organisations can face potentially unlimited fines if convicted.

While companies have previously been thought of as potential “victims” of fraud and have focused their policies and controls on the risk of the company losing money, the UK’s new FTPF offence re-frames corporations as the potential perpetrators and/or beneficiaries of fraud, particularly in relation to fraud committed by “associated parties” which can include not just employees, but also subsidiaries, agents and other third parties. Not to mention being able to back up company statements in relation to compliance in their supply and value chains, for instance in relation to UK Modern Slavery Act reporting.

Join key UK based experts from consulting firm BDO, law firm Addleshaw Goddard and third-party risk management and due diligence provider Ethixbase360 to better understand:

• Key takeaways from the Home Office guidance on the Economic Crime and Corporate Transparency Act
• Understanding frauds committed by “associated persons” intending to benefit the organisation, whether directly or indirectly, and how they are being targeted by regulators
• Key value chain considerations in relation to failure to disclose, false representation and false statements in relation to the offence

Speakers include:

Ian Bennington, Partner – National Leader for Governance Risk and Compliance Services, BDO
Harriet Territt, Partner – Global Investigations, Addleshaw Goddard
James Swenson, Managing Director – Enhanced Due Diligence, Ethixbase360
Natasha Martin, Head of Product & Proposition Marketing, Ethixbase360 (moderator)