CRIME DOESN'T PAY

If caught you get fined quite a lot.

Brokers Willis have been fined £6.89m for failures in its anti-bribery and corruption systems and controls which is, to date, the Financial Services Authority's largest fine imposed for this breach.

Coincidentally, the next issue of Financial Risks Today looks at criminal risks in fraud and bribery and what is noticeable about the Willis case is that its failings were exactly like those described by lawyers and consultants we talked to for the article.

In a global world there is an ever-increasing need for due-diligence and to make sure that senior management are informed of all possible risks.

Willis has taken steps to overcome its failures but how much more money could it cost another financial firm before all companies follow good practices and, as far as possible, mitigate the risks from criminal behaviour?