Now is the time to evaluate your compliance program

Early in May, Affiliated Monitors Inc. conducted a webinar, “Crisis & Compliance in the Federal Marketplace,” that addressed the need to maintain and enhance compliance programs in the face of the global pandemic.[1] Participants included a government contracts attorney and representatives from various industries involved with government procurement.

Some of the risks the webinar identified include:

  • Risk of remote operations (cybersecurity risks as well as risk of fraud)

  • New markets and products (unique requirements of the government marketplace)

  • Shifting operations and locations (opening and closing facilities/working remotely)

  • Changing suppliers and supply chains (general disruption)

  • Cybervulnerabilities and data protection challenges

  • Delay and disruption in performance

  • Oversight and controls that are no longer effective

Panelists also discussed the need for companies to be more vigilant than ever, given a marked increase in fraudulent activities during the pandemic. Indeed, a new survey conducted by the Association of Certified Fraud Examiners[2] found that more than 90% of antifraud professionals have seen an increase in fraud during the pandemic and predict even more fraudulent activity as the secondary effects of the pandemic begin to take hold.

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