Financial Crime World

NAURU COMPLIANCE METRICS AND BENCHMARKING ON THE RISE

A Growing Need for Compliance Practices in Nauru

A recent survey conducted by international consultancy firms KPMG LLP and White & Case LLP has shed light on the current state of compliance practices in Nauru, a small island nation in Oceania. The 2023 Global Compliance Risk Benchmarking Survey gathered insights from over 200 senior decision-makers across more than 30 countries, including several Pacific Island nations.

Key Findings

  • Regular Anti-Corruption Risk Assessments: 75% of respondents believe that regular anti-corruption risk assessments are essential for creating a culture of compliance and transparency.
  • Third-Party Management Practices: Only 20% of companies in Nauru have implemented robust third-party management practices, highlighting the need for further investment in this area.
  • Data Analytics: 60% of respondents report using data analytics in their compliance programs, but many are still in the developmental stage.

Challenges Ahead

  • Cybersecurity: Cybersecurity was identified as the top compliance priority for the next 12 months, with 85% of respondents citing it as a key area of focus.
  • ESG Practices: While Environmental, Social and Governance (ESG) practices are becoming increasingly important in Nauru’s business landscape, there is a lack of consistency in addressing ESG risks.

Importance of Compliance

By prioritizing compliance and staying up-to-date on best practices, businesses in Nauru can ensure:

  • Ethical Practices: A strong reputation built on ethical practices.
  • Risk Mitigation: Protection from the risks associated with non-compliance.
  • Regulatory Environment: Success in an increasingly complex regulatory environment.

Conclusion

The findings of this survey provide valuable insights for companies operating in Nauru, highlighting areas where they can improve their compliance practices and stay ahead of the curve. As the country continues to develop its business sector, a strong focus on compliance will be essential for success.