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HCL Technologies, HANCOM Inc. Announce Strategic Partnership to Advance Technology Solutions

Companies to collaborate for better service in Southeast Asian markets; HCL to support HANCOM’s R&D center in India

SEOUL, SOUTH KOREA and NOIDA, INDIA – Media OutReach – 14 September 2021 – HCL Technologies (HCL), a leading global technology company and HANCOM Inc., one of the leading South Korean software companies, have signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion.

 

HCL will support training for software development at HANCOM’s R&D center in India, which was established in 2016. HCL will also share its development studio and provide HR support to meet demand and development capacity at the R&D center. In addition, it will promote technological cooperation to strengthen HANCOM products’ global competitiveness.

 

The two companies also plan to cooperate on global market expansion. This includes HANCOM’s entry into Southeast Asian countries such as Taiwan, Vietnam and Bangladesh, Middle Eastern countries, and HCL’s business expansion into the South Korean market.

 

HCL Technologies empowers global enterprises with technology for the next decade. Through its cutting-edge co-innovation labs, global delivery capabilities and broad global network, HCL delivers holistic services in various industry verticals and works with leading partners. It currently employs more than 175,000 people in 50 countries and generates annual sales of $10.5 billion.

 

“South Korea is a key strategic market for HCL, and this engagement with HANCOM will further help us grow and establish ourselves in the region,” said Sanjay Gupta, Corporate Vice President, HCL Technologies. “We thank HANCOM for their trust in us for this collaboration, and we look forward to leveraging HCL’s next-gen technological skills and HANCOM’s strong presence in the region to mutually support each other.”

 

“We are thrilled HCL chose HANCOM as its strategic partner for the Korean market,” said Daeki Kim, Chief Operating Officer, HANCOM. “HCL’s modern applications and architecture principles will allow us to scale our products to make them more suitable for enterprise customers in the global market and ultimately achieve global aspirations with our products. HANCOM will continue to support HCL in its endeavor to scale its growth in the South Korean market.”


#HCL

Hong Kong-based EdTech Company Preface Sees 500% YoY Surge in Revenue, Overcoming Impact of Pandemic

Series A Funding Completed to Fuel Growth in Coding Education Company Aims to Cultivate Future Global Talents, Build Coding as Universal Language

HONG KONG SAR – Media OutReach – 14 September 2021 – Preface, the Hong Kong-based EdTech company, has announced the completion of its Series A funding from prominent investor Sunlink Holdings (H.K.) Limited.  Preface aims to tackle the issues raised by Hong Kong’s traditional education model, cultivate future global talents and promote coding as the world’s universal language, facilitating Hong Kong to strengthen its connection with the world.

 

   Tommie Lo (front row, second left), Founder and CEO of Preface, and the Management Team 

 

The global EdTech industry is worth more than US$100 billion. It is expected that the number of people learning coding in Hong Kong will reach one million in the coming five years[1]. Despite the impact of the ongoing pandemic, Preface has seen a continued improvement in its performance, with year-on-year revenue growth of 500% over the past 12 months under its unique “Decentralised Classroom” delivery model, highlighting the growing momentum.

 

Tommie Lo, Founder and CEO of Preface, said: “Coding is the foundation for all kinds of modern technology and will become the universal language of the future. Trusted by Massachusetts Institute of Technology (MIT) and UNESCO in the provision of programming education, Preface offers award-winning programming curricula to global academia and leading multinational corporations. Through the high-mobility classroom model we are initiating, coding education has been rapidly popularising in Hong Kong. Our goal is to equip future talents in Hong Kong and around the world with this key language.”

 

“We are very excited to support Preface in its Series A round of funding. In the digital transformation era, education has become one of the fastest-changing landscapes and we see enormous potential for the business. We trust that a forward-looking company like Preface can revolutionise the education industry through their innovative approach,” said Angus Chan, COO and CFO of Sunlink Holdings (H.K.) Limited.

 

With the digitisation of society, cultivating global coding talents has become the responsibility of education

A study[2] indicates that over 64% of international companies and 51% of small and medium-sized enterprises in Hong Kong have encountered difficulties in hiring innovative and technological talents. Nearly 80% of Hong Kong companies need to strengthen the development of artificial intelligence (AI) and related professional knowledge for their employees, showing that there is significant demand for training courses.

 

“Hong Kong is in danger of falling behind the rapid growth in technology globally. Nearly 30 countries around the world have included coding education as compulsory courses to enhance their international competitiveness. However, Hong Kong’s education is limited by its traditional framework, with coding education still being regarded as extracurricular study rather than a core education subject. Hong Kong’s students will lag behind in the digital world which will reduce their competitiveness in the market,” Tommie explained.

 

As the first Asian teaching platform to win an award at “EdTech Summit in Europe”, the world’s largest education process programme, Preface Coding by Preface is committed to nurturing talents and cooperating with universities around the world, such as MIT and the University of California, Los Angeles (UCLA). Preface has also designed official coding courses for top-ranked universities in Hong Kong and co-organised seminars and workshops with multinational technology companies and non-profit organisations. Preface has now trained more than 10,000 students around the world.

 

Decentralised Classroom – solving issues raised by the traditional education model and fuelling innovation technology

Preface’s innovative teaching concept provides a solution to tackle issues raised by the traditional education model. Its “Decentralised Classroom” delivery model emphasises that students can learn from daily life, and that education should not be restricted by time and place. Students from Preface are able to choose how and where to attend coding courses as they prefer, receiving teaching materials according to real-time analysis and being matched with teachers through AI technology.

The traditional education model is limited in its approach. Hong Kong, for example, is still using the “one-to-many” classroom design that is an outmoded education concept from the 19th century. Preface believes that future education should no longer be restricted to one-way delivery; rather, the learning and teaching process require innovation to ensure that the ultimate goal of education – teaching students in accordance with their aptitude – can be achieved.

Preface will use the latest round of funding to further develop its business in major cities including Hong Kong, Tokyo and London, with a determination to popularise coding knowledge and make it a universal language. The company aims to equip the new generation with this key language for a better future.


[1] Calculated based on internal data, the numerical conclusion is for reference only.

[2] Google Hong Kong “Smarter Digital City – AI for Everyone”: https://forhongkong.withgoogle.com/intl/zh-HK/acceleration-digital-transformation/

About Preface

Founded with a vision that personalised education is for all, EdTech company Preface is committed to liberate knowledge and promote coding as the future’s universal language. As an award-winning coding education company , Preface reshapes both the teaching and learning experience by providing personalised classes. Our businesses are across Hong Kong, Tokyo and London, with a focus on the coding education platform Preface Coding and F&B and lifestyle concept space Preface Coffee & Wine. Stay up to date at www.preface.ai

About Preface Coding

Preface Coding by Preface specialises in delivering personalised coding courses. Powered by an artificial intelligence (AI) data analysis system and teacher-student matching technology, Preface provides tailor-made course materials to teach students in accordance with their aptitude. Adhering to the concept of breaking the inherent framework of traditional classrooms, we are committed to introducing award-winning coding curricula and training for MNCs, academia, secondary and primary schools in Hong Kong. Our programs are trusted by authoritative international institutions such as Massachusetts Institute of Technology (MIT) and UNESCO.

About Preface Coffee & Wine

Preface Coffee & Wine by Preface is an F&B and lifestyle concept space that brings together a quality coffee and wine store with a free learning space, where customers can enjoy quality food and beverages and learn about knowledge related to technology and coding at the same time. The space also hosts regular seminars and exhibitions about science and technology with international companies and organisations from different industries. The concept space is currently located in Tin Hau and Central. A flagship store in Causeway Bay opens later in 2021 Quarter 4.

High-resolution images are downloadable here.

#Preface

Some Provinces to Reach Level Three Status as Covid-19 Outbreaks Worsen in Laos

Levels of Transmission in Laos

The National Taskforce for Covid-19 Prevention and Control said in an announcement that some provinces facing community spread are close to reaching Level Three Alert status.

Give Gift Boutique Promotes the Best Mid Autumn Hampers and Gifting Solutions for Struggling Customers

HONG KONG SAR – Media OutReach – 14 September 2021 – Mid-Autumn Festival is around the corner and you may have to figure out the ideal gifts for your family members, relatives, friends, clients, or your loved one, which takes a toll on your mind and body. At the moment when festive gift sales are booming, Give Gift Boutique promotes the top 5 mid-autumn hampers which have gained high reviews by customers to help you solve the gifting problem. In addition, Give Gift Boutique also provides an intelligent ordering system for instant gift ordering, and it supports consumption vouchers, making it easy for you to send perfect gifts to the people you appreciate.

 

5 Hottest Hampers To Commence the Joyous Festival

A well-received gift must be a desirable gift. Thus, Give Gift Boutique has picked the hottest 5 hampers with exquisite packaging and desirable gifts, including the best fruit of the globe and the mooncakes with superior quality, and some hampers even contain other hottest gifts over the world. Thus these wonderful hampers will impress your recipients.

 

Mid Autumn Fruit Hamper M18

1.Mid Autumn Fruit Collection(about 12-16pcs)(weight about 7KG/15LB)

  • Pomelo
  • Japanese Aomori Apple
  • Korean Crystal Pear
  • Kiwi fruit in box
  • Imported Grape/ imported fruit in box
  • Dragon fruit
  • Large Mango/ star fruit
  • Orange/ grapefruit
  • Guava/ pear
  • Fuji Apple

2.Hotel Peninsula Mid-Autumn Egg Custard Mooncakes Gift Box

3.Mid-Autumn Man-made leather rectanglar gift box

Price: $920 HKD

 

Michelin Star Reign Mooncake Garden Style Fruit Hamper MR08

1.Festival Fresh Fruit (about 10-14pcs)(weight about 5KG/11LB)

  • Korean Green House Muskmelon
  • Japanese Aomori Apple X2
  • Korean Crystal Pear
  • Imported Fruit in Box
  • Tianjin Pear/Pear
  • Fuji Apple
  • Orange/Grapefruit

2.Michelin Star Reign Caviar Egg Custard Mooncakes 4pcs

3.Godiva Chocolatier cacao chocolate bar / chocolate

4.European import chocolate biscuit / Import Pastry

5.French Mademoiselle de Margaux Dark Chocolate Twigs/ European chocolate gift box

Brown picnic style gift Basket(Please note the color of basket may vary.)

Price: $1000 HKD

 

Mid Autumn Fruit Hamper M81

1.France Chateau Campot Lafont AOC / France Bordeaux AOC Wine

2.Mid Autumn Fruit Collection(about 12-16pcs)(weight about 7KG/15LB)

  • Japanese Green House Kyoho grapes/Imported fruit
  • Korean Green House Muskmelon
  • Japanese Aomori Apple
  • Korean Crystal Pear
  • Kiwi fruit in box
  • Imported Grape
  • Columbia golden berry in box/Imported fruit in box
  • Dragon fruit
  • Large Mango
  • Star fruit
  • Guava/ Nectarine
  • Fuji Apple

Can request to switch Korean Melon with Thai Pomelo.

3.Hotel Peninsula Mid-Autumn Egg Custard Mooncakes Gift Box

4.Man-made leather hexagon

Price: $1205 HKD

 

Godiva Mid Autumn Cake Fruit Basket M41

1.Mid Autumn Fruit Collection(about 9-12pcs)(weight about 5KG/12LB)

  • Korean Green House Muskmelon
  • Japanese Aomori Apple
  • Korean Crystal Pear
  • Imported Grape / star fruit
  • Kiwi fruit
  • Dragon fruit
  • Fuji Apple
  • Sunkist orange

2.Hotel Peninsula Mid-Autumn Egg Custard Mooncakes Gift Box

3.France Chateau Campot Lafont AOC / France Bordeaux AOC Wine

4.Godiva Chocolate Pretzels / chocolate bar

5.Godiva Chocolatier cacao chocolate bar / chocolate

6.Godiva chocolate truffle chocolate tall pack / Godiva chocolate

7.Godiva, Belgium, Chocoiste chocolate beans 57g/ Godiva chocolate

8.Man-made leather hamper with top strap(Please note the color of basket may vary.

Price: $1230 HKD

 

Mid Autumn Moon Cake Fruit Basket P25

1.Hotel Peninsula Mid-Autumn Egg Custard Mooncakes Gift Box

2.Mid Autumn Fruit Collection(about 10-14pcs)(weight about 7KG/16LB)

  • Japanese Aomori Apple
  • Korean Crystal Pear
  • Kiwi fruit
  • Dragon fruit
  • Mango/ star fruit
  • Fuji apple
  • Orange/ grapefruit
  • Tianjin Pear/ Pear

3.Tall man-made leather hamper with Handle (dark brown)

Price: $885 HKD

 

The Intelligent Ordering System to Smooth the Delivery

At the time of the gift-giving carnival, the rapid increase of sales tests the delivery accuracy and efficiency. To ensure on-time accurate delivery, Give Gift Boutique provides the ordering system to all customers. You can finish an order within a minute just by leaving your message and your wish to the recipients. The orders are processed automatically by the computer system, which makes gift-giving more simple, convenient, and less delivery failure. It keeps on-time delivery and customer satisfaction even in large volume purchases, which made it become the choice of many institutions and enterprises.

 

The Support of Consumption Vouchers

Now, the Hung Hom store of Give Gift Boutique has supported payment methods including Octopus, Alipay, Tap & Go, and VISA/MASTER credit cards. Customers can use consumption vouchers to purchase wonderful gifts in the store and enjoy a flexible and convenient shopping experience.

Address:Give Gift Boutique, Shop 05-06, Soda Mall Hung Hom Flag Store, G/F, Upper East, 23 Sung On Street, Hung Hom

 

Way to Purchase

Give Gift Boutique website: https://www.givegift.com.hk/hong-kong-mid-autumn-mooncake-gift

Give Gift Boutique Facebook: https://zh-hk.facebook.com/givegiftboutique

About Give Gift Boutique

Give Gift Boutique is the leading online flower shop in Hong Kong. It is managed by senior florist designers in the Netherlands and Toronto. It operates in the boutique workshop model and serves corporate and individual customers throughout the year. Since its opening in 2008, it has been committed to providing customers with high-quality flower bouquets, holiday hampers, birthday gifts, etc.

#GiveGiftBoutique

Senior Drivers Score $50 eCapitaVouchers On Top of One Month Free Car Insurance with DirectAsia

SINGAPORE – Media OutReach  – 14 September 2021As Singapore continues to face an ageing population, car owners continue to drive regularly even in their post-retirement golden years. In order to allow senior drivers to continue enjoying driving in their later years without paying an exorbitant amount in premiums, Singapore’s leading online insurer, DirectAsia, will be giving one-month free car insurance for all new customers aged between 56 and 70 years old covered under the annual car insurance policies except SOS Car Insurance. To further encourage seniors to get covered, DirectAsia will also be throwing in $50 worth of eCapitaVouchers for all senior drivers.

 

The Golden Years promotion will run from 14 September 2021 until further notice. Till then, all new DirectAsia customers who fall between the eligible age category will be able to redeem their discount for their annual premium and receive $50 worth of eCapitaVouchers which can be used in all CapitaLand malls. The vehicle to be insured under this promotion should not be insured by any other policy by DirectAsia, and the qualifying car insurance policy has to be incepted within 60 days of purchase. This limited-time promotion is only applicable to Singapore citizens and the insured individual has to be the main driver of the vehicle.

 

Extra Benefits and Less Cost for Seniors


Other than a free month of car insurance and cash vouchers for senior drivers between the age of 56 and 70, there are other ways you can save on car insurance premiums with DirectAsia as well, such as being a safe driver.

 

Safe drivers should be rewarded with lower car insurance premiums. With DirectAsia’s No-Claim-Discount (NCD) 60, drivers who have maintained NCD 50 for the last five consecutive years will be promoted to NCD60 and be eligible for an additional 10% discount on their car insurance base premium. Simply get a quote online to find out if you are eligible for this discount.

 

Customise Your Car Insurance with DirectAsia

 

Other than preventing drivers from additional income loss during accidents, car insurance plans should also be able to protect you from paying out of your own pocket for other possible mishaps such as theft of vehicle or vehicle breakdown. Whether you are a budget-conscious driver, one who prefers comprehensive coverage for complete peace of mind on the road, or a senior driver who drives regularly, DirectAsia’s customer service team will find you a suitable plan.

 

Car insurances at DirectAsia are highly customisable and you can easily find a plan that fits your needs and budget. If you prefer to have additional protection, simply opt for the optional benefits which include Breakdown Assistance, NCD Protector Plus and Compensation for Loss of Use.

 

Reach out to DirectAsia to find out more about the Golden Years promotion for senior drivers’ car insurance here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with the goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit https://www.directasia.com/.

https://twitter.com/directasia?lang=en

#DirectAsia

Zi.Care’s Technology Aims to Alleviate Current Healthcare System Inefficiencies by Expanding EMR Adoptions in Indonesia

JAKARTA, INDONESIA – Media OutReach – 14 September 2021 – Indonesia, the world’s fourth most population-dense nation, has recorded more than 3.5 million cases of Covid-19 as of September 2021 and has become the global epicentre of the pandemic. With limited testing and tracing capabilities in Indonesia as well as no government funded testing system in place, the real number of Covid-19 cases are without a doubt far higher than what has been recorded. To substantiate this, close to 30% of all Covid-19 tests done throughout Indonesia have tested positive, painting a very dire and serious picture.

 

The chaos introduced by Covid-19 has left the already-strained hospitals overwhelmed and understaffed, while its pharmacies struggle to cope with the rising demand for medication and healthcare. Prior to Covid-19, Indonesia’s fragile healthcare system failed to match the standards of its neighbouring countries. The World Bank highlighted the mere 1.2 hospital beds per 1,000 patients, almost two-thirds of Malaysia’s 1.9 and half of Singapore’s 2.4 beds respectively.

As such, the Indonesian government’s health budget for 2021 has doubled since January, now standing at a whopping USD 1.34 billion. Such efforts are aimed to target the insufficient hospital resources and depleting medical supplies while strengthening the fragile medical supply chains within Indonesia.

 

Indeed, the Covid-19 pandemic has accelerated Indonesia’s desperate need for innovative solutions as its current inefficiencies and inadequacies in the healthcare system are becoming more and more exposed. Indonesia now has no choice but to pivot to a digitalized way of working in order to manage the spread of Covid-19 and deliver a higher quality of healthcare to the people of Indonesia. In a country that has only 0.4 doctors per 1,000 people, and a population of almost 300 million spread over 6,000 inhabited islands, digital healthcare services are a necessary and crucial solution to making healthcare accessible to everyone and as a tool for healthcare facilities to manage their ever-growing pressure on their facilities and people. The pandemic has highlighted the value of digital healthcare solutions that can be brought to patients – shortening waiting times, tackling overcrowding in waiting rooms and minimising trips to the hospital. This in turn would speed up the efficiency of processes in hospitals.

 

Zi.Care is strategically and uniquely positioned to effectively strengthen the foundations of Indonesia’s public healthcare system. Their adoption of Cloud-based Electronic Medical Records (EMR) and Electronic Health Records (EHR) aims to digitalize all hospital information systems and present an opportunity to revolutionise the way hospitals store data, operate, manage, and deliver treatments to patients. Additionally, Zi.Care’s development of patient applications and health passports likely hints at the success of Indonesia’s future medical system.

 

Providing Indonesian citizens with access to medical services and health data through a mere screen at their fingertips, Zi.Care is poised perfectly to change Indonesia’s quality and service of healthcare for the better. Zi.Care could thus well and truly be the catalyst for change to Indonesia’s stubborn and struggling medical system. Catapulting Indonesia from where it is to where it should be across a global stage.

About us

Zi.care, launched in 2017, was created to alleviate the inefficiencies identified in the current healthcare system. With its expertise in healthcare technologies, it aims to provide a unique healthcare experience for all its’ users to revolutionise healthcare.

https://zicare.id/

#Zi.care

MODIFI raises US$24m in equity to create global trade management hub for SMEs

HONG KONG SAR – Media OutReach – 14 September 2021 – Global fintech MODIFI today announced US$24m in Series B, which brings its valuation to more than US$120m. The round was led by new investor Heliad Equity Partners with a co-investment from Neva SGR, the venture capital investment vehicle of Italy’s leading banking group Intesa San Paolo. Existing investors also participated significantly, including Global Founders Capital, Maersk Growth and Picus Capital. The funds will be used to grow MODIFI’s digital trade finance platform for SMEs into a global trade management hub.

 

MODIFI is the only digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America – a cluster which encompasses approximately 80% of global imports and exports. It provides SMEs with simple digital solutions to finance their trades, protect them from counterparty risk, and easily track and manage their shipments. The new funding round will power major upgrades to the platform, allowing MODIFI customers to take care of all trade-related activities in one place. This includes finding new trade partners and managing foreign exchange risk, among other things.

 

In Hong Kong 98% of all firms are SMEs, with exports accounting for 88% of their total revenues[1]. The SME export sector has a lot of potential to grow even further, but securing finance and finding new business partners remain a challenge. Having relied on traditional channels to find new business opportunities, such as trade shows and in-person meetings, SMEs were left stranded once COVID-19 hit. MODIFI’s mission is to empower SMEs to trade and grow their business, thus benefiting the Hong Kong economy.

 

“Smaller businesses lack the tools and know-how to trade with the ease and comfort enjoyed by their larger counterparts. The solutions available out there are fragmented and don’t approach the problem holistically. We have successfully digitized the trade finance industry and are now developing our platform into a comprehensive trade management hub that will empower SMEs to take control of their global trade activities. With Heliad Equity Partners and Neva we are delighted to have two new strong partners complementing our existing shareholder base,” says CEO and Co-Founder Nelson Holzner.

 

“MODIFI has not just grown in business and outreach in the last few years but also in its approach to addressing systemic issues related to global trade. We are very happy to support the stellar team around Nelson Holzner, Sven Brauer and Jan Wehrs in their journey to become the leading trade finance and management platform for SMEs. Small businesses represent 90% of all firms worldwide, forming the backbone of local economies. It’s critical that we help them grow and flourish” says Falk Schaefers, CEO of Heliad Equity Partners.

 

“The ability to raise funds and attract investors and industry partners worldwide in a very short time confirms MODIFI’s enormous potential to become a billion euro company. It’s clear that global trade is in need of digital solutions. MODIFI has already done a lot to simplify and automate paper-heavy trade finance processes, and we are looking forward to seeing the fintech company tackle a broader set of challenges related to global trade” says Mario Costantini, CEO of Neva SGR. 

 

MODIFI successfully launched in the US, Netherlands and Bangladesh in the first half of 2021, after raising a US$60m debt facility from Silicon Valley Bank. The company currently operates out of 9 offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong and Dubai.

About MODIFI:

MODIFI is a global fintech company that helps small and medium sized businesses (SMEs) finance and manage their international trades. Serving over 1,000 buyers and sellers across more than 40 countries, MODIFI offers simple digital solutions that enable SMEs to trade like large corporates. Through its digital platform the company empowers businesses to grow, fostering strong international partnerships and benefitting local economies. To see how small and medium sized businesses can grow with MODIFI, visit www.modifi.com or follow us on LinkedIn and Twitter.

#MODIFI

Kroll: World’s biggest corporates hit hardest by illicit activity despite bolstering defences

  • 57% of respondents at US$15+ billion turnover companies reported “very significant” impacts of corruption and illicit activity  
  • Proactive data analytics to mitigate risks employed by nearly all respondents (86%)
  • Almost a third (29%) of respondents in China rank employees’ actions as the top threat related to bribery and corruption risk, the highest percentage of all countries surveyed

 

HONG KONG SAR – Media OutReach – 14 September 2021 – Kroll, the world’s premier provider of services and digital products related to governance, risk and transparency, today revealed that the world’s biggest companies were feeling the greatest impact of corruption and illicit activity in 2020.

 

Kroll’s Global Fraud and Risk Report shows that 57% of respondents at companies with a turnover of more than US$15 billion reported a very significant impact of illicit activity, such as fraud, corruption and money laundering on their organisation, with a further quarter (25%) describing the impact as somewhat significant.

 

This trend continued for firms with an annual revenue of between US$10 billion –US$15 billion, with 48% of respondents saying their organisation had been very significantly impacted and 44% reporting the impact was somewhat significant.

 

The survey highlighted that corporates were placing an increased focus on proactive measures to manage bribery and corruption risk, including enterprise-wide risk assessments (82%) and the use of proactive data analytics (86%).

 

Furthermore, nearly three quarters (72%) said bribery and corruption issues were being given sufficient board-level attention and investment. However, despite these defences being employed, 82% overall still felt corruption and illicit activity were having a significant impact on their organisation.

 

Respondents in China were more concerned about internal and external bribery and corruption risks compared to other regions surveyed. More than a third of respondents (34%) cited weaknesses in record-keeping as their top concern, higher than the global average of 31%. Employees’ actions was second on the list at 29%, again above the global average (23%). Almost four in 10 (37%) respondents in China cited lack of visibility over third parties as their top concern related to bribery and corruption, also greater than the global average (46%).

 

Violet Ho, Senior Managing Director and Head of Greater China, Forensic Investigations and Intelligence, said:

 

“It has been a challenging year for corporates, with organizations around the world facing threats from all angles, including increasingly complex supply chains and the impact of the global pandemic. It’s encouraging to see that companies in China and other regions are strengthening defences with proactive measures such as data analytics and that bribery and corruption risk is on the boardroom agenda, but the findings from this year’s report leave us with an important question: Why are bribery and corruption threats persisting and still having such a big impact?

 

Our survey highlighted that organizations are feeling vulnerable to both internal and external threats such as poor record keeping and lack of visibility of third parties. The human factor is also a key component – even the best compliance programs can be ineffective if the appropriate education, training, company culture and tone from the top aren’t employed.”

 

Survey Methodology

 

For the 2021 Global Fraud and Risk Report, Kroll conducted an online survey of 1,336 senior decision-makers for risk strategy, including general counsel, chief compliance officers, chief finance officers and CEOs at corporates. Sixty percent of the organisations have annual revenues of $250 million or more, and 34% have annual revenues of more than $1 billion. Survey respondents were drawn from the 17 countries and regions featured on the global risk map. The survey was conducted in March 2021.

About Kroll

Kroll is the world’s premier provider of services and digital products related to governance, risk and transparency. We work with clients across diverse sectors in the areas of valuation, expert services, investigations, cyber security, corporate finance, restructuring, legal and business solutions, data analytics and regulatory compliance. Our firm has nearly 5,000 professionals in 30 countries and territories around the world. For more information, visit www.kroll.com.

#Kroll