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The UK has witnessed significant escalations in both the frequency and sophistication of economic crime in recent years. Organisations are exposed to many types of fraud, internally and externally, with the digitalisation of society only increasing vulnerability. In response to this rising threat, the Government is introducing legislative changes that place the onus on UK companies to take proactive measures for preventing fraud. It is important organisations are aware of the implications of the reforms and establish the necessary fraud prevention and risk mitigation strategies required.

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In this article, we will try to explain the main meaning and objectives of the law, as well as how companies can prepare for the future and what role virtual board software can play in this regard.

For a long period, organisations operating in the UK were regulated by various legislative bodies and regulations. Recently, however, major scandals have attracted a lot of attention, such as the BHS audit investigation, Carillion, and Pâtisserie Valerie. These and other stories have emphasised the inefficiency of the current state of affairs, the low quality of audit activities, and the lack of clear reporting.

So the British government decided to take the initiative and implemented a special corporate governance reform. This reform is very similar to the US Sarbanes-Oxley Act (SOX), which was implemented in America in 2002. However, the main question still remains open for many: “What is SOX Compliance in the UK?“.



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The Financial Supervisory Commission (FSC) fined local firms, mostly financial institutions, a total of NT$185.42 million (US$5.8 million) in the first eight months of the year for internal control, financial services misconduct and corporate governance-related breaches, data released last week by the commission showed. The fines increased 20.2 percent from the NT$154.22 million imposed during the same period last year and reached about 59 percent of the commission’s targeted penalties of NT$313 million for the whole of this year, the commission said, adding that the fines were meted out to firms to correct their deficiencies, not as a means of generating income.

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The Securities and Exchange Commission’s (SEC) recent decision to require cybersecurity risk management, strategy, and governance disclosures has many audit leaders revisiting their organization’s use of cybersecurity frameworks. One common area of confusion is the relationship between the most frequently used IT security frameworks and programs concerning cybersecurity: The NIST Cybersecurity Framework (CSF), NIST 800-53, FedRAMP, and StateRAMP. While all of these are related to the National Institute of Standards (NIST), they each have unique applications.



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Casual observers of the world of cybersecurity may have noticed that, despite an incredible increase in spending to help combat this issue, we don’t appear to be reducing the number of data breaches, ransomware outbreaks or identity thefts. For some perspective, in less than five years, spending on cybersecurity more than doubled from around $34 billion to $71 billion worldwide. With that kind of spending, you’d assume there’d start to be some sort of return on our investment, right?



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Last years’ disruptive events have significantly altered the global socio-economic paradigm, which has entailed the need for innovation and new approaches in terms of business strategies, staffing and operations. At the same time, Artificial Intelligence (AI) based technology and tools have seen rapid growth and a wide adoption rate by both business and private users, and whilst innovation and adaptability have been paramount during these times of distress and rapid change, they have also brought forward new operational vulnerabilities for companies, as well as evolving fraudulent methods.



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Corporate governance and internal control weaknesses are often the root cause of corporate failure. However, without fully understanding the subtleties at play, revisions to the Corporate Governance Code will only go so far in addressing the problems.

Understanding human behaviours, analysing international and cross-cultural examples and applying insights from diverse fields including economics, sociology and law could shed light on the reasons why companies fail – and highlight how academic research can help provide businesses with insights to help understand and reduce the risks of corporate failure.



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On July 26, 2023, the Securities and Exchange Commission (the “SEC”) adopted final rules relating to enhanced cybersecurity disclosures, which became effective on September 5, 2023 (the “Final Rules”). The Final Rules apply to all registrants regardless of reporting status, including smaller reporting companies, emerging growth companies, and foreign private issuers.

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Contact: Mr. Yves Dupont

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The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward.

Amelia Earhart