Once upon a time compliance was a quiet back office function, with little awareness at Board level. Today, it’s top of the agenda. In our latest eBook, our experts look at the importance of improving compliance performance.
Multinationals often ask: “How can we ensure we’re compliant across all regions when we at HQ have already too much to deal with?” We respond to this and other questions, drawing on the many years of experience of TMF Group’s world-class compliance professionals.
Achieving world-class compliance is hard
The compliance sector is alive with challenges and complexity. Even well-resourced multinationals fail to stay on track.
The basic challenge: the tide of new rules. The world is in the midst of a colossal shift to new protocols and, as if that were not enough, interpretation of the rules may vary across organisations and countries.
Also, complexity doesn’t come alone, there are the penalties for non-compliance - which can be severe - reputational risks and so on. So how can you make sure your business is ahead of the game? How can you achieve world-class compliance? Check out our latest eBook for answers.
Ways to improve compliance
Rules and regulations are changing faster than ever before. Keeping up-to-date is a growing challenge, but there are a few tips compliance officers can follow to make sure a multinational corporation can handle compliance issues with efficiency and rigour. Some key points are:
- Find out what information you have on your compliance duties and processes, and what you are missing.
- World-class compliance is more than making the right decisions; it’s about being able to prove how each decision was taken.
- Include all departments in your master plan - compliance today touches all areas of an organisation.
- Make sure the head office has a clear overview of all compliance activities and deficiencies.
Download the eBook today to learn more tips that will help you achieve a step-change in performance.
What the future holds for compliance professionals
Today, compliance is a red-hot industry and over the next decade it will become a matter of profound operational concern. No business will be able to thrive without mastering it.
Anti-money laundering rules are getting tighter, the OECD’s push to tackle Base Erosion and Profit Shifting (BEPS) is in full swing, there’s going to be a growing role for compliance as trade deals are struck; these and many other issues are expected to become a challenge as soon as within the next 12 months.
The pivotal role played by compliance in these issues highlights why it is now seen as a strategic function. CEOs need a direct line to compliance to grasp the opportunities at hand. Check out our forecast of the future of compliance in our eBook.