A blueprint for smarter compliance
The use of technology now plays a central role in helping international companies assess and mitigate risk. But success will depend on good communication remaining at the heart of the solution.
Governance remains the number one priority for international companies as they expand into new markets. Having the right systems and internal controls in place to remain compliant with local laws and regulations is central to a company's ability to both assess and mitigate risk on a global scale.
In particular, the rising exposure to emerging markets and the complexity of global regulation is putting growing pressure on companies to be able to manage their entire global risk profile more efficiently and accurately. It's no longer sufficient for Chief Financial Officers (CFOs) and top management to focus risk mitigation efforts on major operations. Access to global news and social media means multinationals are highly visible 24/7. An issue in a non-major market increasingly has the potential to impact a company's brand and reputation as an issue in a major market. From a regulatory perspective, top management needs to be able to show it both understands and can explain compliance issues in every subsidiary as it arises.
Top Five Compliance Portal Requirements
The following five preferences for a compliance portal are based on in-depth discussions between Mazars and a wide variety of international company stakeholders. Based on this research, Mazars created inControl, which is an online portal giving complete oversight of global compliance activities.
- Greater transparency: See at a glance what’s happening locally and when action needs to be taken
- Local support: Access to local experts, teams and partners that are embedded into the solution at the outset
- Customisable workflows: Ability to structure the portal to reflect internal organisation and processes
- Improved governance: Ability to track the progress of activities against KPIs
- Increased efficiency: Clear workflows identified and managed through one portal, reducing routine communication and e-mail traffic
Want to know more? Download the full article below.
Want to know more?
Business expansion in Asia
While signs of an economic slowdown in the Asian powerhouses of China and India tend to grab the media attention, the region still offers enormous potential for businesses looking to expand.
Unicorn Companies: Mapping Out a Future Strategy
Unicorns may be mythical creatures, but the companies that bear this name are now a major force in business.