Why is compliance so challenging? How does a truly global compliance framework look like? What does the future hold for compliance professionals? Our world-class compliance experts share their views in our latest paper 5 truths about global compliance.
Those who work in the compliance sector know it's a rewarding, stimulating, and often challenging profession, but also one facing real difficulties. Many organisations struggle complying with their duties.
The first section of this paper looks at the challenges. We are dealing with an avalanche of new rules and requirements at an ever-increasing speed. Enforcement is evolving. Transparency is the new rule. And yet it seems at times that the resources for compliance teams are shrinking. This results in many compliance officers making decisions under high pressure, with the risk that such actions may carry.
Further on, we delve into some of the most unfavourable compliance mistakes we see when onboarding new clients, and from those operating in the market without expert help and how to avoid it. We also share some views on the best way to create a global framework, the thinking behind an optimised function, and share practical tips when it comes to implementing and maintaining elite standards. Outsourcing can be the right solution for many, but not for everyone. Our experts share when and where it is relevant to outsource and how to get it right.
Finally, we have pooled the knowledge of some of our experts to share some of what we believe are next trends and how it will affect global compliance challenge.
Compliance is a challenge, but with the right help, ideas, and strategy, you can exceed all expectations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.