From a governance and compliance lens, finance professionals face many challenges both old and new. The key challenges lie in the pace of regulatory change, technology innovation and increasing media scrutiny. Compliance initiatives are typically reactive to regulatory requirements with little, if any, integration between functions or between the Group and subsidiaries.
Let’s dive further into this critical, but often neglected, finance area!
Financial reporting, non-financial reporting, regulation and oversight have expanded exponentially since the financial crisis – and, consequently, so has the cost of compliance. To illustrate: in 2018 IFAC (The International Federation of Accountants) and Business at the OECD (BIAC) released a survey, of over 250 regulatory compliance leaders from major global financial institutions, estimating that regulatory divergence costs the global economy over $780 billion USD annually.
Companies invested heavily in data integration, yet the fundamental issues surrounding statutory reporting and compliance continues to plague companies. The question is why?
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