As companies globalise, they face a growing body of diverse and complex regulations. No matter how large, small or diversified your organisation, almost every part of it is touched by a complex web of constantly evolving regulations – and subject to enforcement actions and fines. Not to mention reputational risk. This is why CEOs consistently report over-regulation as a threat to business growth. Regulatory compliance is not just about playing defence. It also offers an opportunity to consistently strengthen your organisation through strategic, proactive measures – such as best practices, employee training, internal controls, and benchmarking appropriate for your industry and size.
The increasing tax burden is one of the most important concerns of CEOs1, driving the adoption of proper internal controls and robust financial reporting processes to satisfy tax authorities, regulators and other stakeholders. At the same time, tax authorities worldwide are concerned with ensuring both increased compliance amongst taxpayers, and that their fiscal policies are not overtaken by global business and economic developments.
Companies are recognising that more stakeholders in more places are looking for businesses to bring value to their societies. This is being brought into sharper focus by the growing influence of emerging economies, and calls for a new way of operating in the global economy.
of technology CEOs are concerned about over-regulation
1 PwC 16th Annual Global CEO Survey