One of the lessons learned from the corporate reporting failures of recent years is that a narrow view of compliance was partly to blame.
Compliance needs to be viewed as a natural extension of the governance duties shouldered by top management and corporate boards. Indeed, compliance is a governance matter in that only the firm's leaders are in a position to set the tone and establish the accountabilities by which a truly effective compliance function can operate. Moreover, only good governance can ensure compliance is aligned with the company's business objectives and risk management strategies and is thereby adding real value (and not just cost) to the organization. Ultimately, the goal is to ensure that the spirit of compliance, as well as the letter of the law is embraced in every corner of the enterprise.
If this is your situation
- You do not know whether your company complies with regulatory rules.
- Your company's compliance costs are out of control.
- You need to plan for staff training in light of new compliance issues.
- Proposed regulations might destroy your business or lead to a loss in competitive advantage.
- You are concerned about the reputational risk from failing to comply with regulations.
- You want to confirm that your company's sales force is complying with the sales and marketing code of conduct.
How PricewaterhouseCoopers can help you
For all organizations engaged in activities that come under the control of a regulator, PricewaterhouseCoopers provides support, advice, and assurance to help you manage your regulatory risks. In an ever-changing regulatory environment, we help ensure that you identify, manage, and control any existing and future regulatory risks. A proactive rather than a monitoring approach to regulation is a full time strategic necessity.
Our teams consist of experienced regulatory risk professionals, including ex regulators who not only know the rules, but have implemented and assessed compliance against them. Our people can help you at the strategic level — by maximizing any competitive advantages from regulation through to the operational level and by minimizing the costs and disruptions to your business, thereby freeing up management time in the process.
- Independent assurance of regulatory compliance and benchmarking against industry peers
- Assessment of your current and future regulatory risk profile and impact of new regulations
- Effectiveness reviews of current compliance departments
- Independent assurance on regulatory financial statements
- Developing and implementing a risk-based compliance control framework and monitoring programme
- Help in establishing an appropriate compliance culture within your business
- Evaluation of new regulations on your business model
- Advice and assistance with regulatory relations and in meeting regulatory standards and expectations
- Advice and assistance with getting your business authorized by a regulator
- Assistance and support in dealing with regulatory enforcement actions and remediation exercises
