Compliance & control

Creating a strong compliance and control culture in the finance function is of paramount importance in the heavily regulated financial services industry.

Companies need to establish and monitor efficient control mechanisms throughout the organisation, especially in the production of reliable financial and regulatory reporting data. Breakdowns in control, such as poor reconciliations and unsubstantiated balances, can be expensive to rectify, lead to regulatory sanctions and damage a company's reputation. This is a particularly high risk for those companies who have quickly grown and have numerous systems and fragmented processes, and for companies who operate in multiple markets.

The well-controlled company is less likely to suffer costly operational losses. The trick is to develop a strict risk-based control environment. With additional regulatory requirements, companies must optimise the effectiveness of existing controls while demonstrating compliance with the new regulations.

CFOs need to understand the need for change in compliance, control and risk practices. They need to create a clear governance and accountability framework which is at the heart of their organisation's culture.

PwC brings together a group of experienced change advisors and technical experts from our assurance practice to offer a leading proposition in this area. We help our clients by analysing and improving their control environment and assist companies in restructuring to maximise the opportunities that new regulation presents.