Many organisations struggle to fully understand how to manage compliance effectively, yet significant steps can be made towards optimisation by following the same principles of running a business. This is clearly evident in the companies with the most effective compliance functions. Establishing strategic alignment with organisation structures to design a fit for purpose, holistic and sustainable model are the key foundational principles that leading organisations are using to build their compliance function.
PwC can help you to understand how to apply these principles to your own compliance function and elevate its value to the organisation, thus driving long term strategic benefit to your business.
Compliance: Essential information
What does compliance actually mean and how is it different from governance?
Governance and compliance can be viewed as two sides of the same coin. Governance relates to how an organisation is managed and controlled at the highest level. Compliance is how to ensure policies, procedures, laws and regulations are adhered to and monitored.
What are the consequences of non- compliance?
In a complex and fast paced environment, stakeholders expect compliance functions to protect organisations. Failure to do so could result in severe consequences including reputational damage, fines, imprisonment, sanctions, breach of trust, loss of customer relationships and could ultimately negatively impact growth and profitability. Conversely, strong compliance programmes can help executives confidently take risks and seize new market opportunities.
Should I be concerned about compliance if I am an unlisted or private sector company? Which sectors are most impacted?
The need to meet compliance obligations applies to organisations in all sectors – government, financial services, private businesses, not for profit. All organisations have an obligation to demonstrate that they are managed in the best interests of their stakeholders.
At what stage in the evolution of our business should compliance become a focus?
In today’s increasingly complex, unpredictable and digital world, keeping abreast of changes in laws and regulations, and updating your policies and procedures is essential to ensuring your license to operate. The sooner your compliance organisation model is geared up to confront these challenges, the more resilient your operating model will be.
Does compliance add cost? How can we balance cost versus benefit?
Compliance monitoring is an essential element of your risk management process and a part of your second line of defence. If the concept of compliance can be firmly embedded in your organisational DNA, the latest tools and technologies can enable an effective and efficient defence against unforeseen events.
Our services
We offer a range of services that are designed to enhance compliance management processes, as well as to support best practices in this area.
Assessment & benchmarking
Assess your current state and existing compliance maturity and help you benchmark against Industry leaders in the region and across the globe.
Framework development
Develop a robust framework that is in line with your local and federal regulatory requirements and help you align with leading practices such as the ISO 37301:2021 requirements.
Operationalise your framework
Support you in your automation journey by assisting you choose the right GRC tool and operationalise the framework.
Compliance audits
Keep your framework updated through our continuous improvement audit service wherein we can support in conducting period reviews.
Managed services
Outsource your compliance function and leverage the experience of our experienced legal and compliance professionals.
Strategically aligned
An effective compliance programme is one that is aligned to the organisation’s overall objectives and strategy. The compliance function should be an essential party to strategic decision making.
Fit for purpose
A fit-for-purpose programme should vary in its complexity and depth to reflect the organisation’s needs and structure; and at the same time meet its compliance requirements.
Holistic
A successful compliance programme adopts a holistic, integrated approach to deal with compliance incidents or situations, rather than focusing on individual components such as policy or training.
Simplistic
A leaner and less complicated compliance programme will deliver the desired effects through its simplicity and clarity. More importantly, it will be recognised by the business as an enabler, not a distractor.
Sustainable
Sustainability is a key characteristic of a successful compliance programme, ensuring that investments and initiatives continue to benefit the organisation over the long term.
What is your current compliance maturity level?
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