{"id":2297,"date":"2020-10-16T08:28:45","date_gmt":"2020-10-16T08:28:45","guid":{"rendered":"https:\/\/insight.thomsonreuters.co.nz\/legal\/posts\/5-compliance-tips-to-help-your-organisation-overcome-regulatory-burdens"},"modified":"2023-03-13T02:40:56","modified_gmt":"2023-03-13T02:40:56","slug":"5-compliance-tips-to-help-your-organisation-overcome-regulatory-burdens","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.co.nz\/legal\/posts\/5-compliance-tips-to-help-your-organisation-overcome-regulatory-burdens","title":{"rendered":"5 Compliance Tips to Help Your Organisation Overcome Regulatory Burdens"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Keeping up with regulatory guidelines can often feel like an uphill battle. All it takes is a new law or regulation to kick in to throw you off your compliance game.&nbsp;&nbsp;<\/h4>\n\n\n\n<p>Hari Ganesh Kumar is the Direct Tax Enterprise Proposition Lead &#8211; Corporate at Thomson Reuters Asia &amp; Emerging Markets. Conscious of how organisations may be adapting to the onslaught of regulatory developments in 2020, Hari invited two speakers to join him at a recent Thomson Reuters\u2019 <em>Return to Better <\/em>virtual conference:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Wilson Ang, Partner &amp; Head of Asia Regulatory Compliance and Investigations Practice at Norton Rose Fulbright and\u00a0<\/li><li>Tony Fulton, Partner at RSM Australia.\u00a0<\/li><\/ul>\n\n\n\n<p>We\u2019ve recapped the panel\u2019s five top tips to help you overcome regulatory burdens. Whether you are a compliance officer or chief legal counsel, read on to stay across the latest compliance issues&#8230;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Secure your organisation\u2019s financial position <\/h2>\n\n\n\n<p>While Tony Fulton has over 25 years&#8217; experience within the tax and financial services sector, there was no way he could\u2019ve predicted the impact that COVID-19 would have on organisations.&nbsp;<\/p>\n\n\n\n<p>\u201cVery few of our clients saw this coming, so it has certainly been a situation where our clients have not had the opportunity to prepare for what&#8217;s occurred, and particularly the speed at which it has happened,\u201d he said.&nbsp;<\/p>\n\n\n\n<p>Tony noted however that the severity of the impact on organisations usually depends on the business type. Many businesses who have experienced disruption to continuity have now entered \u2018survival mode\u2019.&nbsp;<\/p>\n\n\n\n<p>He said that the focus for these organisations is not necessarily about growth, but rather an effort to retain resources and secure their financial position to get through the pandemic.&nbsp;<\/p>\n\n\n\n<p>On the other hand, there are organisations, particularly those in the technology sector, which have been impacted \u201cto a lesser degree\u201d, as the pandemic has sparked an \u201caccelerated push toward the adoption of technology\u201d.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cFor many technology enterprises, [the pandemic] has provided a tailwind for growth, accelerating the realisation of go-to-market objectives due to much stronger uptake of digital solutions across industries.&#8221;<\/p><cite>&#8211; Tony Fulton, Partner at RSM Australia<\/cite><\/blockquote>\n\n\n\n<p>\u201cIf you&#8217;re a company with a steady cash flow, and you can self-fund your activities, then you&#8217;re more likely to see a pathway through the crisis and hopefully a market environment that enables you to thrive on the other side.\u201d &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Know your entitlements (but ensure you comply)<\/h2>\n\n\n\n<p>Another tip Tony provided was that organisations stay across the concessions and stimulus measures available to them. This can ensure \u201cthey&#8217;re in a position to survive and thrive in the new environment\u201d.&nbsp;<\/p>\n\n\n\n<p>In addition, Wilson called out the various risks being amplified due to supply chain disruption, such as fraud, corruption and misconduct.&nbsp;<\/p>\n\n\n\n<p>\u201cIn the current environment that we are in, there are certain risks that are heightened. In order to fulfill contracts, parties need to shift the sources from which they obtain their products and services. In doing so, they may be tempted to resort to non-compliant activities,\u201d he explained.&nbsp;<\/p>\n\n\n\n<p>Wilson added that because many organisations have an increased focus on achieving financial objectives and hitting performance targets, employees may be tempted to conduct corrupt transactions or indulge in fraudulent activities to make it appear as though an organisation is performing well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Engage with regulators constructively <\/h2>\n\n\n\n<p>Although interactions between regulators and clients can vary, Wilson said that one commonality between regulators is their receptiveness towards, and investment in understanding the rapidly evolving technology landscape.&nbsp;<\/p>\n\n\n\n<p>\u201cI think the circumstances have led [regulators] to be a bit more comfortable with using technology. So these adjustments have been made and adaptive guidelines have been implemented and shared as well,\u201d he said.&nbsp;<\/p>\n\n\n\n<p>But despite this degree of relaxation amongst regulators, Wilson advised organisations to not use this as an excuse to ignore risks.&nbsp;<\/p>\n\n\n\n<p>\u201cConstructive engagement with regulators should continue. Nonetheless, efforts and initiatives to mitigate risk should continue unabated as well,\u201d he warned.&nbsp;<\/p>\n\n\n\n<p>From Tony\u2019s perspective, he\u2019s noticed that following the introduction of stimulus packages, clients have been more inclined to ensure their compliance program is up to scratch, as receipt of financial assistance was predicated on organisations having an up-to-date filing position.&nbsp;<\/p>\n\n\n\n<p>\u201cClients realise that beyond this they\u2019ll need to make sure they continue to comply as necessary with their obligations and are inclined to make sure they come out of the crisis, in good shape without further problems,\u201d said Tony.&nbsp;<\/p>\n\n\n\n<p><strong>Related reading: <\/strong>Supply chain management and handling disrupted supply is a key consideration we have not covered in this feature article. If this is what you\u2019re after, catch up on the latest <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/global-supply-chain-trends-from-robotics-to-artificial-intelligence\">supply chain trends here<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Not on the cloud? Take opportunities to innovate <\/h2>\n\n\n\n<p>Most organisations rely on technologies to support compliance operations. But for many, COVID-19 has business leaders reassessing their level of investment.&nbsp;<\/p>\n\n\n\n<p>\u201cWhat we\u2019re seeing here is a continuation of a strong trend that&#8217;s been running for a number of years, where our clients are looking to further leverage technology to power processes and ensure regulatory compliance,\u201d said Tony.&nbsp;<\/p>\n\n\n\n<p>With data protection remaining a key concern and remote working likely here to stay, it\u2019s easy to see why compliance teams would increasingly turn to cloud-based technologies to support them.&nbsp;<\/p>\n\n\n\n<p>\u201cIf people weren&#8217;t convinced of the merits of cloud-based technology previously, that&#8217;s certainly been driven home now. I don&#8217;t think anyone would consider a solution that wasn&#8217;t cloud-based going forward,\u201d Tony added.&nbsp;<\/p>\n\n\n\n<p>Tony also posited that workflow management and solutions which enable workforce collaboration are also expected to surge in popularity.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Protect data and <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/webinar-cyber-risks-and-data-threats-for-virtual-workforces\">stay cyber secure<\/a> <\/h2>\n\n\n\n<p>Wilson reminded organisations that while tapping into the latest forms of technology is key, it is imperative to be cognisant of the data breach risks.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cOne should never lose sight and vigilance in terms of compliance. Cyber-attacks, cyber scams, fraud and corruption are always there, and in fact, may increase in terms of the opportunities being presented to fraudsters.&#8221;<\/p><cite>&#8211; Wilson Ang, Partner &amp; Head of Asia Regulatory Compliance and Investigations Practice at Norton Rose Fulbright<\/cite><\/blockquote>\n\n\n\n<p>Tony suggested that organisations use the pandemic as an opportunity to lift their game.&nbsp;<\/p>\n\n\n\n<p>\u201cLook at these circumstances as perhaps not being the new normal, but an acceleration towards a different way of working, and the need to invest in systems which enables people to continue to work remotely and collaborate online in a secure way,\u201d he said.&nbsp;<\/p>\n\n\n\n<p>Different ways of working remotely was explored in another <em>Return to Better<\/em> conference session, dubbed <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/remarkable-adaptability-how-the-world-has-adjusted-to-working-from-home\"><em>\u201cRemarkable Adaptability\u201d \u2013 How the World has Adjusted to Working from Home<\/em><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market predictions<\/h2>\n\n\n\n<p>The themes we\u2019ve outlined so far are echoed in the Thomson Reuters\u2019 <a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/cost-of-compliance-report-2020\">2020 Cost of Compliance Report<\/a>. According to the report\u2019s survey results, keeping up with regulatory change, budget, resource allocation and data protection are the top three compliance challenges for organisations in 2020.&nbsp;<\/p>\n\n\n\n<p>However, given that there\u2019s no way to determine if the world will return to what it once was, what will the future hold for organisations around the globe?<\/p>\n\n\n\n<p>Wilson foreshadowed that many organisations may engage in misconduct or fraud, prompting regulators to become more aggressive in their compliance enforcement.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cI see governments taking a much more interventionist stance. I think the market has been viewed as being incapable of being left to its capitalist tendencies, not least when issues of public health and safety, infectious diseases and even opportunistic behaviour are concerned, particularly given the long-term consequences with sometimes socially detrimental consequences.&#8221;<\/p><cite>&#8211; Wilson Ang, Partner &amp; Head of Asia Regulatory Compliance and Investigations Practice at Norton Rose Fulbright<\/cite><\/blockquote>\n\n\n\n<p>Tony on the other hand envisages a further evolution in the interaction between organisations and their regulators.&nbsp;<\/p>\n\n\n\n<p>\u201cI think there&#8217;s a fair degree of goodwill between both governments and organisations about the need to work together, as far as the recovery is concerned. But that will require some significant resetting of the policy positions, particularly in the regulatory and tax arena,\u201d he said.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Keeping up with regulatory guidelines can often feel like an uphill battle. All it takes is a new law or regulation to kick in to throw you off your compliance game.  <\/p>\n","protected":false},"author":5,"featured_media":2298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[450,661,662,474,663,500],"tags":[109,565,683,684,685,686,687],"insight_job_role":[669,670,553],"insight_practice_area":[],"class_list":["entry","author-traus","has-excerpt","post-2297","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-management","category-compliance","category-governance-risk-compliance","category-innovation-and-technology","category-regulatory-intelligence","category-strategy-and-business-development","tag-compliance","tag-cyber-security","tag-global-supply-chains","tag-governance","tag-regulators","tag-reporting","tag-stimulus-packages","insight_job_role-chief-risk-officer","insight_job_role-compliance-risk-manager","insight_job_role-compliance-officer","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Compliance Tips to Help Your Organisation Overcome Regulatory Burdens<\/title>\n<meta name=\"description\" content=\"Keeping up with regulatory guidelines can often feel like an uphill battle. 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