Creating a Culture of Compliance

Creating a Culture of Compliance

May 27, 2024


Keeping a portfolio of global entities in good legal standing requires expertise, investment and an eye on upcoming developments. Companies naturally have to abide by the rules and regulations of the country in which they headquarter, but those which operate across borders also have to comply with jurisdictional rules.

Increasingly, multinational businesses have to observe a growing set of international regulatory standards, monitored by organisations like the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF). This network of sometimes disparate, sometimes interlinked, laws creates a huge amount of complexity. Global subsidiary management is considered a cost centre for business, but the need to meet the requirements of this spider’s web of rules means it is one that is becoming increasingly important to the overall health of international organisations.

With that in mind, it is no surprise that surveys suggest the pressure on companies to remain compliant is growing, and with it the cost. Research for LexisNexis found that the cost of financial crime compliance had risen to USD 274.1bn in 2022, up from USD 213.9bn in 2020.

Financial crime is only one of several compliance areas that cross-border businesses have to consider. Others include privacy, data protection, labour, direct and indirect taxation and, increasingly, Environmental, Social and Governance (ESG) factors. None of it is getting easier.

Read the full article in our publication UHY Global – Issue 17

UHY Global Issue 17

“A global network of professional services providers can offer a vital support system to help clients meet local and international regulations,” says Franklin Bendoraytes, UHY Bendoraytes & Cia., Brazil. “UHY member firms bring specialised knowledge to navigate complex legal landscapes, utilise advanced technologies that can automate compliance processes, conduct regular audits and assessments, and create tailored compliance strategies that align with specific industry needs.”

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