Regulations are constantly evolving and we know that non-compliance translates into significant fees, lost opportunities and unhappy customers – we have enough examples over the last few years! More change ahead is the only certainty that you have. So, how do you keep up?
New Markets, More Compliance Challenges
The first step is to start looking at your own company, internally and externally. There’s a number of models you could use to start that including a SWOT and many others.
When you expand into new markets with a new regulator, or the business grows, new and different regulations apply. There’s a need to move at pace, under cost control, and do it shrewdly. The one thing you can’t afford to lose sight of is regulatory landscape. If the processes are not properly managed, you could end up taking a step backward.
Regulators put legislation out there for you to work with, and aren’t there to find non-compliance – in fact it’s the last thing they want! Fact is, the may take severe action for (serial) offenders in the form of fines or licence restrictions. Again a quick google search throws out some big names! It’s therefore wise that you know the ins and outs of regional regulations and nuances well before you engage in new business or look to go into those markets.
Same Markets, Ongoing Challenges
Even if you have no plans to expand into new markets or locations, to keep up with regulatory compliance can be daunting. Regulations such as Economic Substance are setting the bar high and the expectation is to ensure full traceability and proper identification of all elements along the way. No longer will a simple piece of paper suffice, so you need to make sure you comply with it quickly and efficiently.
Old Silo Practices, More Mistakes
Internally, you may encounter teams that are not in sync – this isn’t just one company or department – this is a typical problem which exists. Locations become left out and start to create their own solutions to problems. But this practice jeopardises accuracy and consistency across your organisation, not to mention failure to meet regulatory compliance.
That can be an exhaustive and costly process akin to herding cats. Fortunately, there are ways to reduce the time and effort while ensuring deployment of a flexible, scalable technology solution to meet evolving customer and regulatory demands.
With the assistance of Sabre, we can safely guide you through the complex world of regulations in an efficient and agile way. You’re not the first organisation to start of the regulatory treadmill, so we can start to make a difference with sustaining regulatory compliance while driving efficiency.
For more information, contact Vycki at Sabre Advisory.