Embed compliance into the business

Context

  • To be effective, compliance management needs to be integrated into a firm’s key business processes and forming part of the overall governance and control framework. Organisations will face an increased need for adequate and efficient compliance management, in response to new and more complex regulatory requirements and the implementation of new systems for identifying and reporting on controls, risks and weaknesses. Compliance officers will have to adopt a forward-looking proactive approach anticipating areas of regulatory risk rather than a reactive approach dealing with regulatory issues and risks that have already crystallized.
  • Firms will have to adjust their approach to managing regulatory risks more effectively while keeping costs at a reasonable level. Financial initiatives will review the overall compliance capability from the top down; removing duplication and unnecessary processes, and taking a more proactive, preventative and forwardlooking approach.

Risks and challenges

  • How should the role of the compliance department evolve and how to transform the compliance function to deal with increased compliance risk?
  • How to assure employees are aware and comply with new regulatory requirements?
  • How to manage compliance risk through different business unit levels?

How Deloitte can help

Deloitte helps transform compliance into a risk discipline with a risk-based approach where effort is centered on the value drivers and objectives of the organization. Furthermore we help eliminating “layers of oversight” that have grown in response to the volume of regulatory change that has occurred in recent years, and identify and align where possible areas of overlap with other control functions.