Meeting Compliance Challenges
Leveraging the value of outsourcing
Demands on compliance functions are rapidly increasing and so are the risks associated with failing to meet these demands. Due to the extent of compliance demands, many organizations maintain large and growing compliance functions that increase their overall operational costs. The increasing number and complexity of regulations, continuing shortage of talent and constant pressure from shareholders to reduce operating costs makes this a good time to consider alternative sourcing strategies. In order to mitigate these risks holistically, companies may have to:
- Invest extensively in compliance talent, regulatory experts, training, process excellence, quality and technology
- Seek an outside solution such as outsourcing
- Design a program that combines these two approaches (selective outsourcing)
Chief compliance officers, chief financial officers and chief risk officers should consider the potential value of compliance outsourcing to the organization and how it can address compliance challenges at country-specific and global levels.
Download the above PDF to learn more.