As the COVID-19 pandemic continues to evolve, in a world where trust is increasingly important, organisations that build credibility throughout their brand, products and services can improve their corporate resilience and relationships with customers, staff and stakeholders.
Most organisations are spending more on compliance than their entire budget on risk and assurance, to meet rules and regulations in areas including workforce, taxation, safety and consumer law.
When compliance is treated as an obligatory cost of doing business, organisations can end up implementing insufficient or ineffective compliance through:
Compliance failures - major incidents significantly impacting an organisation’s reputation or ability to do business.
Compliance burdens - manual, inefficient or otherwise less effective processes that negatively affect customer experience, costs and culture.
Whether across taxation or trade, energy or environment, cyber or safety, the cost of today’s compliance is often significant.
Many times, issues can arise as a result of compliance being treated as a cost, rather than an opportunity to instil trust in stakeholders, and improve competitive advantage and smart risk taking.
Informed through extensive experience with regulatory authorities and stakeholders, we have identified 5 Attributes of Highly Effective Approaches to Compliance.
It’s compliance, transformed.
PwC has extensive experience with regulatory authorities and issues impacting on specific industries, including government, financial services, health, and resources.
Partner, Assurance, PwC Australia
Tel: +61 418 431 296
Risk Consulting Lead, PwC Australia
Tel: +61 (2) 8266 4940