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Compliance is one of the pillars that keep global entities standing, enabling them to operate smoothly and achieve their key business goals.
Keeping a global business running and in good health can be challenging, especially if you don’t have the appropriate strategies and tools in place, and tools and/or a customized solution tailored for your global needs. Also, keeping track of everything and managing multiple relationships with partners around the world is time-consuming and complex. When managing a global entity, you don’t only need to stay up-to-date on the statutory, fiduciary and regulatory responsibilities of the entity and its directors, managers, partners and officers, you also need to collect and secure the company’s essential paperwork (like stock certificates, meeting minutes and articles of incorporation, for example), keep an eye on all potential risks at all times and establish a solid governance and compliance program, among other things.
Many times the compliance program and other important processes are managed at a local and individual level. However, the reality is that delegating the compliance program to a subsidiary role in global entity management can be dangerous. Failing to seamlessly adhere to regulations and compliance best practices globally can place a heavy toll on an organization, as issues at one subsidiary somewhere in the world can shake the foundations of a parent company to the core.
A Thompson Reuter’s survey showed that the main areas global entities focus on when it comes to their compliance program are: creating a culture of compliance, increasing investment in compliance operations, keeping pace with a changing regulatory landscape, encouraging whistleblower activity and monitoring third-party risk.
But is not as simple as it seems. Developing a solid and effective global compliance program requires time, resources and expertise. Counting on a global expert to identify the regulations affecting your different business lines and products in each country, monitor those regulations and obligations and help you adapt as changes are made, help you keep all relevant manuals, policies and procedures up to date and implement workflows that help you manage risks, reporting and issues that impact the entity will make the difference in executing a successful global compliance program.
Placing compliance as the pillar of your entity’s global management and staying in control of your compliance program will help you avoid the risks of heavy reputational and financial damage that can be difficult to overcome, no matter where you operate.
We work with you to find out what you need to keep your global business running and in good health—and manage the whole process for you. CT has offices and partners around the globe. No matter where your business takes you — from Europe to Asia Pacific — we’ll make sure your local needs are met. Learn more about our global corporate compliance services or call us at 844-318-1458.
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