As per the latest news from the Wall Street Journal, French judges ordered a major bank in Switzerland to pay a record €3.7 billion ($4.2 billion) fine for assisting its rich Clients with evading taxes. While this Switzerland’s largest bank struggles to cope up with the legal entanglements, Financial Companies globally are taking the important lesson on having a robust Risk, Compliance and Governance system in place.
In France, the government had started a mission to crack down on tax evasion as a response to the anger among yellow-vest protesters over income inequality and the high cost of living. What Financial Companies in France can do to help the Government with it’s the mission, is to have a Strategic, Robust, Transparent and Automated system for Risk, Compliance and overall Governance.
The current environment for Financial Companies is challenging and continually testing, which makes it even more vital to keep pace with compliance mandates. As soon as a bank passes one test, another test is just ready around the corner, Efficiently managing Regulatory Compliance is clearly a top priority for Financial Services Organizations. However, identifying the issue is easier than successfully managing it. Vigilance is mandatory to ensure Compliance. Proper Controls and smooth business systems must be in place, and all departments need to stay in communication with each other so that the information is accessed, shared and acted upon at the right time.
In addition to continuous monitoring, analyzing internal Controls and assessing potential Risks, here are some of the best practices that Financial Leaders can implement for Sustainable and Positive Growth.
- Investing time in Education: It is important that the Stakeholders and related departments like Human Resources, Compliance, Risk, Audit and Legal have an up to date knowledge about the Regulatory changes. Providing Regulatory Compliance training, and making sure employees have access to resources such as industry publications, webinars on relevant topics, etc.. can prove to be of great help here.
- Bridging gap between Talent and Technology: When hiring Compliance & Risk Officers and Internal Auditors, it is highly important to see whether they demonstrate the right Leadership skills, not only in the relevant subject matter, but also in the areas of Adaptability, Agility, and Responsiveness for addressing the evolving Risk Universe. Hiring specialized Consultants with thorough expertise in regulatory matters can also help organizations to manage compliance initiatives more effectively.
Noncompliance can damage a Company’s reputation, brand value and shareholder trust. Keeping your organization in line by identifying and managing Risks and staying current with the latest regulations can really be a boon for it’s long term Sustainability, Revenue, and Positive Growth.
Presenting Governance as a Service® platform for all-round Compliance
The award-winning Governance as a Service® Platform built on world’s number 1 Cloud Computing Company Salesforce.com, utilizes industry best methods and practices, leveraging Automation and Artificial Intelligence to enhance workflows Internal Audit and Risk & Compliance Reporting. It offers a centralized system where Regulations, Rules, and Policies are updated automatically so you are always on top of the latest in GRC.
You can also identify and mitigate Risks in real-time so you are not caught at the wrong side of the net. Through Emerging Technologies like Artificial Intelligence driven Analytics, Confident Governance has created a dynamic environment where transparency, Fraud-detection and Fraud Risk assessment can be carried out in an Agile fashion. With this being said, let’s collaborate and find out how we can help you with your Risk, Compliance and Governance initiatives.
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