In an environment where the global economic recession, demise of major financial institutions and changing business landscape has led to stricter regulations in major industries and countries around the world, the word “Regulatory Compliance” has become an all-important language that can make or mar an organisation and its directors.
Organisations are therefore increasingly elevating the processes and structures they need to enhance compliance with regulations. The awareness of existing and new legislation applicable to an organisation as well as the implication of compliance or otherwise with the provision of each piece of legislation is a major focus area for the board.
In achieving effective Compliance Regulatory Management within an organization, the integrated roles of key management functions; mainly Legal, Compliance, Risk and Internal audit must be understood and enabled.
Written by Bukkie Adewuyi – Senior Manager: Risk Advisory, Deloitte & Touche