This blog is dedicated to sharing ideas and case studies on how companies effectively manage risk and reduce costs related to global compliance and reporting processes and services.
Managing global compliance and reporting requirements, whether through internal processes or outsourced services, is a challenging yet important endeavor for organizations of all sizes. An organization needs to find qualified resources to handle areas such as tax compliance, payroll, value-added tax, bookkeeping and statutory audits. The organization should assess whether it can resource the talent internally (other than for external audits, of course!) or find an outside service provider to offer the skills needed in a cost-effective way. Regardless of the resource choice, management needs to oversee the completeness, accuracy and timeliness of the work. Furthermore, the data and information that each internal business unit and service provider maintains should not be stuck in a silo but be available to department heads, business owners, the board, and management for dashboard reporting of analytical information that is critical to running the business profitably, managing risks and proactively planning for the future. Management of these activities is imperative to meet compliance obligations, report information in a timely manner, execute risk management policies, execute planning and ongoing operations, and maintain internal controls.
Efficiently managing global compliance and reporting services includes four key elements:
- Skilled resources in relevant jurisdictions
- Efficient and effective communications including status reporting, document management, workflow progress and sign-offs, and reporting
- Efficient access to data and information for analytics and planning
- Defined risk management policies and procedures consistent with standard workflows and controls
While they can be effective, tools such as email and manual tracking templates are not efficient enough to allow proper management and oversight on a timely basis. The time to coordinate and manage services is significant. Technology tools such as portals, data marts and data warehouses, automated workflow tools, data query tools and document management systems enable an organization to maintain a successful global compliance and reporting program.
Join Grant Thornton and Thomson Reuters on Monday, September 29 for an in-depth discussion on process and best practices when dealing with the challenge of global compliance and the role of technology in managing your risk.