Part 2 of Our ‘Beyond Regulation’ Series
In part 1 of this series, we looked at how good corporate citizenship is about more than complying with regulations.
In the following video vignettes, we take a deeper dive on specific topics our experts touched on in of the Beyond Regulation series, which includes exploring the changing role of the CCO and the connection with procurement professionals, and how data and technology are crucial for avoiding exposure to risk and conducting business responsibly.
The Changing Challenges of the CCO
Compliance is integral to an organisation’s culture, and there has been a distinct shift in this role from “police to partner.” Compliance issues are a key topic in the boardroom, and employees across the business are also expected to take shared accountability for doing the right thing.
CCO’s are experiencing the extra burden of trying to maintain an understanding of the evolving regulatory landscape, while also facing close scrutiny from customers and partners, the media, and the wider public.
What the convergence of supply and compliance means for your business
Driven by today’s increasingly regulated business environment, supply and compliance functions are more interconnected than ever and utilise similar data. Organisations need a holistic and detailed picture of all their relationships to effectively manage risk and protect corporate reputation,
Doing Good Goes Beyond the Bare Minimum
Being a good corporate citizen is no longer just about complying with regulations; it’s also about conducting business responsibly. There are rising expectations on businesses to have full disclosure and oversight of their operations. They need to ensure ethical sourcing practices, take responsibility for risk, and promote shareholder value with good corporate citizenship.
Navigating Regulatory Challenges Using Beneficial Ownership Data
Due diligence and knowing exactly who you are doing business with is crucial to conducting business in today’s interconnected landscape. Using Beneficial Ownership data is key to navigating the regulated business environment. Beneficial Ownership capabilities can identify the corporate hierarchy and verify the identification of customers, vendors and third parties, surfacing any connections that may expose risk to businesses.
Why Automation is Key in Accelerating Due Diligence
Compliance as a practice is often seen as burden, and automation is one answer to reducing the burden. Organisations are at different levels of maturity in adopting automation in their compliance processes. However, most companies are trying to improve consistency, reduce subjectivity and use some level of tools (software, data and managed services). Best-in class organisations have automated their compliance programs to reduce the burden and cost of compliance and then re-invest those saving into further innovations.