What does regulation and compliance mean for companies in the future?
In the future, good corporate governance will be much more dependent on societal, legal policy and capital market driven perceptions than today and just complying with regulatory requirements will not be sufficient.
Good corporate governance: more than just compliance
In the future, meeting regulatory requirements alone will no longer be adequate – companies will need good compliance management. This change is largely being driven by shareholders and other stakeholders of the company.
Sustainability is becoming much more important in company decisions
Society is changing rapidly, and sustainability is increasingly becoming a key focus. This means that sustainability is also becoming very important in management decision-making.
Regulatory requirements are rising
The market environment is becoming increasingly volatile, fragmented and fast-paced. Corporate managers need to be able to continuously monitor stakeholder expectations, and effectively and efficiently integrate them into business processes.
Transforming your compliance function: from controlling to value creation
The missing jigsaw piece – 76% of the CFOs we surveyed believe that companies should take the lead on societal change rather than waiting for the government to impose it.
Build trust in your organisation with PwC solutions
Here’s how our solutions and techniques can help your company:
Intelligent identification of new regulations and risks
We use the latest technology to efficiently and effectively collect and analyse large quantities of internal and external data to identify applicable regulations and potential risks and violations (e.g. competitors failing to comply).
Using innovative technology and methods to manage policies and legal obligations
State-of-the-art technologies such as data management, data analytics and artificial intelligence (AI) can help you develop and communicate company policies, and encourage your employees to accept and follow them.
Digital control framework
This helps ensure conformity by promoting automation throughout your internal controls framework, using RPA, internal control system software solutions, ERP standardisation and process mining.
Sustainability assessment and KPI analysis
We can offer tools and techniques for implementing sustainability in business decisions – after all, sustainability issues will play a key role in future management decision-making.
Structuring unstructured compliance data
Structuring and analysing unstructured data – from documents such as annual financial statements and assertions of completeness – enables you to ensure compliance with regulations and increase your efficiency.
Real-time detection of reputational risks and their effects on brand value
By using a combination of finance-based brand evaluation techniques, social listening data and other publicly available information, we can work out KPIs and monetary values of brands in real time.
Stakeholder management support
Analysis of expectations of a broad range of individuals and groups who have a legitimate interest in a company's operations to incorporate those expectations into the organization's strategy and decision-making.
KPI benchmarking
Comparing specific KPIs from different companies provides you with data-driven insights and benchmarking against other world-class businesses.
Our digital solutions for regulation and compliance
- SmartPedia
- Connected risk intelligence (CRI)
- Smart Tax Suite
SmartPedia
Boost the potential of your knowledge
The number of policies, regulations and standards in all areas of business is constantly growing, and this puts ever-higher demands on both company leaders and on employees, who have to deal with huge amounts of information every day. But optimising policy management can make these daily challenges much easier and considerably increase efficiency within the company.
But what does policy management really involve?
SmartPedia is an easy-to-use solution which provides a one-stop shop for specialist information, specially designed to meet the demands of finance and accounting. Solutions like this can be designed to meet your specific needs and can be adapted to take account of new conditions or requirements at any time.
Your benefits:
- No installation required
- Universal access and use – anywhere, any time
- Provides a platform for teamwork and knowledge sharing
- Customisable design
- Technical capabilities of a wiki
Could a policy management tool help your company improve organisation and efficiency?
If so, we’re here to help you get your custom tool off the ground – from planning to implementation. Our team of experts combines the necessary IT know-how with subject-specific expertise, making us a perfect partner for your entire journey.
Connected risk intelligence (CRI)
CRI is a solution developed and hosted by PwC for data analysis, collecting data from thousands of publicly available media and social media sources around the world. The tool is designed to help you identify critical risks and compliance issues at an early stage, work out their effects on you and your competitors, and take appropriate action to rapidly combat these potential risks. CRI is powered by the world’s largest media data warehouse and uses advanced techniques such as natural language processing, AI and graph analytics to extract relevant information and cluster documents.
Smart Tax Suite
Today's challenges
Global process management and ever-changing regulatory requirements bring about many challenges.
- How do I keep track of the status and responsibilities of global processes and compliance obligations?
- How can I collect necessary information from my organization in a structured and efficient way?
- How can I capture my risk profile, track changes on an ongoing basis, and take corrective action?
Our solution
The PwC Smart Tax Suite enables executives to address ever-changing regulatory requirements through technological means.
- Monitor your global compliance processes in a management dashboard and manage the entire compliance cycle in real time.
- Gather important management control information from your organization with the help of questionnaires and keep track of your process-relevant documents with the flexible document section.
- Capture your risks, link processes and controls, and track risk performance.
More articles on regulation and compliance
Sustainability consulting
Not so long ago, sustainability was just a ‘nice-to-have’. Nowadays it plays an essential role in determining a company’s long-term economic success and in setting the direction of corporate decision-making. The key questions relate to the effects of the company’s business operations have on the environment and the public, and how the topic affects the company’s business models. Ultimately, a company’s sustainability and its ‘right to play’ have become one and the same.
Connected digital services
Our connected digital services concept offers a one-stop shop for scalable, fully integrated solutions and needs-oriented consulting services that can be adapted to your current tasks. This flexible, all-round approach allows you to keep your projects under control at all times, as well as giving you faster reaction times and robust results at an earlier stage. It also saves you from incurring extra expense – this can happen if you have to acquire various different tools, or if you end up using external consulting or other services. Connected digital services save effort, resources and costs for compliance, forensics and risk management.
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