Compliance in Belgium
A closer look at the corporate sector
A solid Compliance function is one that fosters transparency and openness and brings Compliance to the agenda of the organisation whilst understanding and serving the business needs.
Deloitte Risk Advisory has carried out this second edition of the Corporate Compliance survey on the corporate sector in Belgium. The goal of the survey is to explore the Compliance landscape and understand a wide range of issues that corporations face today.
Results of the Corporate Compliance survey
We used the data to address following topics:
- What is the foundation of existing governance models and the motivators for creating a Compliance culture?
- What are the activities and responsibilities that Compliance departments have?
- What are the specific risks and mechanisms to mitigate identified Compliance risks and the panorama of the Compliance function in the coming years?
We aim to communicate the survey findings in order to serve as a baseline for understanding existing governance models and the practical approach taken by corporate bodies.
The findings of the survey are instrumental in depicting the challenges and trends that companies and Compliance professionals face when conducting business activities and in identifying the future perspectives and corporate strategies supporting the Compliance decision-making processes in a world of growing regulatory unpredictability.
The results of this survey indicate that the maturity of the Compliance function is growing in certain aspects but the overall challenges of Compliance remain stable in comparison to 2015.
By using the key areas identified in this survey to take action, companies will be better positioned to offer value to the businesses and to build capabilities to maintain advantage and remain tuned for the challenging upcoming future. The following points are identified as the key points of attention:
- Corporate culture, values and ethics
- Addressing complexity in the regulatory environment
- Technology and data analytics
- Awareness, communications and change management
- Conducting programme and risk assessment