Is your company at risk?
Outsourcing your compliance services
The accounting and regulatory environment is changing rapidly. Staying fully compliant is a major challenge which leads to increasing demands on compliance functions. Additionally, the risks associated with failing these demands are also increasing. Non-compliance can result in legal sanctions, damage to reputation and brand, failed business strategies, and in some cases non-compliance can threaten the existence of the organization.
As compliance is a core competent of managing risk, many organizations maintain large and growing compliance functions. However, in-house compliance functions are often struggling with limited resources and an increase in overall operational costs. Next to this, companies face the increasing number and complexity of regulations, continuing shortage of talent, and the constant pressure from shareholders to reduce operating costs. As a result, more companies are convinced of outsourcing their compliance services as a strategy rather than keeping them in-house.
Compliance outsourcing is the outsourcing of business functions and processes associated with compliance. Outsourcing consists of using an external specialized firm to provide services in areas that do not from part of the organization’s key processes. Transferring the administration of certain functions allows companies to focus on their core business and go-to-market strategies while being compliant.