Risk transformation and tax
Securing the benefits of enhanced tax-risk management
Risk transformation and tax – Securing the benefits of enhanced tax-risk management
The financial services (FS) industry is constantly challenged by the need to manage risk appropriately, but many FS providers have difficulty in meeting the complex challenges arising from tax. Meanwhile, Chief Risk Officers are increasingly seeking to transform their organisations’ overall management of risk. These CROs are motivated by the need to drive integrated risk management, aligned with their business strategy, into every function and unit across their organisations.
Methods of managing tax risk, particularly the operational, reputational and strategic aspects of tax risk, are often relatively underdeveloped compared to financial reporting and tax compliance risks. In this case, addressing tax risk more effectively can not only improve overall risk management, but also bolster the business case for risk transformation initiatives, such as through accessing tax incentives or protecting tax attributes.
This report from Deloitte summarises the forces driving tax risk and examines the state of tax-risk management in the FS industry. It will be useful to CROs, tax executives, including the Head of Tax, Chief Financial Officers (CFOs), Chief Executive Officers (CEOs) and board members. It outlines the basic tenets of risk transformation and examines ways of transforming the management of tax risk.
Learn more in the attached report and please do not hesitate to contact us with any questions you may have.