How to stay in control over your compliance processes
Continuously meeting legal requirements is an organizational challenge since overseeing and acting on all requirements is complex and costly. However, we do believe that compliance is an opportunity for a successful and sustainable organization. Organizations that aim to be successful in the long term establish and maintain a culture of compliance, considering the needs, requirements and expectations of different stakeholders. A structured compliance management approach promotes this culture of compliance. Such an approach provides for a solid foundation and enables prevention, detection, and monitoring prevention of non-compliance. In addition, it enables organizations to show, both to internal and external parties, that they are in control.
Compliance is an ongoing process, affecting the different processes and procedures throughout your entire organization. To this end, you’ll need an effective, organization-wide compliance management system that meets certain quality standards – such as ISO 37301:2021 (New standard for Compliance Management Systems). This will also enable you to demonstrate your organization’s commitment to comply with relevant laws, regulatory requirements, industry codes and organizational standards, as well as standards of good governance, generally accepted best practices, ethics and community expectations.
Where to start: ask yourself the right questions
Not being compliant may result in significant fines and reputational damage. For this reason, you could ask yourself the following questions:
- Do you have a sound company-wide compliance program in place?
- Are your compliance processes (across units) working effectively and efficiently?
- Are you in control over your compliance and able to demonstrate this to both internal and external parties?
The answers to these questions are key in assessing your compliance function. If the answers to these questions are not a definite ‘yes’, we can help you in achieving a higher maturity level.
How can KPMG help?
KPMG supports organizations in designing, assessing and improving an organization-wide compliance system, discovering the value of compliance while fully supporting your organizational goals.
The services that we offer include:
- Helping establishing an integrated compliance framework (Advisory Services)
- Measuring the maturity of your compliance function (Advisory Services)
- Providing certification / assurance on your compliance framework (Assurance Services)
Using the proven KPMG’s Global Compliance Framework (shown in the picture below), KPMG assists clients in their efforts to prevent, detect and to respond appropriately to non-compliance with regulatory and contractual requirements.
KPMG's Global Compliance Framework
To internally and externally demonstrate the effective working of your compliance management system, KPMG provides certification on your compliance organization based on ISO 37301. We do that by also using the KPMG Compliance Framework (as shown above) that we tailor to your organization. This framework does not only focus on compliance with laws and regulations, but it also focuses on people, processes and governance.
Via our international Compliance Hub we combine the experiences and knowledge on laws and regulations throughout different countries from different KPMG practices. This enables us to keep you up to date with the latest developments and stimulates continuous improvements.