Protecting your brand: Regulatory and compliance insights for managing reputational risk
Protecting your brand
In a fast-changing business landscape, it is not a simple task for retailers to find the right balance between the commercial and compliance aspects. At the same time, we have learned that the COVID-19 outbreak has created massive challenges to retailers around the world. A set of measures therefore needs to be established to protect the brand. To learn more, please download our publication.
How important is your brand reputation?
The world is changing at a rapid pace, particularly within Consumer Markets and Retail sector where the rate of change is quickening as the digital revolution reshapes the industry. In addition, the COVID-19 outbreak has brought unprecedented uncertainty and complexity. Revenue and profitability remain key challenges whilst consumers become more skeptical and regulators alike increase their scrutiny.
The refined purpose
More attention is now drawn towards social issues and dilemmas. During the last Business Roundtable in August 2019, held by a group of CEO's of nearly 200 major U.S. corporations – it was concluded that shareholders value is no longer the sole purpose of a corporation, breaking with decades of long-held corporate orthodoxy. Corporations – including retailers therefore must invest in their employees, protect the environment and deal fairly and ethically with their suppliers. Those purposes become more relevant in the COVID-19 era and will directly influence how society perceives company brand.
Ever-changing regulatory and business landscape
The regulatory landscape at both country level and EU has also reinforced responsible business conduct with heavy fines for non-compliance. It is obvious from regulations such as Dutch Child Labour Act, that retailers must be transparent about the impact of their operations and compliance across their entire supply chain. Simultaneously, retailers have to deal with high-impact, hard-to-predict events such as the outbreak of 2019-nCoV that has been causing significant disruption to business. In the light of the outbreak, an extensive set of measures have been put in place to ensure the wellbeing of customers and clients. As such retailers must demonstrate that they are taking the right steps to mitigate future adverse effects to protect their brand and financial health.
At KPMG we recognize that for retail executives protecting their brands is a complex challenge. It is not a simple task to find the right balance between the commercial and compliance aspects. That's why we would like to provide you with this publication to support you in managing the risks, whilst striving for growth and profitability. To learn more, please download our publication.
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