The role of Compliance has evolved over time. Earlier, members of the department were enforcers of rules and regulations. Presently, they seek to cooperate with the different divisions within a company to ensure that both individuals and the broad objectives of the company are protected. Their role used to be mainly reactive in nature. Today, it needs to be proactive as being reactive would mean penalties on the company along with restrictions on doing business.
A reason why the role of Compliance Officers has changed is because businesses have gone global. Though this does bring in previously untapped markets and clientele, it also brings in greater responsibilities towards Compliance. Companies doing business abroad need to adhere to a much wider set of rules than those just functioning locally. Depending on which markets a company is operating in, there are Know Your Customer (KYC)Requirements, Anti-Money Laundering Laws, and Foreign Account Tax Compliance Act, among other rules to be complied with.
Adhering to local laws themselves can be a daunting task. Add to it Global Compliance Reporting and the task becomes much tougher, especially for small and medium-sized companies. Managers and owners need to put significant time into Compliance Reporting which distracts their focus from core business activities.
The answer to the problem of being compliant but still being able to focus on business is to outsource the Global Compliance Reporting function. Boston Financial Advisory Group (BFAG) is a partner that can help your company ease the burden on any existing Compliance staff as well as owners and managers. The primary benefit that your company will get from partnering with BFAG is the efficiency they will bring to the function. Given their expertise in Compliance Reporting, they can significantly reduce that burden on your company’s existing setup.
Their experienced team can work with your company and identify areas that require help. Then they can go about implementing the Compliance service framework that they assess fits your company’s will. They can do so with minimal support from your existing Compliance Reporting setup.
Because Global Compliance Reporting is an area of proficiency for the team at BFAG, they have advanced technological tools to ensure that your company remains compliant with global norms. Also, they bring in cost savings to your company as partnering with them will prove much cheaper than hiring a professional full time for this function. This will not only help your company increase its profits but will also bring in peace of mind – something you cannot put a price on.
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