Compliance has long been a cornerstone of good business practice. But it can still be viewed as an obligation to be met rather than a driver of value. That’s why we conducted a survey of how business leaders approach global compliance, including where they focus investment, the risks they anticipate and what they expect from ‘good compliance’.
This global survey reveals that when compliance is done well it builds investor confidence, increases client and customer trust and shapes a positive reputation with the outside world. Far more than ticking a box, global compliance is a source of opportunity.
Clear sense of responsibility
With 890 responses from senior compliance professionals in 25 countries, including 51 in Singapore, the study shows the clear sense of responsibility that business leaders have towards global compliance and the return on investment they expect to see.
It also provides insight into how business leaders view compliance as getting harder to manage because of increased complexity, fast-changing legislation and the long consequences of Covid-19. To keep up with developments, leaders are planning to boost investment in technology and the skills of their teams.
To provide a more regional outlook of the compliance function, we produced a Singapore edition of the global study here to analyze the business value of compliance today and the vision that senior compliance leaders in Singapore hold of how business needs to work tomorrow.
Key findings in Singapore
- Good global compliance increases stakeholder trust and confidence. 55% of Singapore respondents see compliance as an opportunity to create value in the form of trust, confidence, and ultimately bolstering corporate reputation.
- Leaders in Singapore are confident in meeting compliance today and tomorrow. 70% are highly confident they’re meeting the current compliance demands, and 68% are confident they will do so in the next five years.
- Compliance requirements are expected to become more difficult to meet in the future: Covid-19, increased regulatory scrutiny and complexity of compliance obligations are the top three challenges for business leaders in Singapore.
- Leaders in Singapore are investing in technology and skills to prepare for the future: 59% plan to increase financial and people resources dedicated to global compliance in the next five years.
Erick Gillier, Partner and Global Head of Outsourcing, Mazars says: “Global compliance has long been a cornerstone of good business practice but can still be viewed by some as simply an obligation to be met rather than an opportunity to be capitalised on. That’s why we set out to uncover how business leaders approach global compliance, including the attention they devote to it, the returns they expect, the risks they anticipate and where they focus investment.
Erick adds: “With scrutiny on business as tight as ever, the findings that most leaders plan on increasing financial and human resources dedicated to compliance should be reassuring for anyone who wants to see good business done well”.
Chris Fuggle, Partner and Head of Outsourcing, Mazars in Singapore says: “The increasing complexity of the regulatory environment creates a major challenge for international businesses in the region. Ensuring compliance with an ever-expanding set of rules is costly and resource intensive.
Chris adds: “Without a doubt, the cost of non-compliance in today will grow heavier in the future. The Singapore edition of the global study clearly demonstrates that leaders in Singapore and APAC view global compliance as a strategic priority that bring real opportunities and value to the business.”
Read our global and Singapore reports to learn about the opportunities global compliance can create, the challenges ahead, how tax transparency acts as a microcosm for compliance, what business leaders are doing to prepare for the future, and more.