Belgium’s Financial Services Face Compliance Risks

Deloitte Survey Reveals Compliance Challenges

In a recent survey conducted by Deloitte Belgium, the country’s corporate sector has been found to be lagging behind in its compliance efforts. The report highlights the growing importance of compliance in today’s business world.

Maturity Gap in Compliance Function

According to the survey, 53% of companies interviewed had only set up their compliance function within the last five years, indicating a lack of maturity in this area. Many companies are still struggling to organize their compliance functions, with some resorting to combining it with the legal function.

Expanding Scope of Compliance

The scope of compliance is also expanding, with companies focusing on:

• Ethical compliance
• Fraud
• Bribery and corruption
• Competition
• Privacy

However, many companies are finding it challenging to balance these different areas of focus and are struggling to develop a comprehensive compliance programme.

Key Challenges

The report notes that while awareness creation and training are key attention points, monitoring remains a low priority for many companies. Furthermore, there is a lack of integration between compliance processes and a common methodology to capture compliance requirements, risks, policies, procedures, controls, and assurance activities.

Expert Warning

Experts warn that the growing attention and expectations of the outside world require companies to increase their attention to compliance. “Comply or die” is the stark reality facing many businesses in Belgium’s financial services sector.

Conclusion

The report concludes by emphasizing the need for companies to invest more resources in developing a robust compliance programme, supported by a common methodology, to ensure they remain compliant with regulatory requirements and maintain a strong reputation in the market.