Compliance and Risk Management in Finance: A Competitive Advantage for Canadian Organizations
In today’s rapidly evolving financial landscape, compliance has become a crucial component of any successful organization’s strategy. In Canada, where regulatory requirements are increasingly complex and stringent, organizations must prioritize compliance to stay ahead of the competition.
Why Compliance Matters
According to a recent study, 75% of finance executives in Canada believe that compliance is no longer just a cost of doing business, but rather a key driver of competitive advantage. By transforming their compliance function to evaluate and prioritize risks through a proactive and values-driven approach, organizations can increase their resilience, respond rapidly to regulatory changes, and build trust with stakeholders.
Technology-Enabled Solutions for Compliance
To achieve this, Canadian finance organizations are turning to technology-enabled solutions that leverage data analytics, artificial intelligence, and automation. These innovative approaches streamline labor-intensive processes, improve employee engagement, and reduce costs – all while staying ahead of the evolving risk and regulatory landscape.
The Journey to Compliance Transformation
As Canadian organizations navigate today’s complex regulatory environment, they must focus on three key areas:
- Rethinking Risk and Resilience: Aligning their compliance function with their strategy, purpose, and values to identify areas that impact them most.
- Maximizing Value: Automating manual tasks, introducing governance, risk, and compliance technologies, and leveraging data analytics to deliver timely insights.
- Leading with Trust and Confidence: Building trust with stakeholders by demonstrating a proactive and values-driven approach to compliance.
Assessing Compliance Maturity
Is your organization’s compliance function fit for the future? Take our short quiz to assess your approach and learn more about the opportunities you may be missing.
How We Can Help
Our team of compliance specialists offers expertise in:
- Compliance Program Strategy, Implementation, and Enhancement: Helping organizations develop a comprehensive compliance program that aligns with their goals.
- Cost Optimization through Data Analysis and Automation: Identifying areas for cost reduction and implementing automation solutions to streamline processes.
- Compliance Managed Services: Providing managed services for tax, legal, workforce, cyber, and privacy functions.
- Compliance Digitization through AI, Automation, and Technology-Led Solutions: Leveraging innovative technologies to digitize compliance processes and improve efficiency.
- Regulatory Compliance Support: Offering predictive and preventative approaches to regulatory compliance support.
Learn More
Visit our Risk & Regulatory Hub to learn more about how we can help you build a harmonized compliance program and operating model that drives competitive advantage.