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Regulators Demand Evidence of Effective Compliance Programs

In a move aimed at ensuring that companies are taking their compliance obligations seriously, regulators in the East African region have started directing companies to provide evidence of their compliance programs and regular independent reviews.

According to experts, this approach recognizes that no compliance program is foolproof and that each organization’s program should be tailored to its specific risks and needs.

A Risk-Based Approach

“There is no one-size-fits-all solution to compliance,” said Uthman Mayanja, Partner at PwC. “A risk-based approach is essential, as it allows organizations to focus their efforts on the areas where they need them most.”

Challenges in Providing Evidence of Effective Compliance Programs

However, providing evidence of effective compliance programs can be a challenge, especially for smaller companies or those with limited resources.

Quantifying Benefits

“It’s not always easy to quantify the benefits of compliance initiatives such as training or third-party management,” said Mayanja. “But it’s essential that organizations have a defensible measurement in place to demonstrate the effectiveness of their program.”

Economic Crime Remains a Significant Threat

PwC’s Global Economic Crime and Fraud Survey 2020 found that economic crime continues to pose a significant threat to businesses, with 54% of respondents reporting that they had experienced fraud in the past year. The survey also highlighted the importance of having a robust compliance program in place to detect and prevent fraudulent activity.

Conclusion

In conclusion, regulators are increasingly demanding evidence of effective compliance programs from companies operating in the East African region. Organizations that fail to provide this evidence may face penalties or other consequences for non-compliance. At PwC, we can help you assess your compliance program and provide guidance on how to demonstrate its effectiveness.

Contact Us

For more information on how PwC can assist you with your compliance needs, contact us today.

About PwC

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PwC is a network of firms in 158 countries with over 236,000 people who are committed to delivering quality assurance, advisory, and tax services. Our purpose is to build trust in society and solve important problems. We have a team of dedicated specialists who can help you identify key risks and threats, conduct fraud risk assessments, and provide investigation services to detect economic crime. Contact us today to learn more.