To borrow a phrase from the world of sports, the best offense is a good defense when it comes to managing compliance issues. Delaying the inevitable changes to business processes and technology necessary for regulatory compliance is not a winning strategy. It is much more effective to be proactive and take advantage of the opportunity to not only revamp systems and processes to meet new standards, but also to improve performance and visibility.
It is difficult to keep up with so many sweeping changes to compliance issues, as they impact systems and functions
throughout the organization. While compliance has primarily been viewed as a finance function, CFOs need to communicate and collaborate with internal experts who will be impacted by changes such as lease accounting and revenue recognition.
Resources are stretched, and investing in compliance is not always a priority, but the risks of non-compliance are too
great to ignore. Senior finance executives who do not pay serious attention to complianceput their companies, and their careers, in jeopardy.
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A CFO's Guide to Compliance
With diligent preparation and the right team, companies can stay in the good graces of regulators in the wake of upcoming changes.