The world of Compliance in 2017 is one that supports global businesses and is driven heavily by technology. Compliance professionals come to us seeking innovative and fresh ways of approaching compliance. They ask us, “How can we do more with less?”. Our clients are not only looking to us to share industry best practices, but also to see how they can push
the boundaries of making their compliance functions extend their reach across the world whilst becoming more efficient.
The Professional Services practice we have built is one that is based on being able to advise our clients across a wide range of industries, all of whom have varying risk appetites and regulatory pressures. Whether we are working on behalf of a German property developer whose most profitable deals are located in the Middle East, or a US retailer who has moved its entire sourcing operations to China and India, we come back to the same question: how can we make compliance a competitive edge for our clients?
As such, we have expanded our Professional Services presence onshore into the regions where our clients need us most. We have recognised that hiring locally on the ground and growing our staff under The Red Flag Group umbrella is the best way to ensure consistent quality and to enable an immersive understanding of the local markets. This year alone, we welcomed our latest office locations in Amman, Krakow, Geneva and Shanghai.
Changes to enforcement
During this time, we have seen shifting economic and political powers all around the world. Enforcement habits are changing, and foreign governments previously seen as complacent are now seizing opportunities to prosecute on their own turf. In some cases, we have even seen large Chinese distributors, or subsidiary companies, push back against their American clients
or head offices, saying that the CCP’s enforcement action has already compelled them to take the necessary steps and there is no need for involvement (or “intervention” as it has even been called) from the US perspective. However, we know that the definitions of a “government official” or a “prisoner” are interpreted differently across these two jurisdictions and we must ensure that our client’s compliance objectives are met globally. We, as advisors, are acting as ambassadors for our clients, providing knowledge and expertise on how to motivate and align their local partners.
A large part of achieving this is by constantly pioneering solutions which employ technology and make use of resources such as our proprietary database or our growing pool of compliance talent and expertise. Some of the latest ways of utilising new technology only becomes interesting when it can achieve better results by consuming less resources: that is the consistent theme behind what we do.
This is an extract from The Red Flag Group Annual Report 2016/17. To read the full report please click here
Additional sections of the Annual Report 2016/17 include:
- Our 10-year anniversary and The Red Flag Group in numbers
- The market outlook for 2017
- Product developments 16/17 - ComplianceDesktop® | Compliance Technology Platform
- Product developments 16/17 - IntegraCheck® | Integrity Due Diligence
- Product developments 16/17 - IntegraWatch® | Compliance Screening
- Product developments 16/17 - Compliance Managed Services
- Product developments 16/17 - Supplier Integrity® | Suppliers Management Platform