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Maintaining Compliance and Mitigating Future Risk


Failing to address HR risk and compliance can open up the organization to fines, reputational damage and high staff turnover. Understanding the specific legal requirements, is essential knowledge for any organization wishing to remain on the right side of the law while benefiting from the time and resources savings offered by working with an expert. Employing an international workforce used to be exclusive to a small cadre of multinational corporations. In the last 20 years, the globalization trend has tripled the number of employees working for a subsidiary of a multinational corporation. Failing to address HR risk and compliance can open up the organization to fines, reputational damage and high staff turnover. Understanding the specific legal requirements, is essential knowledge for any organization wishing to remain on the right side of the law while benefiting from the time and resources savings offered by working with an expert. As a result, the language of business is becoming more standardized. One thing remains as culturally complex as ever: employment law. With the volume of tax, employment and payment-related regulatory changes continuing to increase, it is becoming more difficult than ever for human resources and finance executives to maintain compliance and mitigate future risk.

According to the 2013 SmartCompliance survey, ‘Managing Compliance in a Changing Environment, more than 80% of CFOs say the task of monitoring tax, employment and payment-related rule changes has become more time-consuming over the last two years and expect the increased complexity of newer tax regulations will take up additional company resources over the next two years. Organization to effectively manage their risk and compliance issues has never been greater – and at the same time, has never been more difficult to do internally. It has almost become an impossible task for any business to attempt alone. Organizations must know about and understand the risk and compliance issues they face in every jurisdiction where they conduct business.

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